Editing Euro (section)

==Exchange rates==
===Flexible exchange rates===

The ECB targets [[interest rate]]s rather than [[exchange rate]]s and in general, does not intervene on the foreign exchange rate markets. This is because of the implications of the [[Mundell–Fleming model]], which implies a central bank cannot (without [[capital control]]s) maintain interest rate and exchange rate targets simultaneously, because increasing the [[money supply]] results in a [[Currency appreciation and depreciation|depreciation]] of the currency. In the years following the [[Single European Act]], the EU has liberalised its capital markets and, as the ECB has [[inflation targeting]] as its [[monetary policy]], the exchange-rate regime of the euro is [[floating exchange rate|floating]].

===Against other major currencies===

The euro is the second-most widely held [[reserve currency]] after the U.S. dollar. After its introduction on 4 January 1999 its exchange rate against the other major currencies fell reaching its lowest exchange rates in 2000 (3 May vs [[Pound sterling|sterling]], 25 October vs the [[U.S. dollar]], 26 October vs [[Japanese yen]]). Afterwards it regained and its exchange rate reached its historical highest point in 2008 (15 July vs US dollar, 23 July vs Japanese yen, 29 December vs sterling). With the onset of the [[2008 financial crisis]], the euro initially fell, to regain later. Despite pressure due to the [[European sovereign-debt crisis]], the euro remained stable.<ref>{{cite news |last1=Kirschbaum |first1=Erik |title=Schaeuble says markets have confidence in euro |work=Reuters |url=https://www.reuters.com/article/us-eurozone-schaeuble/schaeuble-says-markets-have-confidence-in-euro-idUSTRE77L0LK20110822 |access-date=28 March 2018}}</ref> In November 2011 the euro's exchange rate index&nbsp;– measured against currencies of the bloc's major trading partners&nbsp;– was trading almost two percent higher on the year, approximately at the same level as it was before the crisis began in 2007.<ref>{{cite news |url=http://uk.reuters.com/article/uk-markets-euro-mystery-idUKLNE7AE02520111115 |archive-url=https://web.archive.org/web/20151230043335/http://uk.reuters.com/article/uk-markets-euro-mystery-idUKLNE7AE02520111115 |url-status=dead |archive-date=30 December 2015 |title= Puzzle over euro's 'mysterious' stability |work=[[Reuters]] |date= 15 November 2011}}</ref> In mid July 2022, the euro and the US dollar traded at par for a short period of time during an episode of dollar [[Currency appreciation and depreciation|appreciation]].<ref name="NYTimes-2022" /> On 11 July 2024, it recorded a new high against the Japanese yen during a long period of [[Currency appreciation and depreciation|depreciation]] of the latter.<ref>{{Cite web |last=日本放送協会 |date=2024-07-11 |title=円相場 対ユーロで最安値を更新 {{!}} NHK |url=https://www3.nhk.or.jp/news/html/20240711/k10014509161000.html |access-date=2024-07-16 |website=NHKニュース}}</ref><ref>{{Cite web |date=2024-07-07 |title=Weekly Pairs in Focus - July 7 (Charts) |url=https://dailyforex.com/forex-technical-analysis/2024/07/pairs-in-focus-this-week-8th-july-13th-july-2024/214557 |access-date=2024-07-12 |website=DailyForex |language=en}}</ref><ref>{{Cite web |date=2024-07-01 |title=Japanese yen sinks to record low against euro |url=https://www.bastillepost.com/global/article/3958525/ |access-date=2024-07-01 |website=www.bastillepost.com}}</ref>

{{multiple image
| align     = center
| direction = horizontal
| width = 310
| footer_align = center
| footer = Euro exchange rate against US dollar (USD), sterling (GBP) and Japanese yen (JPY), starting from 1999.
| image1 = Euro exchange rate to USD.svg
| alt1 =
| caption1 =
| image2 = Euro exchange rate to GBP.svg
| alt2 =
| caption2 =
| image3 = Euro exchange rate to JPY.svg
| alt3 =
| caption3 =
}}

*Current and historical exchange rates against 32 other currencies (European Central Bank): ''[https://www.ecb.int/stats/exchange/eurofxref/html/index.en.html link]''

{{Exchange Rate|EUR|SEK|PLN|style=navbox}} <!-- The major world currencies are included "as standard", so this list is just for the two major European currencies  not on the default list. For other currencies, see the corresponding table at its article, which will give its rate v the euro. -->