Title: Euro: the common currency explained | CBC News
Headings: Euro: the common currency explained
Euro: the common currency explained
How Europe's currency came to be and how it's used today
Eurozone countries
How to join
Maastricht criteria
Eurozone enforcers
Advantages and disadvantages of a common currency
Common currency vs. common market

Content: Cost of introducing the currency is significant. Facilitates easier travel and trade between states. Deficit limits restrict what fiscal tools governments can use to combat recession, unemployment and other economic problems that may be specific to their situation. Increases price transparency — consumers can more easily compare prices across borders. Has deflationary effects. Adhering to the strict deficit and inflation caps can force countries to deflate their economies. The spending cuts Estonia, which joined the eurozone in January 2011, had to make to meet the Maastricht criteria resulted in unemployment rising from 5.5 per cent in 2008 to 16.9 per cent in 2010. A single regional currency gives EU greater weight on world stage. Better protects against external economic shocks like oil price rises or upheaval in currency markets. Attracts foreign investment and trade to the eurozone.