Devaluation
- (Photo: EUobserver.dk)
A reduction in the value of a country’s currency relative to other currencies.
The Euro can devalue against currencies outside the Euro-zone, for example the dollar, yen, shekel etc. Since its introduction in 1999, the Euro fell against the dollar for three years. Finally it began to rise in 2003.
Links
http://europa.eu.int/comm/economy_finance/index_en.htm
