Which country used the Markka as currency before the Euro?
"the value of the markka fluctuated within +23%/−16% of its initial value, but with no trend. However, the markka suffered heavy inflation (91%) during 1914–18. Gaining independence in 1917, Finland returned to the gold standard from 1926 to 1931. Prices remained stable until 1940. but the markka suffered heavy inflation (17% annually on average) during the war years and then up to 1926, and again in 1956–57 (11%). In 1963 the markka was replaced by the ""new markka"", equivalent to 100 old markkaa. Finland joined the Bretton Woods Agreement in 1948. The value of markka was pegged to the dollar"
"some opinions years overdue, the artificial fixed exchange rate was abandoned and the markka was floated. Its value immediately decreased 13% and the inflated nominal prices converged towards German levels. In total, the value of the markka had decreased 40% as a result of the recession. Also, as a result, several entrepreneurs who had borrowed money denominated in foreign currency suddenly faced insurmountable debt. Inflation was low during the markka's independent existence as a floating currency (1992–1999): 1.3% annually on average. The markka was added into the ERM system in 1996 and then became a fraction of the euro in"
"the euro coins of Estonia, Greece, Luxembourg, Slovenia, Cyprus and Ireland as well as the coins of the Swedish crown since 2008, which ended the more than thousand-year-old minting tradition in Sweden. Mint of Finland The Mint of Finland (, ) is the national mint of Finland. It was established by the Alexander II of Russia in 1860 as the markka became the official currency of the Grand Duchy of Finland. The mint was first located in the Katajanokka district of Helsinki and in 1988 the new production facility was opened in Vantaa. Mint of Finland has been a public"
"to that of Swedish within the Finnish government, and thereby practically in Finland at large, the re-establishment of the Parliament, which had remained inhibited since the Russian conquest. Separate Finnish currency, the Markka, was introduced in 1860, and Snellman managed to tie it to silver instead of to the ruble. The Markka came to be of the utmost value for Finland. Snellman's tenure as Finance Minister would be tainted by the Finnish famine of 1866–1868, aggravated by the government's strict fiscal policy, but Snellman worked to get aid while trying to protect the new currency. Snellman's inflexibility and high prolific"
"precondition. Croatia's currency, the kuna, has used the euro (and prior to that one of the euro's major predecessors, the Deutsche Mark) as its main reference since its creation in 1994, and a long-held policy of the Croatian National Bank has been to keep the kuna's exchange rate with the euro within a relatively stable range. Prior to Croatia becoming a member of the EU on 1 July 2013, Boris Vujčić, governor of the Croatian National Bank, stated that he would like the kuna to be replaced by the euro as soon as possible after accession. In 2013 the European"
"and could be transferred by endorsement, and were accepted as payment. They could also be redeemed. This currency proved to be very stable. Following German unification in 1871, the country adopted the German gold mark (officially known just as the ""mark"") as its currency in 1873. The name was taken from the mark banco. Initially, the coins and banknotes of the various predecessor currencies, such as the , the , and the guilder, continued to circulate, and were treated as fixed multiples of the new unit of account, similarly to the introduction period of the euro between 1999 and 2002."
