FlorenceCulture CornerMONEY The EURO is now the national currency of the European Union (except the UK). EU member states include Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Germany, Greece, Finland, France, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, The Netherlands, and the United Kingdom. The euro has been in use since 1999 for bank transactions, but was not in circulation until January 1, 2002, when the coins and bills were introduced. The lira, the former official currency of Italy, is no longer accepted. There are 8 different euro coin denominations and 7 different euro bill denominations in circulation. Coins are denominated in 2 and 1 euros, then 50, 20, 10, 5, 2 and 1 cents. Each member state decorated their own coins, but all coins are interchangeable within the countries. Bills are denominated in 500, 200, 100, 50, 20, 10 and 5 and they vary in color and size. How much is the EURO worth? With the exchange rate in constant flux, please see www.oanda.com for up-to-date exchange rates. What will I spend?Below is an idea of what you should expect to spend per week while in Italy. Due to the changes in exchange rates and differences in individual spending habits, we can only give you estimated figures. Past students report spending between $200-250 per week. This figure does not include traveling on the weekends, excessive eating out, or heavy shopping. Please keep in mind that some students spend less and others spend more. **Please be very careful with your money and passport. What will I spend money on? STAMPS: within Italy 0.60 euros, to the U.S. 0.85 euros | |
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