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Common currency of the countries that are members of the European Monetary Union. A euro is made up of 100 cents. With the introduction of the euro on 1 January 1999, responsibility for monetary policy in the euro area passed to the European Central Bank.
The European Central Bank, which has its headquarters in Frankfurt/Main, is the monetary authority (central bank) of the member countries of the European Monetary Union. It manages monetary policy in the euro area (euro).
Its highest decision-making authority is the Governing
Council, which together with the central banks of the member
countries make up the euro system and, together with the central banks of all the member states of the European Union, make up the European System of Central Banks.
Price of a currency expressed in units of another currency. The exchange rate usually indicates how much domestic money needs to be paid for a given quantity of foreign currency.
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