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Sunday, March 5, 2023

Colon (punctuation)

From Wikipedia, the free encyclopedia
:
Colon
U+003A : COLON (:)
 

The colon, :, is a punctuation mark consisting of two equally sized dots aligned vertically. A colon often precedes an explanation, a list, or a quoted sentence. It is also used between hours and minutes in time, between certain elements in medical journal citations, between chapter and verse in Bible citations, and, in the US, for salutations in business letters and other formal letter writing.

History

In Ancient Greek, in rhetoric and prosody, the term κῶλον (kôlon, lit. 'limb, member of a body') did not refer to punctuation, but to a member or section of a complete thought or passage; see also Colon (rhetoric). From this usage, in palaeography, a colon is a clause or group of clauses written as a line in a manuscript.

In the 3rd century BC, Aristophanes of Byzantium is alleged to have devised a punctuation system, in which the end of such a kôlon was thought to occasion a medium-length breath, and was marked by a middot ·. In practice, we don't have much evidence for its early usage, but it was revived later as the ano teleia, the modern Greek semicolon. Some writers also used a double dot symbol , that later came to be used as a full stop or to mark a change of speaker. (See also Punctuation in Ancient Greek.)

In 1589, in The Arte of English Poesie, the English term colon and the corresponding punctuation mark : is attested:

For these respectes the auncient reformers of language, inuented, three maner of pauses [...] The shortest pause or intermission they called comma [...] The second they called colon, not a peece but as it were a member for his larger length, because it occupied twise as much time as the comma. The third they called periodus, [...]

In 1622, in Nicholas Okes' print of William Shakespeare's Othello, the typographical construction of a colon followed by a hyphen or dash to indicate a restful pause is attested. This construction, known as the dog's bollocks, was once common in British English; though this usage is now discouraged.

As late as the 18th century, John Mason related the appropriateness of a colon to the length of the pause taken when reading the text aloud, but silent reading eventually replaced this with other considerations.

Usage in English

In modern English usage, a complete sentence precedes a colon, while a list, description, explanation, or definition follows it. The elements which follow the colon may or may not be a complete sentence: since the colon is preceded by a sentence, it is a complete sentence whether what follows the colon is another sentence or not. While it is acceptable to capitalise the first letter after the colon in American English, it is not the case in British English, except where a proper noun immediately follows a colon.

Colon used before list
Daequan was so hungry that he ate everything in the house: chips, cold pizza, pretzels and dip, hot dogs, peanut butter, and candy.
Colon used before a description
Bertha is so desperate that she'll date anyone, even William: he's uglier than a squashed toad on the highway, and that's on his good days.
Colon before definition
For years while I was reading Shakespeare's Othello and criticism on it, I had to constantly look up the word "egregious" since the villain uses that word: outstandingly bad or shocking.
Colon before explanation
I guess I can say I had a rough weekend: I had chest pain and spent all Saturday and Sunday in the emergency room.

Some writers use fragments (incomplete sentences) before a colon for emphasis or stylistic preferences (to show a character's voice in literature), as in this example:

Dinner: chips and juice. What a well-rounded diet I have.

The Bedford Handbook describes several uses of a colon. For example, one can use a colon after an independent clause to direct attention to a list, an appositive, or a quotation, and it can be used between independent clauses if the second summarizes or explains the first. In non-literary or non-expository uses, one may use a colon after the salutation in a formal letter, to indicate hours and minutes, to show proportions, between a title and subtitle, and between city and publisher in bibliographic entries.

Luca Serianni, an Italian scholar who helped to define and develop the colon as a punctuation mark, identified four punctuational modes for it: syntactical-deductive, syntactical-descriptive, appositive, and segmental.

Syntactical-deductive

The colon introduces the logical consequence, or effect, of a fact stated before.

There was only one possible explanation: the train had never arrived.

Syntactical-descriptive

In this sense the colon introduces a description; in particular, it makes explicit the elements of a set.

I have three sisters: Daphne, Rose, and Suzanne.

Syntactical-descriptive colons may separate the numbers indicating hours, minutes, and seconds in abbreviated measures of time.

The concert begins at 21:45.
The rocket launched at 09:15:05.

British English, however, more frequently uses a point for this purpose:

The programme will begin at 8.00 pm.
You will need to arrive by 14.30.

A colon is also used in the descriptive location of a book verse if the book is divided into verses, such as in the Bible or the Quran:

"Isaiah 42:8"
"Deuteronomy 32:39"
"Quran 10:5"

Appositive

Luruns could not speak: he was drunk.

An appositive colon also separates the subtitle of a work from its principal title. (In effect, the example given above illustrates an appositive use of the colon as an abbreviation for the conjunction 'because'.) Dillon has noted the impact of colons on scholarly articles, but the reliability of colons as a predictor of quality or impact has also been challenged. In titles, neither needs to be a complete sentence as titles do not represent expository writing:

Star Wars Episode VI: Return of the Jedi

Segmental

Like a dash or quotation mark, a segmental colon introduces speech. The segmental function was once a common means of indicating an unmarked quotation on the same line. The following example is from the grammar book The King's English:

Benjamin Franklin proclaimed the virtue of frugality: A penny saved is a penny earned.

This form is still used in written dialogues, such as in a play. The colon indicates that the words following an individual's name are spoken by that individual.

Patient: Doctor, I feel like a pair of curtains.
Doctor: Pull yourself together!

Use of capitals

Use of capitalization or lower-case after a colon varies. In British English, and in most Commonwealth countries, the word following the colon is in lower case unless it is normally capitalized for some other reason, as with proper nouns and acronyms. British English also capitalizes a new sentence introduced by colon's segmental use.

American English goes further and permits writers to similarly capitalize the first word of any independent clause following a colon. This follows the guidelines of some modern American style guides, including those published by the Associated Press and the Modern Language Association. The Chicago Manual of Style, however, requires capitalization only when the colon introduces a direct quotation, a direct question, or two or more complete sentences.

In many European languages, the colon is usually followed by a lower-case letter unless the upper case is required for other reasons, as with British English. German usage requires capitalization of independent clauses following a colon. Dutch further capitalizes the first word of any quotation following a colon, even if it is not a complete sentence on its own.

