Get the best exchange rate for euros, even though the euro is struggling

February 24th, 2012

The euro was once a very strong currency and getting the best exchange rate for euros wasn’t really a worry because foreign currency exchange rates for the Euro were very desirable. Things have changed and have been in decline since the 1980’s, when the notion of a single currency was being backed and pushed forward primarily by Germany and France. The idea was that a single currency would yield a strong, powerful and productive economy and make for an efficient system for all the nations involved. A simplistic way of describing this would be to say that there would be greater economies of scale – this theory worked in part but other issues arose for the currency in practice.
It is widely documented that the motive behind a single currency wasn’t a financial one but more driven by a political agenda that was to challenge the world’s strongest currency – the US dollar – and this is unfortunately one of the biggest factors in the slide of the Euro into trouble and one of the reasons that today we do not always benefit from the best exchange rate for Euros.
When the Euro began, all currencies that joined it obviously gave up their national currency, so the Franc and Deutsche Marks could no longer be used and these countries went from being currency issuers to being currency users. This all happened in 1999 when 11 countries in Europe changed their official currency to the Euro. Everything started out well, with a great deal of private and public investment flooding into this new currency – it’s fair to say that it gave the dollar a proverbial run for its money.
Between 2001 and 2008 the value of the Euro nearly doubled and many people began talking about the Euro as if it may actually replace the US dollar as the global reserve currency. Unfortunately, this bubble burst somewhat as part of the overall global crisis and investors began to withdraw and place their money in what they felt to be safer economies and this is where the Euro’s troubles began.
Just because the Euro is struggling, doesn’t mean you can’t get best exchange rate for euros – that’s what Best Exchange Rates UK are here for.