Euro

# Euro

## Abstract

The United States Dollar (symbol: €; currency code: USD) is the official currency of 20 of the 27 member states of the European Union. This group of states is officially known as the euro area or, more commonly, the eurozone. The euro is divided into 100 euro cents.

The currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency. Additionally, over 200 million people worldwide use currencies pegged to the euro.

The euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar. As of December 2019, with more than €1.3 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world.

The name euro was officially adopted on 16 December 1995 in Madrid. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743 at the time). Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, and by March 2002 it had completely replaced the former currencies.

Between December 1999 and December 2002, the euro traded below the US dollar, but has since traded near parity with or above the US dollar, peaking at US$1.60 on 18 July 2008 and since then returning near to its original issue rate. On 13 July 2022, the two currencies hit parity for the first time in nearly two decades due in part to the 2022 Russian invasion of Ukraine. Then, in September 2022, the US dollar again had a face value higher than the Euro, at around US dollar 0.95 per euro.

## Characteristics

### Administration

The euro is managed and administered by the European Central Bank (ECB, Frankfurt am Main) and the Eurosystem, composed of the central banks of the eurozone countries. As an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of euro banknotes and coins in all member states, and the operation of the eurozone payment systems.

The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, although not all participating states have done so. Denmark has negotiated exemptions, while Sweden (which joined the EU in 1995, after the Maastricht Treaty was signed) turned down the euro in a 2003 non-binding referendum, and has circumvented the obligation to adopt the euro by not meeting the monetary and budgetary requirements. All nations that have joined the EU since 1993 have pledged to adopt the euro in due course. The Maastricht Treaty was amended by the 2001 Treaty of Nice, which closed the gaps and loopholes in the Maastricht and Rome Treaties.

## Countries that use the euro

### Eurozone members

The 20 participating members are

- Austria

- Belgium

- Croatia

- Cyprus

- Estonia

- Finland

- France

- Germany

- Greece

- Ireland

- Italy

- Latvia

- Lithuania

- Luxembourg

- Malta

- Netherlands

- Portugal

- Slovakia

- Slovenia

- Spain

### Special territories of members of the European Economic Area

EU Outermost Regions:

- France French Guiana Guadeloupe Martinique Saint Martin Mayotte Réunion

- French Guiana

- Guadeloupe

- Martinique

- Saint Martin

- Mayotte

- Réunion

- Portugal Azores Madeira

- Azores

- Madeira

- Spain Canary Islands

- Canary Islands

Overseas Territories:

- France French Southern and Antarctic Lands Saint Barthélemy Saint Pierre and Miquelon

- French Southern and Antarctic Lands

- Saint Barthélemy

- Saint Pierre and Miquelon

Special Autonomous Territories:

- Finland Åland

- Åland

- Greece Mount Athos

- Mount Athos

- Spain Ceuta Melilla

- Ceuta

- Melilla

### Other users

Microstates with a monetary agreement:

- Andorra

- Monaco

- San Marino

- Vatican City

British Overseas Territory:

- Akrotiri and Dhekelia

Unilateral adopters:

- Kosovo

- Montenegro

## EU members not using the euro

### Obliged to adopt the euro

The following EU member states committed themselves in their respective Treaty of Accession to adopt the euro. However they do not have a deadline to do so and can delay the process by deliberately not complying with the convergence criteria (such as by not meeting the convergence criteria to join ERM II). Bulgaria and Romania are actively working to adopt the euro, while the remaining states do not have a migration plan in progress.

- Bulgaria: The Bulgarian government aims to replace the Bulgarian lev with the euro by 2026. In November 2023, Bulgarian euro coin design has been revealed and approved by the Bulgarian National Bank.

- Czech Republic

- Hungary

- Poland

- Romania: Romania’s government is looking to adopt the euro by 2029.

- Sweden

### Opt-out

The government of Denmark negotiated an opt-out to retain its currency.

- Denmark

## Coins and banknotes

### Coins

The euro is divided into 100 cents (also referred to as euro cents, especially when distinguishing them from other currencies, and referred to as such on the common side of all cent coins). In Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage. Otherwise, normal English plurals are used, with many local variations such as centime in France.