Spacing

In print, a thin space was traditionally placed before a colon and a thick space after it. In modern English-language printing, no space is placed before a colon and a single space is placed after it. In French-language typing and printing, the traditional rules are preserved.

One or two spaces may be and have been used after a colon. The older convention (designed to be used by monospaced fonts) was to use two spaces after a colon.

Usage in other languages

Suffix separator

In Finnish and Swedish, the colon can appear inside words in a manner similar to the apostrophe in the English possessive case, connecting a grammatical suffix to an abbreviation or initialism, a special symbol, or a digit (e.g., Finnish USA:n and Swedish USA:s for the genitive case of "USA", Finnish %:ssa for the inessive case of "%", or Finnish 20:een for the illative case of "20").

Abbreviation mark

Written Swedish uses colons in contractions, such as S:t for Sankt (Swedish for "Saint") – for example in the name of the Stockholm metro station S:t Eriksplan, and k:a for kyrka ("church") – for instance Svenska k:a (Svenska kyrkan), the Evangelical Lutheran national Church of Sweden. This can even occur in people's names, for example Antonia Ax:son Johnson (Ax:son for Axelson). Early Modern English texts also used colons to mark abbreviations.

Word separator

15th century Bible text in Ge'ez script showing colons between the words.

In Ethiopia, both Amharic and Ge'ez script used and sometimes still use a colon-like mark as word separator.

End of sentence or verse

In Armenian, a colon indicates the end of a sentence, similar to a Latin full stop or period.

In Hebrew, the sof pasuq is used in some writings such as prayer books to signal the end of a verse.

Score divider

In German, a colon divides the scores of opponents in sports and games. A result of 149–0 would be written as 149 : 0 in German.

Mathematics and logic

The colon is used in mathematics, cartography, model building, and other fields—in this context it denotes a ratio or a scale, as in 3∶1 (pronounced "three to one").

When a ratio is reduced to a simpler form, such as 10∶15 to 2∶3, this may be expressed with a double colon as 10∶15∶∶2∶3; this would be read "10 is to 15 as 2 is to 3". This form is also used in tests of logic where the question of "Dog is to Puppy as Cat is to _____?" can be expressed as "Dog∶Puppy∶∶Cat∶_____". For these usages the proper Unicode symbol is (U+2236 RATIO) that is a little higher up than the normal colon. Compare 2∶3 (ratio colon) with 2:3 (normal colon).

In some languages (e.g. German, Russian, and French), the colon is the commonly used sign for division (instead of ÷). (See also Division sign and Division (mathematics) § Notation.)

The notation |G : H| may also denote the index of a subgroup.

The notation ƒ : X → Y indicates that f is a function with domain X and codomain Y.

The combination with an equal sign () is used for definitions.

In mathematical logic, when using set-builder notation for describing the characterizing property of a set, it is used as an alternative to a vertical bar (which is the ISO 31-11 standard), to mean "such that". Example:

(S is the set of all x in (the real numbers) such that x is strictly greater than 1 and strictly smaller than 3)

In older literature on mathematical logic, it is used to indicate how expressions should be bracketed (see Glossary of Principia Mathematica).

In type theory and programming language theory, the colon sign after a term is used to indicate its type, sometimes as a replacement to the "∈" symbol. Example:

.

A colon is also sometimes used to indicate a tensor contraction involving two indices, and a double colon (::) for a contraction over four indices.

A colon is also used to denote a parallel sum operation involving two operands (many authors, however, instead use a sign and a few even a for this purpose).

Computing

The character was on early typewriters and therefore appeared in most text encodings, such as Baudot code and EBCDIC. It was placed at code 58 in ASCII and from there inherited into Unicode. Unicode also defines several related characters:

  • U+003A : COLON
  • U+02D0 ː MODIFIER LETTER TRIANGULAR COLON, used in IPA.
  • U+10781 𐞁 MODIFIER LETTER SUPERSCRIPT TRIANGULAR COLON, IPA modifier-letter.
  • U+02D1 ˑ MODIFIER LETTER HALF TRIANGULAR COLON, used in IPA.
  • U+10782 𐞂 MODIFIER LETTER SUPERSCRIPT HALF TRIANGULAR COLON, IPA modifier-letter.[32]
  • U+02F8 ˸ MODIFIER LETTER RAISED COLON, used by Uralic Phonetic Alphabet.
  • U+05C3 ׃ HEBREW PUNCTUATION SOF PASUQ, compatible with right-to-left text.
  • U+2236 RATIO, for mathematical usage.
  • U+2254 COLON EQUALS, for use in pretty-printing programming languages.
  • U+2255 EQUALS COLON
  • U+2360 APL FUNCTIONAL SYMBOL QUAD COLON
  • U+2982 Z NOTATION TYPE COLON
  • U+2A74 DOUBLE COLON EQUAL
  • U+2AF6 TRIPLE COLON OPERATOR
  • U+A789 MODIFIER LETTER COLON, see Colon (letter), sometimes used in Windows filenames as it is identical to the colon in the Segoe UI font used for filenames. The colon itself is not permitted as it is a reserved character.
  • U+FE13 PRESENTATION FORM FOR VERTICAL COLON, compatibility character for the Chinese Standard GB 18030.
  • U+FF1A FULLWIDTH COLON, for compatibility with halfwidth and fullwidth fonts.
  • U+FE55 SMALL COLON, compatibility character for the Chinese National Standard CNS 11643.

Programming languages

A number of programming languages, most notably Pascal and Ada, use a colon immediately followed by an equals sign (:=) as the assignment operator, to distinguish it from a single equals which is an equality test (C instead used a single equals as assignment, and a double equals as the equality test).

Many languages including C and Java use the colon to indicate the text before it is a label, such as a target for a goto or an introduction to a case in a switch statement. In a related use, Python uses a colon to separate a control statement from the block of statements it controls:

if test(x):
    print("test(x) is true!")
else:
    print("test(x) is not true...")

In a number of languages, including JavaScript, colons are used to define name–value pairs in a dictionary or object. This is also used by data formats such as JSON. Some other languages use an equals sign.

var obj = {
    name: "Charles",
    age: 18,
}

The colon is used as part of the ?: conditional operator in C and many other languages.[37]: 90 

C++ uses a double colon as the scope resolution operator, and class member access. Most other languages use a period but C++ had to use this for compatibility with C. Another language using colons for scope resolution is Erlang, which uses a single colon.

