I mean, when the euro was introduced, who decided how much it would be worth and why?
For example, the euro, when first introduced, was worth about 60% of pound sterling (i think), so who chose the 60%?
Also, exchange rates change? What causes this?
Thanks.
P.S. I live in the U.K. and, not knowing a lot about the euro, apologise if i am wrong about anything.
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when the Euro was FIRST issued, it was parity with the U.S. Dollar... that lasted about 24 hours.
NOBODY sets the exchange rates... Currency Exchnge is a MARKET... and it's the SUPPLY and DEMAND that sets the value on currencies that have a floating value.
Them people in their dark suits.