Comprehensive reading Naming the Currency and Creating the € Symbol

1. At the meeting of the European Council in Madrid in December 1995, Europe’s leaders decided on the currency’s new name: the euro. Other suggestions were rejected because of their national connotations. These included the “ducat”, “ecu”, “florin”, “franken”, or using the euro as a prefix to existing currency names – “euromark”, for example. They agreed that the name should be the same in all official languages of the European Union (EU), taking account of different alphabets, and easy to pronounce. Above all, it had to be simple and representative of Europe.

2. The currency also needed to have a symbol. Like the name, the symbol had to be clearly associated with Europe, easy to write and attractive. A list of thirty possibilities drawn up by European Commission staff was reduced to ten and these became the subject of a public survey. From this shortlist, two possible symbols emerged and the final choice was made by the then President of the Commission, Jacques Santer, and Yves-Thibault de Silguy, the Commissioner in charge of Economic and Financial Affairs at that time.

3. The euro symbol was inspired by the Greek letter epsilon, reflecting the cradle of European civilisation. “E” is of course the first letter of the word Europe. The two strong parallel horizontal lines are intended to symbolize the stability of the currency. The official abbreviation of the euro, EUR, has been registered with the International Organization for Standardization (ISO).

COMPREHENSIVE CHECK

Task 1. Read the text and answer the following questions.

1. When and where did leaders decide on the currency’s new name?

2. What letter was the euro symbol inspired by?

3. What is the official abbreviation of the euro?

4. What is the symbol of stability of the currency?

Task 2. Entitle each paragraph.

LANGUAGE ACTIVITY

Task 3. Fill in the gaps with correct word-combinations in the correct tense form:

to associate with, to decide on, be the same in,

made by, to register with, to be inspired by.

1. At the meeting of the European Council in Madrid in December 1995, Europe’s leaders … the currency’s new name: the euro.

2. They agreed that the name should … all official languages of the European Union (EU).

3. The currency also needed to have a symbol. Like the name, the symbol had to be clearly… Europe, easy to write and attractive.

4. The euro symbol … the Greek letter epsilon, reflecting the cradle of European civilisation.

5. The official abbreviation of the euro, EUR, has been … the International Organization for Standardization (ISO).

Task 4.

1. Study the information about the numerals denoting English and American money.

The word money is usually singular. If it is used in plural it may have the forms “moneys” and “monies” and mean different currencies, i.e. money of different countries. In Great Britain and the USA there are special signs to denote money. These signs emerged mostly as abbreviated forms from common words except $. They are used only in written form, in speech they are pronounced as common words:

Ј – pound of sterling – фунт стерлингов = 20 шиллингам; 100 пенсам.

s – shilling – шиллинг – 1/20 фунта.

d – denarius (устаревшее) – пенни, пенс.

p – penny, pennies, pence – пенни, пенс, пенсы.

gu., gs. – guinea, guineas – гинея, гинеи; 1 гинея = 21 шиллингу.

$ – dollar (since 1786) – доллар = 100 центам.

C – cent – цент = 0,01 доллара.

In Russian we denote the sum of money after numerals: 20 руб. 50 к.

In English the larger sum of money (dollars, pounds of sterling) has the signs before numerals: $ 200; £,80, but it must be read: two hundred dollars; eighty pounds of sterling or eighty quid (slang).

The smaller money – shillings and pennies in Great Britain are written after the numerals: ,80 5 s. 2 d (p) or ,80 5/2. The sum is read: eighty pounds, five shilling, two pence.

The same goes for USA smaller money: $ 247 30 C – two hundred and forty-seven dollars thirty cents. More often penny or cent signs (P, C) are not written with pounds and dollars: $ 247.30 or ,80. 5/2.

It is not recommended to use both the symbol and word for the currency. Write £ ,10 (not £ ,10 pounds), $100 (not $100 dollars).

Read the following numbers denoting money:

• $10.34; $320.99; $246; $1.99; $34.10; $3,350.55; 65C; $65; $2,174

• €7.20; €13.44; €120.01; €1.10

Task 5. Complete each sentence with the correct form of the word in capital letters. In some cases, you will have to make a negative form by using the prefix dis or un.

1. MANAGE

• Since the … buy-out profits have risen sharply.

• The … Director sent a letter to every member of he staff.

• It makes sense to break the task into … steps.

2. NEGOTIATE

• The salary is … so how much do you think I should ask for?

• Unfortunately, … with the union have broken down.

3. ORIGIN

• We … intended to close only three of our branches.

• The idea is said to have … from the Sales Department.

• Her proposal showed lot of … perhaps too much, in fact.

4. PROFIT

• Any line which proved … was immediately discontinued.

• Such… trade practices are not in the public Internet.

• Doubts have been expressed as to the … of the business.

5. SUIT

• I’m not sure about the … of the site for the new factory.

• We now have to find a… for our new chocolate bar.

6. DISTRIBUTE

• He’s a sole … in this area, so we’re forced to buy from him.

• The increase in petrol prices will push up our … costs.