cuconversion
Sunday May 17th, 2015

Citystay Hostel Travel Tips: Currency Conversion Guide

Confused about the Euro? This Citystay Hostel Guide will explain it all!

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Since January 2002, the official currency of Germany has been the euro (€) which replaced the Duetsch Mark. Germany is one of the 16 EU member states that share the single currency of the euro, which was officially introduced in Europe 1999.

There are seven euro bills (five, ten, 20, 50, 100, 200 and 500 euros) and eight coins (one- and two-euro coins and one-, two-, five-, 10-, 20- and 50-cent coins).

The introduction of the euro has been very successful in Europe. Not only has it made travel within the member states much easier, but it has also been beneficial economically and politically, making it one of the most stable and strongest currencies in the world. Though it is also prone to minor fluctuations and pitted against the dollar, it is noted for having low inflation and low interest rates and allows the single market system in Europe to run smoothly by eradicating the cost of currency exchange, increasing price transparency, protecting its value from external shocks and fostering international trade.

It also represents the members of the EU as a united entity not only for its governments, but for its citizens as well.

Currently, 1 € is equivalent to US $ 1.26, CA $ 1.58, JPY ¥ 110 and UK £ 0.88.