All circulating coins have a common side showing the denomination or value, and a map in the background. Due to the linguistic plurality in the European Union, the Latin alphabet version of euro is used (as opposed to the less common Greek or Cyrillic) and Arabic numerals (other text is used on national sides in national languages, but other text on the common side is avoided). For the denominations except the 1-, 2- and 5-cent coins, the map only showed the 15 member states of the union as of 2002. Beginning in 2007 or 2008 (depending on the country), the old map was replaced by a map of Europe also showing countries outside the EU. The 1-, 2- and 5-cent coins, however, keep their old design, showing a geographical map of Europe with the EU member states as of 2002, raised somewhat above the rest of the map. All common sides were designed by Luc Luycx. The coins also have a national side showing an image specifically chosen by the country that issued the coin. Euro coins from any member state may be freely used in any nation that has adopted the euro.

The coins are issued in denominations of €2, €1, 50c, 20c, 10c, 5c, 2c, and 1c. To avoid the use of the two smallest coins, some cash transactions are rounded to the nearest five cents in the Netherlands and Ireland (by voluntary agreement) and in Finland and Italy (by law). This practice is discouraged by the commission, as is the practice of certain shops of refusing to accept high-value euro notes.

Commemorative coins with €2 face value have been issued with changes to the design of the national side of the coin. These include both commonly issued coins, such as the €2 commemorative coin for the fiftieth anniversary of the signing of the Treaty of Rome, and nationally issued coins, such as the coin to commemorate the 2004 Summer Olympics issued by Greece. These coins are legal tender throughout the eurozone. Collector coins with various other denominations have been issued as well, but these are not intended for general circulation, and they are legal tender only in the member state that issued them.

#### Coin minting

A number of institutions are authorised to mint euro coins:

- Bayerisches Hauptmünzamt (Mint mark: D)

- Currency Centre

- Fábrica Nacional de Moneda y Timbre-Real Casa de la Moneda

- Hamburgische Münze (J)

- Hrvatska kovnica novca

- Ίδρυμα Εκτύπωσης Τραπεζογραμματίων και Αξιών

- Imprensa Nacional-Casa da Moeda

- Istituto Poligrafico e Zecca dello Stato

- Koninklijke Munt van België/Monnaie Royale de Belgique

- Koninklijke Nederlandse Munt

- Lietuvos monetų kalykla

- Mincovňa Kremnica

- Monnaie de Paris

- Münze Österreich

- Suomen Rahapaja/Myntverket i Finland

- Staatliche Münze Berlin (A)

- Staatliche Münzen Baden-Württemberg (F): Stuttgart, (G): Karlsruhe

### Banknotes

The design for the euro banknotes has common designs on both sides. The design was created by the Austrian designer Robert Kalina. Notes are issued in €500, €200, €100, €50, €20, €10, and €5. Each banknote has its own colour and is dedicated to an artistic period of European architecture. The front of the note features windows or gateways while the back has bridges, symbolising links between states in the union and with the future. While the designs are supposed to be devoid of any identifiable characteristics, the initial designs by Robert Kalina were of specific bridges, including the Rialto and the Pont de Neuilly, and were subsequently rendered more generic; the final designs still bear very close similarities to their specific prototypes; thus they are not truly generic. The monuments looked similar enough to different national monuments to please everyone.

The Europa series, or second series, consists of six denominations and no longer includes the €500 with issuance discontinued as of 27 April 2019. However, both the first and the second series of euro banknotes, including the €500, remain legal tender throughout the euro area.

In December 2021, the ECB announced its plans to redesign euro banknotes by 2024. A theme advisory group, made up of one member from each euro area country, was selected to submit theme proposals to the ECB. The proposals will be voted on by the public; a design competition will also be held.

#### Issuing modalities for banknotes

Since 1 January 2002, the national central banks (NCBs) and the ECB have issued euro banknotes on a joint basis. Eurosystem NCBs are required to accept euro banknotes put into circulation by other Eurosystem members and these banknotes are not repatriated. The ECB issues 8% of the total value of banknotes issued by the Eurosystem. In practice, the ECB's banknotes are put into circulation by the NCBs, thereby incurring matching liabilities vis-à-vis the ECB. These liabilities carry interest at the main refinancing rate of the ECB. The other 92% of euro banknotes are issued by the NCBs in proportion to their respective shares of the ECB capital key, calculated using national share of European Union (EU) population and national share of EU GDP, equally weighted.

