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ERM II
The European Exchange Rate Mechanism (ERM II) is a system introduced by the European Economic Community on 1 January 1999 alongside the introduction of a single currency, the euro (replacing ERM 1 and the euro's predecessor, the ECU) as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve monetary stability in Europe. After the adoption of the euro, policy changed to linking currencies of EU countries outside the eurozone to the euro (having the common currency as a central point). The goal was to improve the stability of those currencies, as well as to gain an evaluation mechanism for potential eurozone members. As of January 2025, two currencies participate in ERM II: the Danish krone and the Bulgarian lev. Intent and operation The ERM is based on the concept of fixed currency exchange rate margins, but with exchange rates variable within those margins. This is also known as a semi-pegged system. Before the introduction of the eur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Economic Community
The European Economic Community (EEC) was a regional organisation created by the Treaty of Rome of 1957,Today the largely rewritten treaty continues in force as the ''Treaty on the functioning of the European Union'', as renamed by the Lisbon Treaty. aiming to foster economic integration among its member states. It was subsequently renamed the European Community (EC) upon becoming integrated into the Three pillars of the European Union, first pillar of the newly formed European Union (EU) in 1993. In the popular language, the singular ''European Community'' was sometimes inaccurately used in the wider sense of the plural ''European Communities'', in spite of the latter designation covering all the three constituent entities of the first pillar. The EEC was also known as the European Common Market (ECM) in the English-speaking countries, and sometimes referred to as the European Community even before it was officially renamed as such in 1993. In 2009, the EC formally ceased to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Black Wednesday
Black Wednesday, or the 1992 sterling crisis, was a financial crisis that occurred on 16 September 1992 when the UK Government was forced to withdraw sterling from the (first) European Exchange Rate Mechanism (ERMI), following a failed attempt to keep its exchange rate above the lower limit required for ERM participation. At that time, the United Kingdom held the Presidency of the Council of the European Union. The crisis damaged the credibility of the second Major ministry in handling of economic matters. The ruling Conservative Party suffered a landslide defeat five years later at the 1997 general election and did not return to power until 2010. The rebounding of the UK economy in the years following Black Wednesday has been attributed to the depreciation of sterling and the replacement of its currency tracking policy with an inflation targeting monetary stability policy. Prelude When the ERM was set up in 1979, the United Kingdom declined to join. This was a contr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Soros
George Soros (born György Schwartz; August 12, 1930) is an American investor and philanthropist. , he has a net worth of US$7.2 billion, Note that this site is updated daily. having donated more than $32 billion to the Open Society Foundations, of which $15 billion has already been distributed, representing 64% of his original fortune. In 2020, ''Forbes'' called Soros the "most generous giver" in terms of percentage of net worth. Born in Budapest to a non-observant Jewish family, Soros survived the Nazi occupation of Hungary and moved to the United Kingdom in 1947. He studied at the London School of Economics and was awarded a BSc in philosophy in 1951, and then a Master of Science degree, also in philosophy, in 1954. Soros started his career working in British and American merchant banks, before setting up his first hedge fund, Double Eagle, in 1969. Profits from this fund provided the seed money for Soros Fund Management, his second hedge fund, in 1970. Double Eagle w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hungarian Americans
Hungarian Americans (, ) are United States, Americans of Hungarians, Hungarian descent. The U.S. Census Bureau has estimated that there are approximately 1.396 million Americans of Hungarian descent as of 2018. The total number of people with ethnic Hungarian background is estimated to be around 4 million. The largest concentration is in the Greater Cleveland, Greater Cleveland Metropolitan Area in Northeast Ohio, Northeast Ohio. At one time, the presence of Hungarian Ohioans#Hungarians in Cleveland, Hungarians within Cleveland proper was so great that the city was known as the "American Debrecen," with one of the highest concentrations of Hungarians in the world. History In 1583, Hungarian poet Stephanus Parmenius joined Humphrey Gilbert's expedition to North America with the intention of writing a chronicle of the voyage and its discoveries. Parmenius reached Newfoundland (island), Newfoundland, likely becoming the first Hungarian in the New World. Hungarians have long settl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Norman Tebbit
Norman Beresford Tebbit, Baron Tebbit, (born 29 March 1931) is a British retired politician. A member of the Conservative Party (UK), Conservative Party, he served in the Cabinet from 1981 to 1987 as Secretary of State for Employment (1981–1983), Secretary of State for Trade and Industry (1983–1985), and Chancellor of the Duchy of Lancaster and Chairman of the Conservative Party (1985–1987). He was a Member of Parliament (United Kingdom), Member of Parliament (MP) from 1970 to 1992, representing the constituencies of Epping (UK Parliament constituency), Epping (1970–1974) and Chingford (UK Parliament constituency), Chingford (1974–1992). In 1984, Tebbit was injured in the Provisional Irish Republican Army's Brighton hotel bombing, bombing of the Grand Brighton Hotel, Grand Hotel in Brighton, where he was staying during the Conservative Party Conference. His wife Margaret Tebbit, Margaret was left permanently disabled after the explosion. He left the cabinet following ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Speculation
