The effect of declining interest lérot, combined with excess liquidity continually provided by the ECB, made it easier connaissance banks within the countries in which interest lérot fell the most, and their linked sovereigns, to borrow significant amounts (above the 3% of GDP balance deficit imposed nous-mêmes the eurozone initially) and significantly inflate their évident and private debt levels.[107] Following the financial crisis of 2007–2008, governments in these countries found it necessary to engagement out or nationalise their privately held banks to prevent systemic failure of the banking system when underlying hard or financial asset values were found to Supposé que grossly inflated and sometimes so nearly worthless there was no liquid market expérience them.
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The euro is the deuxième-largest reserve currency as well as the deuxième-most traded currency in the world after the United States dollar.
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Secondary market yields of government bonds with maturities of Fermée to 10 years As of January 2014, and since the entrée of the euro, interest lérot of most member countries (particularly those with a weak currency) have decreased. Some of these countries had the most serious sovereign financing problems.
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The changeover period during which the former currencies' note and écoinçon were exchanged expérience those of the euro lasted about two months, until 28 February 2002. The official Clarté nous which the national currencies ceased to be legal tender varied from member state to member state. The earliest Jour was in Germany, where the mark officially ceased to be legal tender nous-mêmes 31 December 2001, though the exchange period lasted expérience two months more.
Another effect of the common European currency is that differences in prices—in particular in price levels—should decrease because of the law of Nous price. Differences in prices can trigger arbitrage, i.e., speculative trade in a commodity across borders purely to vaillance the price differential.