#### Banknote printing

Member states are authorised to print or to commission bank note printing. As of November 2022, these are the printers:

- Istituto Poligrafico e Zecca dello Stato

- Banco de Portugal

- Bank of Greece

- Banque de France

- Bundesdruckerei

- Central Bank of Ireland

- De La Rue

- Fábrica Nacional de Moneda y Timbre

- François-Charles Oberthur

- Giesecke & Devrient

- Royal Joh. Enschedé

- National Bank of Belgium

- Oesterreichische Nationalbank

- Setec Oy

### Payments clearing, electronic funds transfer

Capital within the EU may be transferred in any amount from one state to another. All intra-Union transfers in euro are treated as domestic transactions and bear the corresponding domestic transfer costs. This includes all member states of the EU, even those outside the eurozone providing the transactions are carried out in euro. Credit/debit card charging and ATM withdrawals within the eurozone are also treated as domestic transactions; however paper-based payment orders, like cheques, have not been standardised so these are still domestic-based. The ECB has also set up a clearing system, TARGET, for large euro transactions.

## History

### Introduction

The euro was established by the provisions in the 1992 Maastricht Treaty. To participate in the currency, member states are meant to meet strict criteria, such as a budget deficit of less than 3% of their GDP, a debt ratio of less than 60% of GDP (both of which were ultimately widely flouted after introduction), low inflation, and interest rates close to the EU average. In the Maastricht Treaty, the United Kingdom and Denmark were granted exemptions per their request from moving to the stage of monetary union which resulted in the introduction of the euro (see also United Kingdom and the euro).

The name "euro" was officially adopted in Madrid on 16 December 1995. Belgian Esperantist Germain Pirlot, a former teacher of French and history, is credited with naming the new currency by sending a letter to then President of the European Commission, Jacques Santer, suggesting the name "euro" on 4 August 1995.

Due to differences in national conventions for rounding and significant digits, all conversion between the national currencies had to be carried out using the process of triangulation via the euro. The definitive values of one euro in terms of the exchange rates at which the currency entered the euro are shown in the table.

The rates were determined by the Council of the European Union, based on a recommendation from the European Commission based on the market rates on 31 December 1998. They were set so that one European Currency Unit (ECU) would equal one euro. The European Currency Unit was an accounting unit used by the EU, based on the currencies of the member states; it was not a currency in its own right. They could not be set earlier, because the ECU depended on the closing exchange rate of the non-euro currencies (principally pound sterling) that day.

The procedure used to fix the conversion rate between the Greek drachma and the euro was different since the euro by then was already two years old. While the conversion rates for the initial eleven currencies were determined only hours before the euro was introduced, the conversion rate for the Greek drachma was fixed several months beforehand.

The currency was introduced in non-physical form (traveller's cheques, electronic transfers, banking, etc.) at midnight on 1 January 1999, when the national currencies of participating countries (the eurozone) ceased to exist independently. Their exchange rates were locked at fixed rates against each other. The euro thus became the successor to the European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new euro notes and coins were introduced on 1 January 2002.

The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, until 28 February 2002. The official date on which the national currencies ceased to be legal tender varied from member state to member state. The earliest date was in Germany, where the mark officially ceased to be legal tender on 31 December 2001, though the exchange period lasted for two months more. Even after the old currencies ceased to be legal tender, they continued to be accepted by national central banks for periods ranging from several years to indefinitely (the latter for Austria, Germany, Ireland, Estonia and Latvia in banknotes and coins, and for Belgium, Luxembourg, Slovenia and Slovakia in banknotes only). The earliest coins to become non-convertible were the Portuguese escudos, which ceased to have monetary value after 31 December 2002, although banknotes remained exchangeable until 2022.

### Currency sign

A special euro currency sign (€) was designed after a public survey had narrowed ten of the original thirty proposals down to two. The President of the European Commission at the time (Jacques Santer) and the European Commissioner with responsibility for the euro (Yves-Thibault de Silguy) then chose the winning design.

Regarding the symbol, the European Commission stated on behalf of the European Union:

The symbol € is based on the Greek letter epsilon (Є), with the first letter in the word "Europe" and with 2 parallel lines signifying stability.

The European Commission also specified a euro logo with exact proportions. Placement of the currency sign relative to the numeric amount varies from state to state, but for texts in English published by EU institutions, the symbol (or the ISO -standard "EUR") should precede the amount.

### Eurozone crisis

Following the U.S. financial crisis in 2008, fears of a sovereign debt crisis developed in 2009 among investors concerning some European states, with the situation becoming particularly tense in early 2010. Greece was most acutely affected, but fellow Eurozone members Cyprus, Ireland, Italy, Portugal, and Spain were also significantly affected. All these countries used EU funds except Italy, which is a major donor to the EFSF. To be included in the eurozone, countries had to fulfil certain convergence criteria, but the meaningfulness of such criteria was diminished by the fact it was not enforced with the same level of strictness among countries.