"1 January 2002, when it replaced the national banknotes and coins of the countries in eurozone 12, such as the Finnish markka. Slovenia joined the Eurozone in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia joined on 1 January 2014 and Lithuania joined on 1 January 2015. The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, from 1 January 2002 until 28 February 2002. The official date on which the national currencies ceased to be legal tender varied from member state to"
"the Deutsche Mark from 1992 to 1999 when it switched to fixing to the Euro at par. The peg to the Euro was upheld until January 2011 with Estonia's adoption of the Euro. This policy is seen as a mainstay of that country's subsequent economic success (see Economy of Estonia for a detailed description of the Estonian currency board). Argentina abandoned its currency board in January 2002 after a severe recession. To some, this emphasised the fact that currency boards are not irrevocable, and hence may be abandoned in the face of speculation by foreign exchange traders. However, Argentina's system"
"Croatia and the euro Croatia's currency, the kuna, has used the euro (and prior to that one of the euro's major predecessors, the German mark or Deutschmark) as its main reference since its creation in 1994, and a long-held policy of the Croatian National Bank has been to keep the kuna's exchange rate with the euro within a relatively stable range. Croatia's EU membership obliges it to eventually join the eurozone, as such the country plans to join the European Monetary System, the pathway to euro adoption. Prior to Croatian entry to the EU on 1 July 2013, Boris Vujčić,"
"The sometimes used ""old markka"" can be misleading, since it can also be used to refer to the pre-1963 markka. In Helsinki slang, a hundred markkaa was traditionally called ""huge"" [hu.ge] (from Swedish ""hundra"" ""hundred""). After the 1963 reform this name was used for one new markka. When the markka was introduced, coins were minted in copper (1, 5 and 10 penniä), silver (25 and 50 penniä, 1 and 2 markkaa) and gold (10 and 20 markkaa). After the First World War, silver and gold issues were ceased and cupro-nickel 25 and 50 penniä and 1 markka coins were introduced"
"on 1 January 1999. The national currency markka (FIM) was withdrawn from circulation and replaced by the euro (EUR) at the beginning of 2002. The following table shows the main economic indicators in 1980–2017. Inflation under 2 % is in green. Finland's climate and soils make growing crops a particular challenge. The country lies between 60° and 70° north latitude - as far north as Alaska - and has severe winters and relatively short growing seasons that are sometimes interrupted by frosts. However, because the Gulf Stream and the North Atlantic Drift Current moderate the climate, and because of the"
"Polish marka The marka (, Polish mark, abbreviated ""mp"", Polish-language plural declensions: ""marki, marek"") was the currency of the Kingdom of Poland and of the Republic of Poland between 1917 and 1924. It was subdivided into 100 ""fenigs"" (a Polish spelling of German ""pfennig""), much like its German original after which it was modelled (see ""German mark). During the World War I, in 1915, after defeating the Russians, the Central Powers occupied the whole territory of the former Congress Poland and appointed two Governors General: a German (Hans Hartwig von Beseler) in Warsaw and an Austro-Hungarian () in Lublin. The"
"defined as .6242 Deutsche Marks, 1.332 French francs, .08784 British pounds, 151.8 Italian Lira, .2198 Dutch Guilder, 3.431 Belgian Franc, 6.885 Spanish Peseta, .1976 Danish Krone, .00855 Irish Punt, 1.44 Greek Drachma and 1.393 Portuguese Escudo. On December 31, 1998, the Euro would officially become a currency and these exchange rates would become irrevocable and trading DeutscheMarks for Euros would be like exchanging nickels for dimes. Yet, leading up to this conversion, the demand for Euros was so incredibly high that one could buy all of the constituent currencies of the Euro for 98.25% of the value of the Euro"
"Germany was reunified in 1990. The German mark was replaced by the euro, first as an accounting currency on 1 January 1999, at a conversion rate of 1.95583 marks per euro. Thereafter, the mark-denominated notes and coins represented the euro at that conversion rate, and remained legal tender until 1 January 2002, when they were replaced by euro notes and coins. Germany mints its own German euro coins, but all euro coins are legal tender throughout the Eurozone. The remaining Convertible mark of Bosnia-Herzegovina is a currency that officially replaced the German mark as de facto currency of the ruptured"
"Deutsche Mark The Deutsche Mark (, ""German mark""), abbreviated ""DM"" or , was the official currency of West Germany from 1948 until 1990 and later the unified Germany from 1990 until 2002. It was first issued under Allied occupation in 1948 to replace the Reichsmark, and served as the Federal Republic of Germany's official currency from its founding the following year until the adoption of the euro. In English it is commonly called the ""Deutschmark"" (); this expression is unknown in Germany. The Germans usually called it ""D-Mark"" when referring to the currency, and ""Mark"" when talking about individual sums."
