The euro was established by the provisions in the 1992 Maastricht Treaty on European Union that was used to establish an economic and monetary union
The euro is administered by the European System of Central Banks (ESCB), composed of the European Central Bank (ECB) and the Eurozone central banks operating in member states
The definitive values in euro of these subdivisions (which represent the exchange rates at which the currency entered the euro) are as follows:
A New Reserve Currency
The euro will probably become one of the major global reserve currencies . Currently, international currency exchange is dominated by the American dollar.
If the euro were to become a reserve currency it would benefit member countries by lowering the on their debts .
The Euro and Oil
The Eurozone consumes more imported petroleum than the United States . This would mean that more euros than US dollars would flow into the OPEC nations, but oil is priced by those nations in US dollars only
There have been frequent discussions at OPEC about pricing oil in euros, which would have various effects, among them, requiring nations to hold stores of euros to buy oil, rather than the US dollars that they hold now
Euro Exchange Rate Against USD
After the introduction of the euro, its exchange rate against other currencies, especially the US dollar , declined heavily.