In BASIC, it is used as a separator between the statements or instructions in a single line. Most other languages use a semicolon, but BASIC had used semicolon to separate items in print statements.

In Forth, a colon precedes definition of a new word.

Haskell uses a colon (pronounced as "cons", short for "construct") as an operator to add an element to the front of a list:

"child" : ["woman", "man"] -- equals ["child","woman","man"]

while a double colon :: is read as "has type of" (compare scope resolution operator):

("text", False) :: ([Char], Bool)

The ML languages (such as Standard ML) have the above reversed, where the double colon (::) is used to add an element to the front of a list; and the single colon (:) is used for type guards.

MATLAB uses the colon as a binary operator that generates vectors, as well as to select particular portions of existing matrices.

APL uses the colon:

  • to introduce a control structure element. In this usage it must be the first non-blank character of the line.
  • after a label name that will be the target of a :goto or a right-pointing arrow (Note: this style of programming is deprecated and programmers are encouraged to use control structures instead).
  • to separate a guard (boolean expression) from its expression in a dynamic function. Two colons are used for an Error guard (one or more error numbers).
  • Colon + space are used in class definitions to indicate inheritance.
  • ⍠ (a colon in a box) is used by APL for its variant operator.

The colon is also used in many operating systems commands.

In the esoteric programming language INTERCAL, the colon is called "two-spot" and is used to identify a 32-bit variable—distinct from a spot (.) which identifies a 16-bit variable.

Addresses

Internet URLs use the colon to separate the protocol (such as http:) from the hostname or IP address.

In an IPv6 address, colons (and one optional double colon) separate up to 8 groups of 16 bits in hexadecimal representation. In a URL, a colon follows the initial scheme name (such as HTTP and FTP), and separates a port number from the hostname or IP address.

In Microsoft Windows filenames, the colon is reserved for use in alternate data streams and cannot appear in a filename. It was used as the directory separator in Classic Mac OS, and was difficult to use in early versions of the newer BSD-based macOS due to code swapping the slash and colon to try to preserve this usage. In most systems it is often difficult to put a colon in a filename as the shell interprets it for other purposes.

CP/M and early versions of MSDOS required the colon after the names of devices, such as CON: though this gradually disappeared except for disks (where it had to be between the disk name and the required path representation of the file as in C:\Windows\). This then migrated to use in URLs.

Text markup

It is often used as a single post-fix delimiter, signifying a token keyword had immediately preceded it or the transition from one mode of character string interpretation to another related mode. Some applications, such as the widely used MediaWiki, utilize the colon as both a pre-fix and post-fix delimiter.

In wiki markup, the colon is often used to indent text. Common usage includes separating or marking comments in a discussion as replies, or to distinguish certain parts of a text.

Markup Renders as
Normal text.
:Indented text by the means of a colon.
::The gap increases with colon number.

Normal text.

Indented text by the means of a colon.
The gap increases with colon number.


In human-readable text messages, a colon, or multiple colons, is sometimes used to denote an action (similar to how asterisks are used) or to emote (for example, in vBulletin). In the action denotation usage it has the inverse function of quotation marks, denoting actions where unmarked text is assumed to be dialogue. For example:

Tom: Pluto is so small; it should not be considered a planet. It is tiny!
Mark: Oh really? ::drops Pluto on Tom's head:: Still think it's small now?

Colons may also be used for sounds, e.g., ::click::, though sounds can also be denoted by asterisks or other punctuation marks.

Colons can also be used to represent eyes in emoticons.

Euro

From Wikipedia, the free encyclopedia
Euro
see also § euro in various languages
Euro Series Banknotes (2019).gif 1 Euro Common Face (Old Design) (5132150012).jpg
Euro banknotes1 euro coin
ISO 4217
CodeEUR (numeric: 978)
Subunit0.01
Unit
Uniteuro
PluralVaries, see language and the euro
Symbol
NicknameThe single currency
Denominations
Subunit
1100cent
(Name varies by language)
Plural
cent(Varies by language)
Symbol
centc
Banknotes
 Freq. used€5, €10, €20, €50, €100
 Rarely used€200, €500
Coins
 Freq. used1c, 2c, 5c, 10c, 20c, 50c, €1, €2   
 Rarely used1c, 2c (Belgium, Finland, Ireland, Italy, Netherlands)
Demographics
User(s)primary: § members of Eurozone (20),
also: § other users
Issuance
Central bankEurosystem
 Websitewww.ecb.europa.eu
Printersee § Banknote printing
Mintsee § Coin minting
Valuation
Inflation8.6% (June 2022)
 Sourceec.europa.eu
 MethodHICP
Pegged bysee § Pegged currencies
Euro Monetary policy
  Euro Zone inflation year/year
  M3 money supply increases
  Marginal Lending Facility
  Main Refinancing Operations
  Deposit Facility Rate

The euro (symbol: ; code: EUR) is the official currency of 20 of the 27 member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 344 million citizens as of 2023. The euro is divided into 100 cents.

The currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency. Additionally, over 200 million people worldwide use currencies pegged to the euro.

The euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar. As of December 2019, with more than €1.3 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world.

The name euro was officially adopted on 16 December 1995 in Madrid. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743). Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, and by March 2002 it had completely replaced the former currencies.

Between December 1999 and December 2002, the euro traded below the US dollar, but has since traded near parity with or above the US dollar, peaking at US$1.60 on 18 July 2008 and since then returning near to its original issue rate. On 13 July 2022, the two currencies hit parity for the first time in nearly two decades due in part to the 2022 Russian invasion of Ukraine.

Characteristics

Administration

The euro is managed and administered by the European Central Bank (ECB, Frankfurt am Main) and the Eurosystem (composed of the central banks of the eurozone countries). As an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the eurozone payment systems.

The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, although not all participating states have done so. Denmark has negotiated exemptions, while Sweden (which joined the EU in 1995, after the Maastricht Treaty was signed) turned down the euro in a non-binding referendum in 2003, and has circumvented the obligation to adopt the euro by not meeting the monetary and budgetary requirements. All nations that have joined the EU since 1993 have pledged to adopt the euro in due course. The Maastricht Treaty was later amended by the Treaty of Nice, which closed the gaps and loopholes in the Maastricht and Rome Treaties.