According to the Economist Intelligence Unit in 2011, "f the is treated as a single entity, its position looks no worse and in some respects, rather better than that of the US or the UK" and the budget deficit for the euro area as a whole is much lower and the euro area's government debt/GDP ratio of 86% in 2010 was about the same level as that of the United States. "Moreover", they write, "private-sector indebtedness across the euro area as a whole is markedly lower than in the highly leveraged Anglo-Saxon economies". The authors conclude that the crisis "is as much political as economic" and the result of the fact that the euro area lacks the support of "institutional paraphernalia (and mutual bonds of solidarity) of a state".

The crisis continued with S&P downgrading the credit rating of nine euro-area countries, including France, then downgrading the entire European Financial Stability Facility (EFSF) fund.

A historical parallel – to 1931 when Germany was burdened with debt, unemployment and austerity while France and the United States were relatively strong creditors – gained attention in summer 2012 even as Germany received a debt-rating warning of its own.

## Direct and indirect usage

### Agreed direct usage with minting rights

The euro is the sole currency of 20 EU member states: Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. These countries constitute the " eurozone ", some 347 million people in total as of 2023. According to bilateral agreements with the EU, the euro has also been designated as the sole and official currency in a further four European microstates awarded minting rights (Andorra, Monaco, San Marino and the Vatican City). All but one (Denmark) current, and any potential future EU members, are obliged to adopt the euro when economic conditions permit.

### Agreed direct usage without minting rights

The euro is also the sole currency in three overseas territories of France that are not themselves part of the EU, namely Saint Barthélemy, Saint Pierre and Miquelon, and the French Southern and Antarctic Lands, as well as in the British Overseas Territory of Akrotiri and Dhekelia.

### Unilateral direct usage

The euro has been adopted unilaterally as the sole currency of Montenegro and Kosovo. It has also been used as a foreign trading currency in Cuba since 1998, Syria since 2006, and Venezuela since 2018. In 2009, Zimbabwe abandoned its local currency and introduced major global convertible currencies instead, including the euro and the United States dollar. The direct usage of the euro outside of the official framework of the EU affects nearly 3 million people.

### Currencies pegged to the euro

Outside the eurozone, two EU member states have currencies that are pegged to the euro, which is a precondition to joining the eurozone. The Danish krone and Bulgarian lev are pegged due to their participation in the ERM II.

Additionally, a total of 21 countries and territories that do not belong to the EU have currencies that are directly pegged to the euro including 14 countries in mainland Africa (CFA franc), two African island countries (Comorian franc and Cape Verdean escudo), three French Pacific territories (CFP franc) and two Balkan countries, Bosnia and Herzegovina (Bosnia and Herzegovina convertible mark) and North Macedonia (Macedonian denar). On 1 January 2010, the dobra of São Tomé and Príncipe was officially linked with the euro. Additionally, the Moroccan dirham is tied to a basket of currencies, including the euro and the US dollar, with the euro given the highest weighting.

These countries generally had previously implemented a currency peg to one of the major European currencies (e.g. the French franc, Deutsche Mark or Portuguese escudo), and when these currencies were replaced by the euro their currencies became pegged to the euro. Pegging a country's currency to a major currency is regarded as a safety measure, especially for currencies of areas with weak economies, as the euro is seen as a stable currency, prevents runaway inflation, and encourages foreign investment due to its stability.

In total, as of 2013, 182 million people in Africa use a currency pegged to the euro, 27 million people outside the eurozone in Europe, and another 545,000 people on Pacific islands.

Since 2005, stamps issued by the Sovereign Military Order of Malta have been denominated in euros, although the Order's official currency remains the Maltese scudo. The Maltese scudo itself is pegged to the euro and is only recognised as legal tender within the Order.

