In the global economy, the U.S. dollar dominates the market. In order to balance the overwhelming control the U.S. has, a new union was created, the European Union. In 1946, Winston Churchill first envisioned a union of this magnitude.
             In January of 1992, its initial 12 members founded the European Union (EU). They were, in alphabetical order, Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, and United Kingdom (XE 1). In 1995, Austria, Finland, and Sweden join the EU (CQResearcher 1027).
             A few years later, it was decided the EU would adopt a common currency. This new currency would be called the Euro. Its main function would be to reduce swings in currency values to make it cheaper to trade both within Europe, and with surrounding nations. It would also help to balance the power that the US Dollar has over the global economy. It would also help to stabilize prices. It has other benefits within the participating parties, such as making prices fall by forcing companies to become competitive by fighting for the lowest price. It will also raise awareness of unfair pricing by not having to convert between currencies (CQResearcher 1027). Consumers and businesses alike will enjoy lower borrowing costs. It will also make it easier for tourists to travel between the member countries by not having to trade currencies, and just being able to keep one large sum of money.
             All of the members of the EU were invited to adopt the common currency, but there were standards that needed to be met before they were allowed to join. Applicants needed to reduce inflation, and budget deficits, while stabilizing their exchange and interest rates. The countries inflation must also not exceed the average inflation rates of the three best performing member states by 1.5%. United Kingdom, Denmark, and Sweden all chose not to accept the invitation, and Greece did n
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