Exchange Rate FAQs

How is the Eurozone beneficial to its members?

The main benefit for the people living in the member countries is that they no longer have to exchange currency when they travel from country to country; it benefits both tourists and businesses operating in the Eurozone.

Thanks to the ‘Single Currency’ many of those businesses save a large amount of money equivalent to 1% of GDP. The tourism trade has seen a huge boost thanks to the ease of moving from country to country. No longer does a foreign visitor in Europe have to exchange a dozen or so currencies as they go. 

The Eurozone has also allowed the free movement of people. This means that any person living in one of the member nations is able to travel and work freely in another. In recent years large numbers of people have moved to different areas boosting workforces and have led to an increase in living standards across the zone.