 |  | ||||
The Euro: Converting CurrencyBy KRISTEN STERNBERG | NIE Educational Consultant This year, twelve European Union (EU) nations will phase out their existing money systems to adopt the new euro dollar. Much like our U.S. currency is shared by American states, the euro will be a shared currency among most countries in Western Europe (Great Britain, Denmark and Sweden are not converting at this time). After February 28th, French francs, German marks and paper money and coins of 10 other countries will become obsolete. That is, they will no longer be accepted as legal currency, even in their own countries. Adopting the euro means more than simply exchanging one currency for another. The euro will impact governments, businesses and financial institutions, investors, travelers and others around the world. One purpose of the euro is to allow EU countries to compete more easily in a world economic market. Commerce is more straightforward when nations use the same monetary system. Many people are interested in the design of the new money. A country's currency traditionally displays symbols that are important to the country. Designing the euro was a difficult process because each symbol had to be chosen carefully. The symbols, or icons, needed to be meaningful not only to each country but also to the union of nations. Euro bills, or banknotes, are available in seven denominations, starting at 5 and ending at 500 euro dollars. On each bill are 12 stars, symbols of the 12 nations. Engravings of windows and gateways symbolize openness among member countries. Every banknote features an engraving of a bridge, chosen as a symbol of cooperation and communication, and the European Union flag. Euro coins symbolize different member countries on one side and the EU on the reverse. How will the effect of the euro be felt in the United States? For one thing, due to computer technology it's easier than ever to transact business around the world, so many U.S. businesspersons will probably find the euro makes things simpler for both people and computers! Italian lira, Greek drachmas and Dutch guilders (among others) will soon be part of the past, of interest only to collectors and history buffs, perhaps. Try these interesting activities using The Daytona Beach News-Journal1. Skim The News-Journal routinely to find and clip articles about European Union nations. On a wall map of the world, locate each country for which you have an article. Post your articles next to the map, using string to link each article to its proper location. (Sunshine State Standards SS.A.1.2.1, SS.A.1.2.2, SS.A.2.2.7, SS.B.1.2.1, SS.B.1.2.4, SS.D.2.2.2) 2. While European Union countries are adopting a currency closely aligned to the U.S. dollar, the United States and Europe continue to use other, different systems of measurement. Much of Europe, for example, uses the metric system. To understand how the metric system relates to the standard (U.S.) system, measurements must be converted. Use The News-Journal to find occurrences of both standard. and metric measurements. (A grocery store ad might specify quantities in ounces or pounds [U.S.], while an article about medicine might contain a reference to an amount in milliliters [metric], for instance. You'll have to be a good detective to find more than a few examples!) For extra credit, convert each standard measurement to its nearest metric unit equivalent, and convert each metric one to its closest U.S. equivalent. This on-line currency converter can give you a head start. (Sunshine State Standards MA.A.1.2.3, MA.A.2.2.2, MA.A.3.2.2, MA.A.3.2.3, MA.B.1.2.1, MA.B.1.2.2, MA.B.2.2.1, MA.B.2.2.2, MA.B.3.2.1, MA.B.4.2.1, MA.D.2.2.2) 3. Design a set of banknotes for your classroom or home. Clip symbols and pictures from The News-Journal and paste them onto paper. Add denomination values and mottoes, if desired, to your bills and enlist a friend to go on an imaginary "shopping" spree with your new money. (Sunshine State Standards MA.B.3.2.1, MA.B.4.2.1, SS.D.1.2.1, SS.D.1.2.5, SS.D.2.2.2, SS.D.2.2.3) 4. Use The News-Journal to plan a meal for four. Clip advertisements containing foods you plan to serve. Compute the cost of the meal. What is its equivalent in euro dollars? Consult your newspaper's international currency table or visit an on-line currency converter to find the answer. (Sunshine State Standards MA.A.3.2.2, MA.A.3.2.3, MA.A.4.2.1, MA.B.1.2.1, MA.B.1.2.2, MA.B.3.2.1, MA.D.2.2.2) 5. Follow News-Journal stories about the euro over the coming months. After you have collected a few stories, write a news article summarizing the current situation from an American point of view. (Sunshine State Standards LA.A.1.2.1, LA.A.1.2.2, LA.A.1.2.4, LA.A.2.2.5, LA.B.1.2.1, LA.B.1.2.2, LA.B.2.2.3, LA.B.2.2.6) A copy of Florida's Sunshine State Standards can be found at intech2000.miamisci.org. Check out these links to learn moreWhat's the history behind the design of the euro? Who designed it, and how is it protected against counterfeiting? What does a euro look like? Find the answers to these and other questions at this site provided by the European Central Bank. www.euro.ecb.int/en/section.html The European Union On-line offers activities and information about the euro and other European Union projects. europa.eu.int/index_en.htm At The European Union: A Guide for Americans, you can learn how the euro is expected to bring economic unity to the nations involved. Check out Member Countries and Law & Policy Overviews, too, to see how the European Union is run. Be sure to click on the link for EU for Young People. There you'll find free photos and clip art, games and more. www.eurunion.org/infores/euguide.htm How is U.S. currency being modified and updated? Read about what's in store for U.S. paper money and coins, and learn what students think about the planned changes. www.holt.k12.mi.us/~srhigh/home/bio/article1.htm Coins are frequently collectors' items. The Federal Reserve Bank of San Francisco offers a fascinating online exhibit of U.S. currency. You can view money from different periods of U.S. history, find out about the artists who design currency and more. www.frbsf.org/currency/index.html The Newspaper Association of America's web site contains links to many newspapers in the U.S. and around the world. Visit the site and check some of them out, to see if they have recently published any articles on this topic. To access the newspapers at the site, select a state. Click on the "Internationals" button to view choices from other countries. The Daytona Beach News-Journal NIE Program, published January 14, 2002 |
Copyright © 2010 NIE WORLD (www.nieworld.com). All content copyrighted and may not be republished without permission. The News-Journal has no control over and is not responsible for content on other Web sites. Privacy Policy. |