What currency is shared by Austria, Finland, France and Portugal?
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Solution
Euro is the common currency share among Austria, Finland, France and Portugal.
Currencies of the 4 Countries – Before Euro
Prior to the Euro, Schilling was the currency of Austria.
In Finland, the currency used was Markka. It was replaced by Euro.
French Franc was the currency of France, before replacement by Euro.
Portuguese Escudo was the currency of Portugal prior to implementing the Euro.
Austrian schilling
It was the currency of Austria 1925 to 1938 and again from 1945 to 1999.
Finnish Markka
Internationally the Finnish currency was known as Finnish Mark.
Finnish Markka was used from 1860 until 28 February 2002.
Finnish Markka was introduced by the Bank of Finland replacing the Russian Ruble.
French Franc
French Franc was revalued in 1960.
It was introduced between 1360 and 1641, however it was reintroduced in 1795.
French Franc was one of the international reserve currencies in the 19th and 20th centuries.
Portuguese Escudo
The word escudo derives from the scutum shield, it was a type of shield.
On 28 February 2002, the Portuguese Escudo was removed from circulation.
Euro
Euro is the second largest reserve currency in the world.
Maastricht Treaty of 1992, provided the provisions for establishment of the Euro.
Out of 27 member nations of European Union (E.U.), 19 countries use Euro as their official currency.
The Euro is administered and managed by European Central Bank (Frankfurt, Germany) and Eurosystem (Consisting of Central Banks from Eurozone countries).
After US Dollars, Euro is the 2nd most traded currencyin the foreign markets
Euro is also officially used in Kosovo and Montenegro, these two nations are not members of European Union.
On 1st January 1999, the world financial markets were introduced to the Euro, as an accounting currency.
On 16th December 1995, in Madrid (Spain), the name Euro was officially adopted.