Eurozone members

The 20 participating members are

EU members not using the euro

The EU member states not in the Eurozone are Bulgaria, Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden.

Future eurozone members

The Bulgarian lev is targeted to be replaced by the euro on 1 January 2025.

The Romanian leu is targeted to be replaced by the euro sometime in 2029.

EU members Czech Republic, Hungary, Poland, and Sweden are legally obligated to adopt the euro eventually, though they have no required date for adoption, and their governments do not currently have any plans for switching. Denmark has negotiated for the right to not be required to switch.

Other users

Microstates with a monetary agreement:

EU special territories

Unilateral adopters

Pegged currencies

The currency of a number of states is pegged to the euro. These states are:

Coins and banknotes

Coins

The euro is divided into 100 cents (also referred to as euro cents, especially when distinguishing them from other currencies, and referred to as such on the common side of all cent coins). In Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage. Otherwise, normal English plurals are used, with many local variations such as centime in France.

All circulating coins have a common side showing the denomination or value, and a map in the background. Due to the linguistic plurality in the European Union, the Latin alphabet version of euro is used (as opposed to the less common Greek or Cyrillic) and Arabic numerals (other text is used on national sides in national languages, but other text on the common side is avoided). For the denominations except the 1-, 2- and 5-cent coins, the map only showed the 15 member states which were members when the euro was introduced. Beginning in 2007 or 2008 (depending on the country), the old map was replaced by a map of Europe also showing countries outside the EU. The 1-, 2- and 5-cent coins, however, keep their old design, showing a geographical map of Europe with the 15 member states of 2002 raised somewhat above the rest of the map. All common sides were designed by Luc Luycx. The coins also have a national side showing an image specifically chosen by the country that issued the coin. Euro coins from any member state may be freely used in any nation that has adopted the euro.

The coins are issued in denominations of €2, €1, 50c, 20c, 10c, 5c, 2c, and 1c. To avoid the use of the two smallest coins, some cash transactions are rounded to the nearest five cents in the Netherlands and Ireland (by voluntary agreement) and in Finland and Italy (by law). This practice is discouraged by the commission, as is the practice of certain shops of refusing to accept high-value euro notes.

Commemorative coins with €2 face value have been issued with changes to the design of the national side of the coin. These include both commonly issued coins, such as the €2 commemorative coin for the fiftieth anniversary of the signing of the Treaty of Rome, and nationally issued coins, such as the coin to commemorate the 2004 Summer Olympics issued by Greece. These coins are legal tender throughout the eurozone. Collector coins with various other denominations have been issued as well, but these are not intended for general circulation, and they are legal tender only in the member state that issued them.

Coin minting

A number of institutions are authorised to mint euro coins:

Banknotes

Euro coins and banknotes of various denominations

The design for the euro banknotes has common designs on both sides. The design was created by the Austrian designer Robert Kalina. Notes are issued in €500, €200, €100, €50, €20, €10, and €5. Each banknote has its own colour and is dedicated to an artistic period of European architecture. The front of the note features windows or gateways while the back has bridges, symbolising links between states in the union and with the future. While the designs are supposed to be devoid of any identifiable characteristics, the initial designs by Robert Kalina were of specific bridges, including the Rialto and the Pont de Neuilly, and were subsequently rendered more generic; the final designs still bear very close similarities to their specific prototypes; thus they are not truly generic. The monuments looked similar enough to different national monuments to please everyone.

The Europa series, or second series, consists of six denominations and no longer includes the €500 with issuance discontinued as of 27 April 2019. However, both the first and the second series of euro banknotes, including the €500, remain legal tender throughout the euro area.

In December 2021, the ECB announced its plans to redesign euro banknotes by 2024. A theme advisory group, made up of one member from each euro area country, was selected to submit theme proposals to the ECB. The proposals will be voted on by the public; a design competition will also be held.

Issuing modalities for banknotes

Since 1 January 2002, the national central banks (NCBs) and the ECB have issued euro banknotes on a joint basis. Eurosystem NCBs are required to accept euro banknotes put into circulation by other Eurosystem members and these banknotes are not repatriated. The ECB issues 8% of the total value of banknotes issued by the Eurosystem. In practice, the ECB's banknotes are put into circulation by the NCBs, thereby incurring matching liabilities vis-à-vis the ECB. These liabilities carry interest at the main refinancing rate of the ECB. The other 92% of euro banknotes are issued by the NCBs in proportion to their respective shares of the ECB capital key, calculated using national share of European Union (EU) population and national share of EU GDP, equally weighted.

Banknote printing

Member states are authorised to print or to commission bank note printing. As of November 2022, these are the printers:

Payments clearing, electronic funds transfer

Capital within the EU may be transferred in any amount from one state to another. All intra-Union transfers in euro are treated as domestic transactions and bear the corresponding domestic transfer costs. This includes all member states of the EU, even those outside the eurozone providing the transactions are carried out in euro. Credit/debit card charging and ATM withdrawals within the eurozone are also treated as domestic transactions; however paper-based payment orders, like cheques, have not been standardised so these are still domestic-based. The ECB has also set up a clearing system, TARGET, for large euro transactions.

