Euro

1. Introduction “One market, one money.” Being mentioned in the European Commission’s book, it brought the euro to financial world. To attain faster growth of the economy, the euro was introduced with three advantages. The first consists in seigniorage gains and transaction cost savings inside the EU; the second links with advantages to the European financial services industry; the third provides monetary relationships with the other major currencies, the US dollar and the yen (Johnson, 1996). …

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