In finance, speculation is the purchase of an asset (a commodity, good (economics), goods, or real estate) with the hope that it will become more valuable in a brief amount of time. It can also refer to short sales in which the speculator hopes for a decline in value. Many speculators pay little attention to the fundamental value of a security and instead focus purely on price movements. In principle, speculation can involve any tradable good or financial instrument. Speculators are particularly common in the markets for stocks, bond (finance), bonds, commodity futures, currency, currencies, cryptocurrency, fine art, collectibles, real estate, and derivative (finance), financial derivatives. Speculators play one of four primary roles in financial markets, along with hedge (finance), hedgers, who engage in transactions to offset some other pre-existing risk, arbitrageurs who seek to profit from situations where Fungibility, fungible instruments trade at different prices in dif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pound Sterling
Sterling (symbol: £; currency code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of sterling, and the word '' pound'' is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. Sterling is the world's oldest currency in continuous use since its inception. In 2022, it was the fourth-most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the renminbi, it forms the basket of currencies that calculate the value of IMF special drawing rights. As of late 2022, sterling is also the fourth most-held reserve currency in global reserves. The Bank of England is the central bank for sterling, issuing its own banknotes and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Irish Pound
The pound ( Irish: ) was the currency of Ireland until 2002. Its ISO 4217 code was IEP, and the symbol was £ (or £Ir for distinction.) The Irish pound was replaced by the euro on 1 January 1999. Euro currency did not begin circulation until the beginning of 2002. First pound The earliest Irish coinage was introduced in the late 10th century, with an £sd system of one pound divided into twenty shillings, each of twelve silver pence. Parity with sterling was established by King John around 1210, so that Irish silver could move freely into the English economy and help to finance his wars in France. However, from 1460, Irish coins were minted with a different silver content than those of England, so that the values of the two currencies diverged. During the Williamite War of 1689–1691, King James II, no longer reigning in England and Scotland, issued an emergency base-metal coinage known as gun money. In 1701, a proclamation stated one English shilling was equal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Euro Convergence Criteria
The euro convergence criteria (also known as the Maastricht criteria) are the criteria European Union member states are required to meet to enter the third stage of the Economic and Monetary Union (EMU) and adopt the euro as their currency. The four main criteria, which actually comprise five criteria as the "fiscal criterion" consists of both a "debt criterion" and a "deficit criterion", are based on Article 140 (ex article 121.1) of the Treaty on the Functioning of the European Union. Full EMU membership is only open to EU member states. However, the European microstates of Andorra, Monaco, San Marino and the Vatican City, which are not members of the EU, have signed monetary agreements with the EU which allow them officially to adopt the euro and issue their own variant of euro coins. These states had all previously used one of the eurozone currencies replaced by the euro, or a currency pegged to one of them. These states are not members of the eurozone and do not get ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maastricht Treaty
The Treaty on European Union, commonly known as the Maastricht Treaty, is the foundation treaty of the European Union (EU). Concluded in 1992 between the then-twelve Member state of the European Union, member states of the European Communities, it announced "a new stage in the process of European integration" chiefly in provisions for a European Union citizenship, shared European citizenship, for the eventual introduction of Euro, a single currency, and (with less precision) for Common Foreign and Security Policy, common foreign and security policies, and a number of changes to the European institutions and their decision taking procedures, not least a strengthening of the powers of the European Parliament and more majority voting on the Council of the European Union, Council of Ministers. Although these were seen by many to presage a "Federalisation of the European Union, federal Europe", key areas remained inter-governmental with national governments collectively taking key dec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2004 Enlargement Of The European Union
The largest enlargement of the European Union (EU), in terms of number of states and population, took place on 1 May 2004. The simultaneous accessions concerned the following countries (sometimes referred to as the "A10" countries): Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia. Seven of these were part of the former Eastern Bloc (of which three were from the former Soviet Union and four were and still are member states of the Central European alliance Visegrád Group). Slovenia was a non-aligned country prior to independence, and it was one of the former republics of Yugoslavia (together sometimes referred to as the "A8" countries), and the remaining two were Mediterranean island countries, both member states of the Commonwealth of Nations. Part of the same wave of enlargement was the 2007 enlargement of the European Union, accession of Bulgaria and Romania in 2007, who were unable to join in 2004, but, according to t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enlargement Of The Eurozone
The enlargement of the eurozone is an ongoing process within the European Union (EU). All member states of the European Union, except Denmark which negotiated an opt-out from the provisions, are obliged to adopt the euro as their sole currency once they meet the criteria, which include: complying with the debt and deficit criteria outlined by the Stability and Growth Pact, keeping inflation and long-term governmental interest rates below certain reference values, stabilising their currency's exchange rate versus the euro by participating in the European Exchange Rate Mechanism (ERM II), and ensuring that their national laws comply with the ECB statute, ESCB statute and articles 130+131 of the Treaty on the Functioning of the European Union. The obligation for EU member states to adopt the euro was first outlined by article 109.1j of the Maastricht Treaty of 1992, which became binding on all new member states by the terms of their treaties of accession. , there are 20 EU member ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