"Mark (currency) The mark was a currency or unit of account in many nations. It is named for the mark unit of weight. The word ""mark"" comes from a merging of three Teutonic/Germanic words, Latinised in 9th-century post-classical Latin as ', ', ' or '. It was a measure of weight mainly for gold and silver, commonly used throughout Western Europe and often equivalent to eight ounces. Considerable variations, however, occurred throughout the Middle Ages. As of 2018, the only circulating currency named ""mark"" is the Bosnia and Herzegovina convertible mark. ""Mark"" can refer In England the ""mark"" never appeared"
"during World War I in 1917, the ruble was replaced by the marka (plurals ""marki"" and ""marek""), a currency initially equivalent to the German Papiermark. New Poland started releasing new currency – Polish marks, after the defeat of the German Empire and Austro-Hungary. The first banknotes had either Tadeusz Kościuszko (5, 10, 100, 1000 marks) or Queen Jadwiga (10 and 500 marks). 1 and 20 marks also circulated, but they showed nobody on the banknotes. The Polish marka was extremely unstable because of the constant wars with its neighbours. Attempts to reduce the expenditures of Polish budget were vain –"
"financial reforms devised by politician and economist Władysław Grabski were instituted. The Bank Polski was proclaimed as the new central bank of Poland. The marka was exchanged for a new, gold-based currency, the złoty, at the rate of 1,800,000 markas to 1 złoty. One American dollar was then worth 5.18 złotys—or 9,324,000 Polish markas. Exchange rate of 1 United States dollar to Polish marka: Polish marka The marka (, Polish mark, abbreviated ""mp"", Polish-language plural declensions: ""marki, marek"") was the currency of the Kingdom of Poland and of the Republic of Poland between 1917 and 1924. It was subdivided into"
"environment for foreign investment, innovative e-Services and even mobile-based services are all hallmarks of Estonia's free-market-based economy. Estonia also has made excellent progress in regard to structural adjustment. In June 1992, Estonia replaced the ruble with its own freely convertible currency, the kroon (EEK). A currency board was created and the new currency was pegged to the German Mark at the rate of 8 Estonian kroons for 1 Deutsche Mark. When Germany introduced the euro the peg was changed to 15.6466 kroons for 1 euro. Estonia was set to adopt the euro in 2008 but due to high inflation rates"
"In 1999, the Deutsche Mark was replaced by the Euro; its coins and banknotes remained in circulation, defined in terms of euros, until the introduction of euro notes and coins on 1 January 2002. The Deutsche Mark ceased to be legal tender immediately upon the introduction of the euro — in contrast to the other eurozone nations, where the euro and legacy currency circulated side by side for up to two months. Mark coins and banknotes continued to be accepted as valid forms of payment in Germany until 28 February 2002. The Deutsche Bundesbank has guaranteed that all German marks"
"an economist at the IMF at the time, wrote ""Crnogorska marka"", a book published in Montenegro, proposing an orthodox currency board for Montenegro, which was part of the Federal Republic of Yugoslavia. Montenegro would issue a Montenegrin ""marka"" to replace the Yugoslav dinar. Later that year in July 1999, Hanke was appointed State Counselor – a cabinet-level position – and began advising Montenegrin President Milo Đukanović on issues including currency reform. After assessing the political and economic realities on the ground, Hanke advised Đukanović that Montenegro should abandon the faltering Yugoslav dinar and adopt a foreign currency, the German mark,"
"international reserve currency after the United States dollar. Deutsche Mark The Deutsche Mark (, ""German mark""), abbreviated ""DM"" or , was the official currency of West Germany from 1948 until 1990 and later the unified Germany from 1990 until 2002. It was first issued under Allied occupation in 1948 to replace the Reichsmark, and served as the Federal Republic of Germany's official currency from its founding the following year until the adoption of the euro. In English it is commonly called the ""Deutschmark"" (); this expression is unknown in Germany. The Germans usually called it ""D-Mark"" when referring to the"
"mostly as a precondition to joining the eurozone. The Bulgarian lev was formerly pegged to the Deutsche Mark; one other EU currency with a direct peg due to ERM II is the Danish krone. In total, , 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 euros, although the Order's official currency remains the Maltese scudo. The Maltese scudo itself is pegged to the euro and is"
"and found inappropriate for the country which is a republic. The self-proclaimed Serbian entity Republic of Serbian Krajina did not use the kuna or the Croatian dinar. Instead, they issued their own Krajina dinar until the region was reintegrated into Croatia in 1995. A long-time policy of the Croatian National Bank has been to keep the fluctuations of the kuna's exchange rate against the euro (or, previously, the mark) within a relatively stable range. Since the introduction of the euro in 1999, the exchange rate between the two currencies rarely fluctuated to a substantial degree, remaining at a near constant"
