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On January 1 1999, 11 countries of the European Union (EU) elected to renounce their national currencies to form a single currency, known as the Euro. The new combined economy established the Economic and Monetary Union (EMU) alongside a new European Central Bank (ECB). Greece is the latest to join this bloc, becoming the 12th member state of the eligible 15 countries. Over the past century, the countries of Europe have become inferior to the United States politically, socially and economically. The euro, the new European currency that is now adopted by 12 members of the European Union, has more of a competitive edge against the US dollar. After the introduction of the Euro to the financial world, changes took place across the financial world. The move was a significant historical event in restoring the unification of Europe that had cease