Re: OT: coins (Was: Types of numerals)

Paul Bennett wrote:
> On Sat, 07 Jan 2006 12:57:27 -0500, Andreas Johansson <andjo@...>
> wrote:
>
>> I don't know why the particular value for 1€ was picked,
>
>
> It tends to be pretty close to the value of the US dollar (though
> they're  not especially close right now). I'm sure that's no accident.
In fact it is - just coincidence. The rate for the euro, introduced on
Jan. 1st 1999, was set at the rate of the ECU (European Currency Unit)
on 31st Dec. 1998. I quote:

{quote}
The ECU was the official accounting unit of the European Union until the
end of 1998, and was notably used for the establishment of the EU
budget, as the numeraire of the ERM and as a reserve asset for central
banks. It was a basket currency made up of the sum of fixed amounts of
the 12 national currencies of the Member States of the European Union at
the time of the signature of the Maastricht Treaty in February 1992.
With the introduction of the euro on 1 January 1999, the ECU ceased to
exist, while the initial value of the euro (for example against other
currencies, such as the dollar) was defined as being equal to the value
of the ECU on 31 December 1998.
{/quote}

For more info see:
http://europa.eu.int/comm/economy_finance/euro/glossary/glossary_en.htm#ecu


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Ray
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