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€12.70 (US$14.2) per hour, with sub-minimal rates for those aged 19 €11.43 (90% minimum), aged 18 €10.16 (80% minimum) and for those under the age of 18 €8.89 (70% of minimum) [111] Eurostat calculates the monthly rate for Ireland as (hourly rate x 39 hours x 52 weeks) / 12 months.
It was last increased to 12 euros per hour pre-tax in October 2022. [2] Due to inflation, in December 2022 this wage was worth as much as 9.80 euros were worth in January 2015. [3] [4] [5] A €12 wage implies a gross nominal monthly salary of €2,080 for a full-time employee, meaning someone working forty hours per week. [6]
Between December 1999 and December 2002, the euro traded below the US dollar, but has since traded near parity with or above the US dollar, peaking at US$1.60 on 18 July 2008 and since then returning near to its original issue rate.
The 12 stars from the flag are also incorporated into the notes. [17] [18] On 4 May 2016 the European Central Bank decided not to issue a 500 euro banknote for the Europa series. [5] The series also bears the name of the currency in capital letters, but in three scripts: Latin (EURO), Greek (ΕΥΡΩ), and Cyrillic (ЕВРО). [49]
The People's Republic of China's renminbi was informally and controversially pegged to the dollar in the mid-1990s at ¥ 8.28/USD. Likewise, Malaysia pegged its ringgit at RM3.8/USD in September 1998, after the financial crisis. On July 21, 2005, both countries removed their pegs and adopted managed floats against a basket of currencies.
Using a mechanism known as the "snake in the tunnel", the European Exchange Rate Mechanism was an attempt to minimize fluctuations between member state currencies—initially by managing the variance of each against its respective ECU reference rate—with the aim to achieve fixed ratios over time, and so enable the European Single Currency (which became known as the euro) to replace national ...