Quick Facts
Here are the main points about Malta’s changeover strategy that teachers will need to know in order to be able to tackle them during class:
Quick Fact #1: The euro is the official currency of the European Union.
Quick Fact #2: The euro is the national currency of 15 EU states, which are: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Spain and Slovenia.
Quick Fact #3: Malta has adopted the euro on 1st January 2008.
Quick Fact #4: Malta had to fulfill the Maastricht criteria before it can adopt the euro. These criteria limit the level of government borrowing, the level of government spending, require low inflation and low interest rates.
Quick Fact #5: Once Malta adopted the euro, monetary policy will be controlled by the European Central Bank.
Quick Fact #6: The euro has many benefits for Malta:
- eliminates exchange rate risks and foreign currency transaction costs for trade,
- facilitates tourism and investment among participating member states.
Quick Fact #7: The euro is the second strongest currency in the world, second only to the $. One third of world trade is carried out in €.
Quick Fact #8: Shops will start to show prices in both Lm and € in 2007 This is to give consumers the chance to grow accustomed to the value of the euro.
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