History

Introduction

Historical currencies of the European Union
Currency Code Rate Fixed on Yielded
Austrian schilling ATS 13.7603 31 December 1998 1 January 1999
Belgian franc BEF 40.3399 31 December 1998 1 January 1999
Dutch guilder NLG 2.20371 31 December 1998 1 January 1999
Finnish markka FIM 5.94573 31 December 1998 1 January 1999
French franc FRF 6.55957 31 December 1998 1 January 1999
German mark DEM 1.95583 31 December 1998 1 January 1999
Irish pound IEP 0.787564 31 December 1998 1 January 1999
Italian lira ITL 1,936.27 31 December 1998 1 January 1999
Luxembourg franc LUF 40.3399 31 December 1998 1 January 1999
Portuguese escudo PTE 200.482 31 December 1998 1 January 1999
Spanish peseta ESP 166.386 31 December 1998 1 January 1999
Greek drachma GRD 340.75 19 June 2000 1 January 2001
Slovenian tolar SIT 239.64 11 July 2006 1 January 2007
Cypriot pound CYP 0.585274 10 July 2007 1 January 2008
Maltese lira MTL 0.4293 10 July 2007 1 January 2008
Slovak koruna SKK 30.126 8 July 2008 1 January 2009
Estonian kroon EEK 15.6466 13 July 2010 1 January 2011
Latvian lats LVL 0.702804 9 July 2013 1 January 2014
Lithuanian litas LTL 3.4528 23 July 2014 1 January 2015
Croatian kuna HRK 7.5345 12 July 2022 1 January 2023

The euro was established by the provisions in the 1992 Maastricht Treaty. To participate in the currency, member states are meant to meet strict criteria, such as a budget deficit of less than 3% of their GDP, a debt ratio of less than 60% of GDP (both of which were ultimately widely flouted after introduction), low inflation, and interest rates close to the EU average. In the Maastricht Treaty, the United Kingdom and Denmark were granted exemptions per their request from moving to the stage of monetary union which resulted in the introduction of the euro.

The name "euro" was officially adopted in Madrid on 16 December 1995. Belgian Esperantist Germain Pirlot, a former teacher of French and history, is credited with naming the new currency by sending a letter to then President of the European Commission, Jacques Santer, suggesting the name "euro" on 4 August 1995.

Due to differences in national conventions for rounding and significant digits, all conversion between the national currencies had to be carried out using the process of triangulation via the euro. The definitive values of one euro in terms of the exchange rates at which the currency entered the euro are shown on the right.

The rates were determined by the Council of the European Union, based on a recommendation from the European Commission based on the market rates on 31 December 1998. They were set so that one European Currency Unit (ECU) would equal one euro. The European Currency Unit was an accounting unit used by the EU, based on the currencies of the member states; it was not a currency in its own right. They could not be set earlier, because the ECU depended on the closing exchange rate of the non-euro currencies (principally sterling) that day.

The procedure used to fix the conversion rate between the Greek drachma and the euro was different since the euro by then was already two years old. While the conversion rates for the initial eleven currencies were determined only hours before the euro was introduced, the conversion rate for the Greek drachma was fixed several months beforehand.

The currency was introduced in non-physical form (traveller's cheques, electronic transfers, banking, etc.) at midnight on 1 January 1999, when the national currencies of participating countries (the eurozone) ceased to exist independently. Their exchange rates were locked at fixed rates against each other. The euro thus became the successor to the European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new euro notes and coins were introduced on 1 January 2002.

The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, until 28 February 2002. The official date on which the national currencies ceased to be legal tender varied from member state to member state. The earliest date was in Germany, where the mark officially ceased to be legal tender on 31 December 2001, though the exchange period lasted for two months more. Even after the old currencies ceased to be legal tender, they continued to be accepted by national central banks for periods ranging from several years to indefinitely (the latter for Austria, Germany, Ireland, Estonia and Latvia in banknotes and coins, and for Belgium, Luxembourg, Slovenia and Slovakia in banknotes only). The earliest coins to become non-convertible were the Portuguese escudos, which ceased to have monetary value after 31 December 2002, although banknotes remained exchangeable until 2022.

Currency sign

The euro sign; logotype and handwritten
 

A special euro currency sign (€) was designed after a public survey had narrowed the original ten proposals down to two. The European Commission then chose the design created by the Belgian artist Alain Billiet. Of the symbol, the Commission stated

Inspiration for the € symbol itself came from the Greek epsilon (Є) – a reference to the cradle of European civilisation – and the first letter of the word Europe, crossed by two parallel lines to 'certify' the stability of the euro.

The European Commission also specified a euro logo with exact proportions and foreground and background colour tones. Placement of the currency sign relative to the numeric amount varies from state to state, but for texts in English the symbol (or the ISO-standard "EUR") should precede the amount.

Eurozone crisis

European 10 year bonds, before the Great Recession in Europe bonds floated together in parity
  Greece 10 year bond
  Portugal 10 year bond
  Ireland 10 year bond
  Spain 10 year bond
  Italy 10 year bond
  France 10 year bond
  Germany 10 year bond
Budget deficit of the eurozone compared to the United States and the United Kingdom.

Following the U.S. financial crisis in 2008, fears of a sovereign debt crisis developed in 2009 among investors concerning some European states, with the situation becoming particularly tense in early 2010. Greece was most acutely affected, but fellow Eurozone members Cyprus, Ireland, Italy, Portugal, and Spain were also significantly affected. All these countries used EU funds except Italy, which is a major donor to the EFSF. To be included in the eurozone, countries had to fulfil certain convergence criteria, but the meaningfulness of such criteria was diminished by the fact it was not enforced with the same level of strictness among countries.

According to the Economist Intelligence Unit in 2011, "[I]f the [euro area] is treated as a single entity, its [economic and fiscal] position looks no worse and in some respects, rather better than that of the US or the UK" and the budget deficit for the euro area as a whole is much lower and the euro area's government debt/GDP ratio of 86% in 2010 was about the same level as that of the United States. "Moreover", they write, "private-sector indebtedness across the euro area as a whole is markedly lower than in the highly leveraged Anglo-Saxon economies". The authors conclude that the crisis "is as much political as economic" and the result of the fact that the euro area lacks the support of "institutional paraphernalia (and mutual bonds of solidarity) of a state".

The crisis continued with S&P downgrading the credit rating of nine euro-area countries, including France, then downgrading the entire European Financial Stability Facility (EFSF) fund.

A historical parallel – to 1931 when Germany was burdened with debt, unemployment and austerity while France and the United States were relatively strong creditors – gained attention in summer 2012 even as Germany received a debt-rating warning of its own. In the enduring of this scenario the euro serves as a mean of quantitative primitive accumulation.

Direct and indirect usage

Agreed direct usage with minting rights

The euro is the sole currency of 20 EU member states: Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. These countries constitute the "eurozone", some 347 million people in total as of 2023. According to bilateral agreements with the EU, the euro has also been designated as the sole and official currency in a further four European microstates awarded minting rights (Andorra, Monaco, San Marino and the Vatican City). With all but one (Denmark) EU members obliged to join when economic conditions permit, together with future members of the EU, the enlargement of the eurozone is set to continue.

