Implications of the euro changeover on social policies

AuthorDumitrache, V.
PositionPhD. Student, Lucian Blaga University of Sibiu
Pages193-200
Bulletin of the Transilvania University of Braşov • Vol. 6 (55) No. 1 - 2013
Series V: Economic Sciences
IMPLICATIONS OF
THE EURO CHANGEOVER
ON SOCIAL POLICIES
Vlad DUMITRACHE
1
Abstract: The pap er is aimed at investigating the consequences that the
Euro changeover has generated on social policies in the EU countries, both
the developing and the developed ones. The sharp ening of inequality within
the most exposed developed economies is a fact. And a t an Europea n and
global level it ha s caused the pola rization of society. The paper identifies the
means through which the Euro changeo ver has had nega tive or positive
effects over the socia l indicator s inside the Eur opean Union. By a nalyzing
these indica tors, the paper determines the effects that the changeover has on
all social aspects, including those of social inequality. By doing so, it ca n
therefore be established, if the changeover is a solution or yet an other
problem on the globalized Europea n social market.
Key words: changeover, socia l inequality, globalization.
1 PhD. Student, Lucian Blaga University of Sibiu
1. An historical approach to the euro
introduction
The euro has been in existence just long
enough to generate sufficient data for a
first look at its actual performance, having
been introduced in January 1999. This
assessment presents eight studies that use
post-1999 data to provide a first look at
how the euro is actually affecting trade,
financial markets, macroeconomic policy-
making, and Europe’s economic
performance. The Euro is the single
currency used in 12 EU member states.
The euro came into being, at first in a
cashless form on 1 January 1999, when
these member states formed an Economic
and Monetary Union (EMU) and
permanently locked the exchange rates of
their currencies against the Euro. Euro
notes and coins were put into circulation in
these 12 EU states on 1 January 2002.
The first 12 countries in the euro area
are: Austria, Belgium, Finland, France,
Germany, Ireland, Italy, Luxembourg,
Netherlands, Portugal, Spain and Greece.
The United Kingdom (UK) has decided not
to participate but has indicated that it may
consider joining at a later date.
Euro notes and coins were put into
circulation on 1 January 2002. The euro is
part of the process of EMU. EMU is
provided for in the Maastricht Treaty,
which the people of Ireland endorsed by
referendum in June 1992. As well as the
Euro, EMU has involved the creation of an
independent European Central Bank
(ECB). The euro is used also in Andorra,
Monaco, San Marino and Vatican City.
Several overseas territories of the 12 "Euro
zone" countries use the euro: these include

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