Euro in the context of "Millionaires"

An economic and monetary union (EMU) is a type of trade bloc that features a combination of a common market, customs union, and monetary union. Established via a trade pact, an EMU constitutes the sixth of seven stages in the process of economic integration. An EMU agreement usually combines a customs union with a common market. A typical EMU establishes free trade and a common external tariff throughout its jurisdiction. It is also designed to protect freedom in the movement of goods, services, and people. This arrangement is distinct from a monetary union (e.g., the Latin Monetary Union), which does not usually involve a common market. As with the economic and monetary union established among the 27 member states of the European Union (EU), an EMU may affect different parts of its jurisdiction in different ways. Some areas are subject to separate customs regulations from other areas subject to the EMU. These various arrangements may be established in a formal agreement, or they may exist on a de facto basis. For example, not all EU member states use the Euro established by its currency union, and not all EU member states are part of the Schengen Area. Some EU members participate in both unions, and some in neither.

Territories of the United States, Australian External Territories and New Zealand territories each share a currency and, for the most part, the market of their respective mainland states. However, they are generally not part of the same customs territories.

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.

Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar.

In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro.

The exchange rate is also regarded as the value of one country's currency in relation to another currency. For example, an interbank exchange rate of 141 Japanese yen to the United States dollar means that ¥141 will be exchanged for US$1 or that US$1 will be exchanged for ¥141. In this case it is said that the price of a dollar in relation to yen is ¥141, or equivalently that the price of a yen in relation to dollars is $1/141.

A free trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and to increase trade of goods and services with each other. If natural persons are also free to move between the countries, in addition to a free trade agreement, it would also be considered an open border. It can be considered the second stage of economic integration.

Customs unions are a special type of free trade area. All such areas have internal arrangements which parties conclude in order to liberalize and facilitate trade among themselves. The crucial difference between customs unions and free trade areas is their approach to third parties. While a customs union requires all parties to establish and maintain identical external tariffs with regard to trade with non-parties, parties to a free trade area are not subject to this requirement. Instead, they may establish and maintain whatever tariff regime applying to imports from non-parties as deemed necessary. In a free trade area without harmonized external tariffs, to eliminate the risk of trade deflection, parties will adopt a system of preferential rules of origin.

The economic and monetary union (EMU) of the European Union is a group of policies aimed at converging the economies of member states of the European Union at three stages.

There are three stages of the EMU, each of which consists of progressively closer economic integration. Only once a state participates in the third stage it is permitted to adopt the euro as its official currency. As such, the third stage is largely synonymous with the eurozone. The euro convergence criteria are the set of requirements that needs to be fulfilled in order for a country to be approved to participate in the third stage. An important element of this is participation for a minimum of two years in the European Exchange Rate Mechanism ("ERM II"), in which candidate currencies demonstrate economic convergence by maintaining limited deviation from their target rate against the euro.

A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes, coins,electronic balances in bank accounts, and central bank digital currencies (CBDCs).A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. Under this definition, the Pound sterling (£), euro (€), Japanese yen (¥), and U.S. dollars (US$) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance; i.e., legal tender laws may require a particular unit of account for payments to government agencies.

Other definitions of the term currency appear in the respective synonymous articles: banknote, coin, and money. This article uses the definition which focuses on the currency systems of countries (fiat currencies).

Northern Italy (Italian: Italia Settentrionale, Nord Italia, Alta Italia) is a geographical and cultural region in the northern part of Italy. The Italian National Institute of Statistics defines the region as encompassing the four northwestern regions of Piedmont, Aosta Valley, Liguria and Lombardy in addition to the four northeastern regions of Trentino-Alto Adige/Südtirol, Veneto, Friuli-Venezia Giulia and Emilia-Romagna.

With a population of 27.5 million in an area of 120,312.72 km (46,453.00 sq mi) as of 2025, the region covers roughly 40% of Italy and contains 46% of its population. Two of Italy's largest metropolitan areas, Milan and Turin, are located in the region. Northern Italy's GDP was estimated at €1 trillion in 2021, accounting for 56.5% of the Italian economy.

The Council of Europe (CoE; French: Conseil de l'Europe, CdE) is an international organisation with the goal of upholding human rights, democracy and the rule of law in Europe. Founded in 1949, it is Europe's oldest intergovernmental organisation, representing 46 member states from Europe, with a population of approximately 675 million as of 2023; it operates with an annual ordinary budget of approximately 500 million euros.

The organisation is distinct from the European Union (EU), although people sometimes confuse the two organisations – partly because the EU has adopted the original European flag, designed for the Council of Europe in 1955, as well as the European anthem. No country has ever joined the EU without first belonging to the Council of Europe. The Council of Europe is an official United Nations observer.

The 1924 Summer Olympics (French: Jeux olympiques d'été de 1924), officially the Games of the VIII Olympiad (French: Jeux de la VIII olympiade) and officially branded as Paris 1924, were an international multi-sport event held in Paris, France. The opening ceremony was held on 5 July, but some competitions had already started on 4 May. The Games were the second to be hosted by Paris (after 1900), making it the first city to host the Olympics twice.

The selection process for the 1924 Summer Olympics consisted of six bids, and Paris was selected ahead of Amsterdam, Barcelona, Los Angeles, Prague, and Rome. The selection was made at the 20th IOC Session in Lausanne in 1921. The cost of these Games was estimated to be 10,000,000 F (equivalent to €10.1 million in 2022). With total receipts at 5,496,610 F (equivalent to €5.53 million in 2022), the Olympics resulted in a hefty loss despite daily crowds of up to 60,000. The United States won the most gold and overall medals, having 229 athletes competing compared to France's 401.

The Treaty on European Union, commonly known as the Maastricht Treaty, is the foundation treaty of the European Union (EU). Concluded in 1992 between the then-twelve member states of the European Communities, it announced "a new stage in the process of European integration" chiefly in provisions for a shared European citizenship, for the eventual introduction of a single currency, and (with less precision) for common foreign and security policies, and a number of changes to the European institutions and their decision-making procedures, not least a strengthening of the powers of the European Parliament and more majority voting on the Council of Ministers. Although these were seen by many to presage a "federal Europe", key areas remained inter-governmental with national governments collectively taking key decisions. This constitutional debate continued through the negotiation of subsequent treaties (see below), culminating in the 2007 Treaty of Lisbon.

In the wake of the Eurozone debt crisis unfolding from 2009, the most enduring reference to the Maastricht Treaty has been to the rules of compliance – the "Maastricht criteria" – for the currency union.