Agreed direct usage without minting rights

The euro is also the sole currency in three overseas territories of France that are not themselves part of the EU, namely Saint Barthélemy, Saint Pierre and Miquelon, and the French Southern and Antarctic Lands, as well as in the British Overseas Territory of Akrotiri and Dhekelia.

Unilateral direct usage

The euro has been adopted unilaterally as the sole currency of Montenegro and Kosovo. It has also been used as a foreign trading currency in Cuba since 1998, Syria since 2006, and Venezuela since 2018. In 2009, Zimbabwe abandoned its local currency and introduced major global convertible currencies instead, including the euro and the United States dollar. The direct usage of the euro outside of the official framework of the EU affects nearly 3 million people.

Currencies pegged to the euro

Worldwide use of the euro and the US dollar:
  External adopters of the euro
  Currencies pegged to the euro
  Currencies pegged to the euro within narrow band
  United States
  External adopters of the US dollar
  Currencies pegged to the US dollar
  Currencies pegged to the US dollar within narrow band

Note: The Belarusian rouble is pegged to the euro, Russian rouble and US dollar in a currency basket.

Outside the eurozone, two EU member states have currencies that are pegged to the euro, which is a precondition to joining the eurozone. The Danish krone and Bulgarian lev are pegged due to their participation in the ERM II.

Additionally, a total of 21 countries and territories that do not belong to the EU have currencies that are directly pegged to the euro including 14 countries in mainland Africa (CFA franc), two African island countries (Comorian franc and Cape Verdean escudo), three French Pacific territories (CFP franc) and two Balkan countries, Bosnia and Herzegovina (Bosnia and Herzegovina convertible mark) and North Macedonia (Macedonian denar). On 1 January 2010, the dobra of São Tomé and Príncipe was officially linked with the euro. Additionally, the Moroccan dirham is tied to a basket of currencies, including the euro and the US dollar, with the euro given the highest weighting.

These countries generally had previously implemented a currency peg to one of the major European currencies (e.g. the French franc, deutschmark or Portuguese escudo), and when these currencies were replaced by the euro their currencies became pegged to the euro. Pegging a country's currency to a major currency is regarded as a safety measure, especially for currencies of areas with weak economies, as the euro is seen as a stable currency, prevents runaway inflation, and encourages foreign investment due to its stability.

In total, as of 2013, 182 million people in Africa use a currency pegged to the euro, 27 million people outside the eurozone in Europe, and another 545,000 people on Pacific islands.

Since 2005, stamps issued by the Sovereign Military Order of Malta have been denominated in euro, although the Order's official currency remains the Maltese scudo. The Maltese scudo itself is pegged to the euro and is only recognised as legal tender within the Order.

Use as reserve currency

Since its introduction, the euro has been the second most widely held international reserve currency after the U.S. dollar. The share of the euro as a reserve currency increased from 18% in 1999 to 27% in 2008. Over this period, the share held in U.S. dollar fell from 71% to 64% and that held in RMB fell from 6.4% to 3.3%. The euro inherited and built on the status of the deutschmark as the second most important reserve currency. The euro remains underweight as a reserve currency in advanced economies while overweight in emerging and developing economies: according to the International Monetary Fund the total of euro held as a reserve in the world at the end of 2008 was equal to $1.1 trillion or €850 billion, with a share of 22% of all currency reserves in advanced economies, but a total of 31% of all currency reserves in emerging and developing economies.

The possibility of the euro becoming the first international reserve currency has been debated among economists. Former Federal Reserve Chairman Alan Greenspan gave his opinion in September 2007 that it was "absolutely conceivable that the euro will replace the US dollar as reserve currency, or will be traded as an equally important reserve currency". In contrast to Greenspan's 2007 assessment, the euro's increase in the share of the worldwide currency reserve basket has slowed considerably since 2007 and since the beginning of the worldwide credit crunch related recession and European sovereign-debt crisis.

Economics

Optimal currency area

In economics, an optimum currency area, or region (OCA or OCR), is a geographical region in which it would maximise economic efficiency to have the entire region share a single currency. There are two models, both proposed by Robert Mundell: the stationary expectations model and the international risk sharing model. Mundell himself advocates the international risk sharing model and thus concludes in favour of the euro. However, even before the creation of the single currency, there were concerns over diverging economies. Before the late-2000s recession it was considered unlikely that a state would leave the euro or the whole zone would collapse. However the Greek government-debt crisis led to former British Foreign Secretary Jack Straw claiming the eurozone could not last in its current form. Part of the problem seems to be the rules that were created when the euro was set up. John Lanchester, writing for The New Yorker, explains it:

The guiding principle of the currency, which opened for business in 1999, were supposed to be a set of rules to limit a country's annual deficit to three per cent of gross domestic product, and the total accumulated debt to sixty per cent of G.D.P. It was a nice idea, but by 2004 the two biggest economies in the euro zone, Germany and France, had broken the rules for three years in a row.

