In evs the mode of «snake» with the scopes of mutual vibrations of courses was well-kept ±2,25%, from August 1993 of ±15%.

Currency ECYo was a basis EVS, which became the base of determination of course correlations between currencies of participating countries. ECYo was formed on the basis of basket of national currencies of countries of Concord (at first 9, then - 12 countries), part of every country to the p basket relied on part of her in the combined gross product and mutual trade. (In particular, on a 1999 year a structure was such: the German brand - 32,7%, the French franc - 20,8%, the English pound - 11,2%, Dutch gulden - 10,2%, the Italian lyre - 7,2%, Belgian and luxemburg franc - 8,7%, the Spanish peseta -4,2%, danish crown - 2,7%, irish pound -1,1%, Portuguese escoudo - 0,7%, the Greek drachma - 0,5%). A structure ECYo was looked over one time in 5 years.

A role and functions ECYo considerably increased after signing of the Maastrihtscoi agreement (a 1991 year). By her the issue of the sole for countries-members EVS monetary item is foreseen from January in 1999 - euro, creation of European Central Bank, pursuing a sole economic, monetarnoi, tax and custom policy. For introduction of sole currency the economy of countries-members was to answer such criteria:

• low level of inflation (actually not higher after 3-3,5%)

• low interest rate (about 8,5 - 9%)

• a federal deficit is not to exceed 3% VVP or is constantly to diminish to this level

• stable exchange rate according to the agreement, that must remain within bounds of corridor EVS without devaluation.

On January, 1 in 1999 was the courses of national currencies of countries-members are hardly fixed concerning euro, and substitution of national currencies began on euro. All references in documents on Ecyo was transferable on euro after a course 1:1. Financial markets began the conduct of operations in euro. An European central bank (it is created earlier) together with the European system of central banks (national banks of countries of area euro) replaced the European currency institute. ESTSB develops a money policy for all states-members EVS. Maintenance of stability of prices is the purpose of this policy. ESTSB has exceptional right to emission euro. To the December, 31 in 2001 euro was used in a cashless form, parallel with national currencies of countries. From January, 1 in 2002 to the appeal was attracted paper currencies and chinks, and from July, 1 in 2002 euro became the sole legal medium of exchange on territory of participating countries.

Introduction euro is considered an unprecedented event not only in history of Europe, but also whole world.

The facilities of transaction, related to the operations, that are conducted for the decline of currency risk, diminish thanks to introduction of a new currency. Possibility of the use euro in place of 12 national currencies allows considerably to lower facilities of purchase and sale of currencies. Courses of conversion of national currencies of countries EVS in euro it is resulted in table.

Table

Courses of conversion of national currencies of countries EVS in euro by the state

on a December, 31 in 1998.

Currency	Quantity of national Currencies after 1 euro
Belgian franc	40,3399
The German brand	1,95583
The Spanish peseta	166,386
The French franc	6,55957
Irish pound	0,787564
The Italian lyre	1936,27
Franc luxemburg	40,3399
Netherlands gulden	2,20371
Austrian shilling	13,7603
Portuguese escoudo	200,482
Finnish brand	5,94573
The Greek drachma	340,750

Introduction of sole bank account in place of bank accounts in national currencies of Currency Union diminishes facilities of conduct of accounts and substantially simplifies the management by a cash on a hand in firms. Euro became currency of contracts and payments, in which take credits and let out securities. Greater transparency of prices means more easy choice of oversea suppliers and clients. Enterprises can also count on wider and more advantageous to ofertou of bank services.

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