International finance: 10' th anniversary of the euro

The euro is the official currency of the European Union and is currently in use in 16 of the 27 Member States. The states known as the Euro zone are Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.
Based on the International Monetary Fund (IMF) estimates of 2008 Gross Domestic Product and purchasing power parity among the various currencies, the Euro zone is the second largest economy in the world.
The euro was introduced on New Years Day 1999 as an electronic trading currency. On January 1 2002 the euro came into being an actual currency freely usable in all cash transactions throughout the Euro zone.
As a result, this new born currency gained a massive political and economical power over the world’s economies. The paper work is dedicated to summarize, analyze and draw the conclusions of the 5th chapter of Monthly Bulletin by the European Central Bank issued on June of the 2008. This Monthly Bulletin emphasizes the 10th anniversary of the euro. The 5th chapter speaks about euro’s impact on trade and capital flows and its international role.
Trade
To begin with, some reasonable facts must be stated. It is believed that due to the creation of the euro, intra-euro area trade in goods and services has increased by 10 percentage points relative to GDP. The countries united into the Euro Zone currently are facing relatively open economy compared with the two other biggest world’s economies (United States and Japan). According to the date collected in 2006, the combined value of imports and exports of goods and services within the Euro Zone was equivalent to around 42% of GDP, compared with around 32% and 28% for Japan and the United States, respectively. In 2007 the Euro Zone countries have absorbed half of the...

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