Transaction costs and risks

Most traded currencies by value
Currency distribution of global foreign exchange market turnover
Rank Currency ISO 4217
code
Symbol or
abbreviation
Proportion of
daily volume,
April 2019
Proportion of
daily volume,
April 2022
1
U.S. dollar
USD
US$
88.3% 88.5%
2
Euro
EUR
32.3% 30.5%
3
Japanese yen
JPY
¥ / 円
16.8% 16.7%
4
Sterling
GBP
£
12.8% 12.9%
5
Renminbi
CNY
¥ / 元
4.3% 7.0%
6
Australian dollar
AUD
A$
6.8% 6.4%
7
Canadian dollar
CAD
C$
5.0% 6.2%
8
Swiss franc
CHF
CHF
5.0% 5.2%
9
Hong Kong dollar
HKD
HK$
3.5% 2.6%
10
Singapore dollar
SGD
S$
1.8% 2.4%
11
Swedish krona
SEK
kr
2.0% 2.2%
12
South Korean won
KRW
₩ / 원
2.0% 1.9%
13
Norwegian krone
NOK
kr
1.8% 1.7%
14
New Zealand dollar
NZD
NZ$
2.1% 1.7%
15
Indian rupee
INR
1.7% 1.6%
16
Mexican peso
MXN
$
1.7% 1.5%
17
New Taiwan dollar
TWD
NT$
0.9% 1.1%
18
South African rand
ZAR
R
1.1% 1.0%
19
Brazilian real
BRL
R$
1.1% 0.9%
20
Danish krone
DKK
kr
0.6% 0.7%
21
Polish złoty
PLN
0.6% 0.7%
22
Thai baht
THB
฿
0.5% 0.4%
23
Israeli new shekel
ILS
0.3% 0.4%
24
Indonesian rupiah
IDR
Rp
0.4% 0.4%
25
Czech koruna
CZK
0.4% 0.4%
26
UAE dirham
AED
د.إ
0.2% 0.4%
27
Turkish lira
TRY
1.1% 0.4%
28
Hungarian forint
HUF
Ft
0.4% 0.3%
29
Chilean peso
CLP
CLP$
0.3% 0.3%
30
Saudi riyal
SAR
0.2% 0.2%
31
Philippine peso
PHP
0.3% 0.2%
32
Malaysian ringgit
MYR
RM
0.1% 0.2%
33
Colombian peso
COP
COL$
0.2% 0.2%
34
Russian ruble
RUB
1.1% 0.2%
35
Romanian leu
RON
L
0.1% 0.1%
Other
2.2% 2.5%
Total 200.0% 200.0%

The most obvious benefit of adopting a single currency is to remove the cost of exchanging currency, theoretically allowing businesses and individuals to consummate previously unprofitable trades. For consumers, banks in the eurozone must charge the same for intra-member cross-border transactions as purely domestic transactions for electronic payments (e.g., credit cards, debit cards and cash machine withdrawals).

Financial markets on the continent are expected to be far more liquid and flexible than they were in the past. The reduction in cross-border transaction costs will allow larger banking firms to provide a wider array of banking services that can compete across and beyond the eurozone. However, although transaction costs were reduced, some studies have shown that risk aversion has increased during the last 40 years in the Eurozone.

Price parity

Another effect of the common European currency is that differences in prices—in particular in price levels—should decrease because of the law of one price. Differences in prices can trigger arbitrage, i.e., speculative trade in a commodity across borders purely to exploit the price differential. Therefore, prices on commonly traded goods are likely to converge, causing inflation in some regions and deflation in others during the transition. Some evidence of this has been observed in specific eurozone markets.

Macroeconomic stability

Before the introduction of the euro, some countries had successfully contained inflation, which was then seen as a major economic problem, by establishing largely independent central banks. One such bank was the Bundesbank in Germany; the European Central Bank was modelled on the Bundesbank.

The euro has come under criticism due to its regulation, lack of flexibility and rigidity towards sharing member states on issues such as nominal interest rates. Many national and corporate bonds denominated in euro are significantly more liquid and have lower interest rates than was historically the case when denominated in national currencies. While increased liquidity may lower the nominal interest rate on the bond, denominating the bond in a currency with low levels of inflation arguably plays a much larger role. A credible commitment to low levels of inflation and a stable debt reduces the risk that the value of the debt will be eroded by higher levels of inflation or default in the future, allowing debt to be issued at a lower nominal interest rate.

Unfortunately, there is also a cost in structurally keeping inflation lower than in the United States, UK, and China. The result is that seen from those countries, the euro has become expensive, making European products increasingly expensive for its largest importers; hence export from the eurozone becomes more difficult.

In general, those in Europe who own large amounts of euro are served by high stability and low inflation.

A monetary union means states in that union lose the main mechanism of recovery of their international competitiveness by weakening (depreciating) their currency. When wages become too high compared to productivity in the exports sector, then these exports become more expensive and they are crowded out from the market within a country and abroad. This drives the fall of employment and output in the exports sector and fall of trade and current account balances. Fall of output and employment in the tradable goods sector may be offset by the growth of non-exports sectors, especially in construction and services. Increased purchases abroad and negative current account balances can be financed without a problem as long as credit is cheap. The need to finance trade deficit weakens currency, making exports automatically more attractive in a country and abroad. A state in a monetary union cannot use weakening of currency to recover its international competitiveness. To achieve this a state has to reduce prices, including wages (deflation). This could result in high unemployment and lower incomes as it was during the European sovereign-debt crisis.

Trade

The euro increased price transparency and stimulated cross-border trade. A 2009 consensus from the studies of the introduction of the euro concluded that it has increased trade within the eurozone by 5% to 10%, although one study suggested an increase of only 3% while another estimated 9 to 14%. However, a meta-analysis of all available studies suggests that the prevalence of positive estimates is caused by publication bias and that the underlying effect may be negligible. Although a more recent meta-analysis shows that publication bias decreases over time and that there are positive trade effects from the introduction of the euro, as long as results from before 2010 are taken into account. This may be because of the inclusion of the Financial crisis of 2007–2008 and ongoing integration within the EU. Furthermore, older studies accounting for time trend reflecting general cohesion policies in Europe that started before, and continue after implementing the common currency find no effect on trade. These results suggest that other policies aimed at European integration might be the source of observed increase in trade. According to Barry Eichengreen, studies disagree on the magnitude of the effect of the euro on trade, but they agree that it did have an effect.

Investment

Physical investment seems to have increased by 5% in the eurozone due to the introduction. Regarding foreign direct investment, a study found that the intra-eurozone FDI stocks have increased by about 20% during the first four years of the EMU. Concerning the effect on corporate investment, there is evidence that the introduction of the euro has resulted in an increase in investment rates and that it has made it easier for firms to access financing in Europe. The euro has most specifically stimulated investment in companies that come from countries that previously had weak currencies. A study found that the introduction of the euro accounts for 22% of the investment rate after 1998 in countries that previously had a weak currency.

Inflation

Euro Zone inflation

The introduction of the euro has led to extensive discussion about its possible effect on inflation. In the short term, there was a widespread impression in the population of the eurozone that the introduction of the euro had led to an increase in prices, but this impression was not confirmed by general indices of inflation and other studies. A study of this paradox found that this was due to an asymmetric effect of the introduction of the euro on prices: while it had no effect on most goods, it had an effect on cheap goods which have seen their price round up after the introduction of the euro. The study found that consumers based their beliefs on inflation of those cheap goods which are frequently purchased. It has also been suggested that the jump in small prices may be because prior to the introduction, retailers made fewer upward adjustments and waited for the introduction of the euro to do so.