"was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the countries in eurozone 12, such as the Italian lira and the German mark. Slovenia joined the Eurozone in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia joined on 1 January 2014. and Lithuania joined on 1 January 2015. The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, going from 1 January 2002 until 28 February 2002. The official date on which the national currencies ceased"
"officially use the euro as of 1 April 2012 and to issue euro coins. Kosovo and Montenegro have unilaterally adopted and used the euro since its launch, as they previously used the German mark rather than the Yugoslav dinar. This was due to political concerns that Serbia would use the currency to destabilise these provinces (Montenegro was then in a union with Serbia) so they received Western help in adopting and using the mark (though there was no restriction on the use of the dinar or any other currency). They switched to the euro when the mark was replaced, but"
"Montenegro and the euro Montenegro has no currency of its own. From 1996 the Deutsche Mark was the ""de facto"" currency in all private and banking transactions and it was formally adopted as Montenegro's currency in November 1999. The mark was replaced by the euro in 2002 without any objections from the European Central Bank (ECB). The European Commission and the ECB have since voiced their discontent over Montenegro's unilateral use of the euro on several occasions, with Amelia Torres, a spokesperson for the European Commission, saying ""The conditions for the adoption of the euro are clear. That means, first"
"economy and hyper-inflation of local divided currencies after the Bosnian war, pegged to the German mark 1:1 at the time, and further pegged to Euro at the rate at which German mark was replaced, i.e. 1 EUR = 1.95583 BAM. Mark (currency) The mark was a currency or unit of account in many nations. It is named for the mark unit of weight. The word ""mark"" comes from a merging of three Teutonic/Germanic words, Latinised in 9th-century post-classical Latin as ', ', ' or '. It was a measure of weight mainly for gold and silver, commonly used throughout Western"
"economy, the German Deutsche Mark gained the status of the second most important reserve currency after the US dollar. When the euro was introduced on 1 January 1999, replacing the Mark, French franc and ten other European currencies, it inherited the status of a major reserve currency from the Mark. Since then, its contribution to official reserves has risen continually as banks seek to diversify their reserves, and trade in the eurozone continues to expand. Former U.S. Federal Reserve Chairman Alan Greenspan said in September 2007 that the euro could replace the U.S. dollar as the world's primary reserve currency."
"referendums on joining the euro, but both referendums were lost leading both to remain outside. The first enlargements after the euro entered circulation were to states which joined the EU in 2004; namely Slovenia in 2007, followed by seven others up to 2015. The chart below provides a full historical summary of exchange-rate regimes for EU members since the European Monetary System with its Exchange Rate Mechanism and the related new common currency ECU was born on 13 March 1979. The euro replaced the ECU 1:1 at the exchange rate markets, on 1 January 1999. During 1979–1999, the German mark"
"rate. Following the introduction of the euro, the litas was linked to the euro, until January 1, 2015, when Lithuania officially adopted the euro as its currency. Influenced by the 1991 Hanke-Schuler book proposing a currency board for Yugoslavia, the 1995 Dayton Agreement required Bosnia and Herzegovina to employ a currency board for at least six years. In the aftermath of the Yugoslav civil war, local officials and an IMF team set about to create a central bank for Bosnia and Herzegovina based on the principles of a currency board. Hanke began serving as a special adviser to the U.S."
"over 300 million people in Europe. For the first three years of its existence it was an invisible currency, only used in accountancy. Euro cash was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the countries in eurozone 12, such as the Belgian franc and the Greek drachma. Slovenia joined the Eurozone in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014, and Lithuania in 2015. The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two"
"was also introduced as a means of payment. Shortly after the dinar introduction, Deutsche Mark was preferred as the new means of payment in the Bosniak and Croat dominated RBiH. In present-day Bosnia and Herzegovina the currency is convertible mark which replaced the dinar and German currency in 1998. Euro was used as secondary currency, but was banned on 1 October, but many shops and gas stations privately accept Euro as a currency. The country produced its first stamps since independence in 1993 under the command of the Sarajevo government and began inscribing them as ""Republika Bosna i Hercegovina"". Prior"