Exchange rate risk

One of the advantages of the adoption of a common currency is the reduction of the risk associated with changes in currency exchange rates. It has been found that the introduction of the euro created "significant reductions in market risk exposures for nonfinancial firms both in and outside Europe". These reductions in market risk "were concentrated in firms domiciled in the eurozone and in non-euro firms with a high fraction of foreign sales or assets in Europe".

Financial integration

The introduction of the euro increased European financial integration, which helped stimulate growth of a European securities market (bond markets are characterized by economies of scale dynamics). According to a study on this question, it has "significantly reshaped the European financial system, especially with respect to the securities markets [...] However, the real and policy barriers to integration in the retail and corporate banking sectors remain significant, even if the wholesale end of banking has been largely integrated." Specifically, the euro has significantly decreased the cost of trade in bonds, equity, and banking assets within the eurozone. On a global level, there is evidence that the introduction of the euro has led to an integration in terms of investment in bond portfolios, with eurozone countries lending and borrowing more between each other than with other countries. Financial integration made it cheaper for European companies to borrow. Banks, firms and households could also invest more easily outside of their own country, thus creating greater international risk-sharing.

Effect on interest rates

Secondary market yields of government bonds with maturities of close to 10 years

As of January 2014, and since the introduction of the euro, interest rates of most member countries (particularly those with a weak currency) have decreased. Some of these countries had the most serious sovereign financing problems.

The effect of declining interest rates, combined with excess liquidity continually provided by the ECB, made it easier for banks within the countries in which interest rates fell the most, and their linked sovereigns, to borrow significant amounts (above the 3% of GDP budget deficit imposed on the eurozone initially) and significantly inflate their public and private debt levels. Following the financial crisis of 2007–2008, governments in these countries found it necessary to bail out or nationalise their privately held banks to prevent systemic failure of the banking system when underlying hard or financial asset values were found to be grossly inflated and sometimes so nearly worthless there was no liquid market for them. This further increased the already high levels of public debt to a level the markets began to consider unsustainable, via increasing government bond interest rates, producing the ongoing European sovereign-debt crisis.

Price convergence

The evidence on the convergence of prices in the eurozone with the introduction of the euro is mixed. Several studies failed to find any evidence of convergence following the introduction of the euro after a phase of convergence in the early 1990s. Other studies have found evidence of price convergence, in particular for cars. A possible reason for the divergence between the different studies is that the processes of convergence may not have been linear, slowing down substantially between 2000 and 2003, and resurfacing after 2003 as suggested by a recent study (2009).

Tourism

A study suggests that the introduction of the euro has had a positive effect on the amount of tourist travel within the EMU, with an increase of 6.5%.

Exchange rates

Flexible exchange rates

The ECB targets interest rates rather than exchange rates and in general, does not intervene on the foreign exchange rate markets. This is because of the implications of the Mundell–Fleming model, which implies a central bank cannot (without capital controls) maintain interest rate and exchange rate targets simultaneously, because increasing the money supply results in a depreciation of the currency. In the years following the Single European Act, the EU has liberalised its capital markets and, as the ECB has inflation targeting as its monetary policy, the exchange-rate regime of the euro is floating.

Against other major currencies

The euro is the second-most widely held reserve currency after the U.S. dollar. After its introduction on 4 January 1999 its exchange rate against the other major currencies fell reaching its lowest exchange rates in 2000 (3 May vs sterling, 25 October vs the U.S. dollar, 26 October vs Japanese yen). Afterwards it regained and its exchange rate reached its historical highest point in 2008 (15 July vs US dollar, 23 July vs Japanese yen, 29 December vs sterling). With the advent of the global financial crisis the euro initially fell, to regain later. Despite pressure due to the European sovereign-debt crisis the euro remained stable. In November 2011 the euro's exchange rate index – measured against currencies of the bloc's major trading partners – was trading almost two percent higher on the year, approximately at the same level as it was before the crisis kicked off in 2007. In mid July, 2022, the euro equalled the US dollar for a short period of time.

Euro exchange rate against US dollar (USD), sterling (GBP) and Japanese yen (JPY), starting from 1999.
  • Current and historical exchange rates against 32 other currencies (European Central Bank): link
Current EUR exchange rates
From Google Finance: AUD CAD CHF CNY GBP HKD JPY USD SEK TRY PLN
From Yahoo! Finance: AUD CAD CHF CNY GBP HKD JPY USD SEK TRY PLN
From XE.com: AUD CAD CHF CNY GBP HKD JPY USD SEK TRY PLN
From OANDA: AUD CAD CHF CNY GBP HKD JPY USD SEK TRY PLN

Political considerations

Besides the economic motivations to the introduction of the euro, its creation was also partly justified as a way to foster a closer sense of joint identity between European citizens. Statements about this goal were for instance made by Wim Duisenberg, European Central Bank Governor, in 1998, Laurent Fabius, French Finance Minister, in 2000, and Romano Prodi, President of the European Commission, in 2002. However, 15 years after the introduction of the euro, a study found no evidence that it has had a positive influence on a shared sense of European identity (and no evidence that it had a negative effect either).

Euro in various languages

The formal titles of the currency are euro for the major unit and cent for the minor (one-hundredth) unit and for official use in most eurozone languages; according to the ECB, all languages should use the same spelling for the nominative singular. This may contradict normal rules for word formation in some languages, e.g., those in which there is no eu diphthong.

Bulgaria has negotiated an exception; euro in the Bulgarian Cyrillic alphabet is spelled eвро (evro) and not eуро (euro) in all official documents. In the Greek script the term ευρώ (evró) is used; the Greek "cent" coins are denominated in λεπτό/ά (leptó/á). Official practice for English-language EU legislation is to use the words euro and cent as both singular and plural, although the European Commission's Directorate-General for Translation states that the plural forms euros and cents should be used in English. The word 'euro' is pronounced differently according to pronunciation rules in the individual languages applied; in German [ˈɔɪ̯ʁo], in English [ˈjuəɹəu], in French [øˈʁo], etc.

Natural science

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