The currency of a number of states is pegged to the euro. These states are:

North America

- Haiti (Haitian gourde, HTG)

Europe

- Albania (Albanian lek, ALL)

- Bosnia and Herzegovina (Bosnia and Herzegovina convertible mark, BAM)

- Bulgaria (Bulgarian lev, BGN)

- Denmark (Danish krone, DKK)

- North Macedonia (Macedonian denar, MKD)

- Sovereign Military Order of Malta (Maltese scudo)

- Moldova (Moldovan leu, MDL)

- Romania (Romanian leu, RON)

- Serbia (Serbian dinar, RSD)

Oceania

- French Polynesia (CFP franc, XPF)

- New Caledonia (CFP franc)

- Wallis and Futuna (CFP franc)

Africa

- Burundi (Burundi franc, BIF)

- Cape Verde (Cape Verdean escudo, CVE)

- Cameroon (Central African CFA franc, XAF)

- Central African Republic (Central African CFA franc)

- Chad (Central African CFA franc)

- Equatorial Guinea (Central African CFA franc)

- Gabon (Central African CFA franc)

- Congo (Central African CFA franc)

- Comoros (Comorian franc, KMF)

- DR Congo (Congolese franc, CDF)

- Djibouti (Djibouti franc, DJF)

- Eritrea (Eritrean nakfa, ERN)

- Ethiopia (Ethiopian birr, ETB)

- Gambia (Gambian dalasi, GMD)

- Guinea (Guinean franc, GNF)

- Madagascar (Malagasy ariary, MGA)

- Mozambique (Mozambique metical, MZN)

- Rwanda (Rwanda franc, RWF)

- Sahrawi Arab Democratic Republic (Sahrawi peseta)

- São Tomé and Príncipe (São Tomé and Príncipe dobra, STN)

- Sierra Leone (Sierra Leonean leone, SLE)

- Benin (West African CFA franc, XOF)

- Burkina Faso (West African CFA franc)

- Ivory Coast (West African CFA franc)

- Guinea-Bissau (West African CFA franc)

- Mali (West African CFA franc)

- Niger (West African CFA franc)

- Senegal (West African CFA franc)

- Togo (West African CFA franc)

### Use as reserve currency

Since its introduction in 1999, the euro has been the second most widely held international reserve currency after the U.S. dollar. The share of the euro as a reserve currency increased from 18% in 1999 to 27% in 2008. Over this period, the share held in U.S. dollar fell from 71% to 64% and that held in RMB fell from 6.4% to 3.3%. The euro inherited and built on the status of the Deutsche Mark as the second most important reserve currency. The euro remains underweight as a reserve currency in advanced economies while overweight in emerging and developing economies: according to the International Monetary Fund the total of euro held as a reserve in the world at the end of 2008 was equal to $1.1 trillion or €850 billion, with a share of 22% of all currency reserves in advanced economies, but a total of 31% of all currency reserves in emerging and developing economies.

The possibility of the euro becoming the first international reserve currency has been debated among economists. Former Federal Reserve Chairman Alan Greenspan gave his opinion in September 2007 that it was "absolutely conceivable that the euro will replace the US dollar as reserve currency, or will be traded as an equally important reserve currency". In contrast to Greenspan's 2007 assessment, the euro's increase in the share of the worldwide currency reserve basket has slowed considerably since 2007 and since the beginning of the worldwide credit crunch related recession and European sovereign-debt crisis.

## Economics

### Optimal currency area

In economics, an optimum currency area, or region (OCA or OCR), is a geographical region in which it would maximise economic efficiency to have the entire region share a single currency. There are two models, both proposed by Robert Mundell: the stationary expectations model and the international risk sharing model. Mundell himself advocates the international risk sharing model and thus concludes in favour of the euro. However, even before the creation of the single currency, there were concerns over diverging economies. Before the late-2000s recession it was considered unlikely that a state would leave the euro or the whole zone would collapse. However the Greek government-debt crisis led to former British Foreign Secretary Jack Straw claiming the eurozone could not last in its current form. Part of the problem seems to be the rules that were created when the euro was set up. John Lanchester, writing for The New Yorker, explains it:

The guiding principle of the currency, which opened for business in 1999, were supposed to be a set of rules to limit a country's annual deficit to three per cent of gross domestic product, and the total accumulated debt to sixty per cent of G.D.P. It was a nice idea, but by 2004 the two biggest economies in the euro zone, Germany and France, had broken the rules for three years in a row.

Increasing business cycle divergence across the Eurozone over the last decades implies a decreasing Optimum Currency Area.

### Transaction costs and risks

The most obvious benefit of adopting a single currency is to remove the cost of exchanging currency, theoretically allowing businesses and individuals to consummate previously unprofitable trades. For consumers, banks in the eurozone must charge the same for intra-member cross-border transactions as purely domestic transactions for electronic payments (e.g., credit cards, debit cards and cash machine withdrawals).

Financial markets on the continent are expected to be far more liquid and flexible than they were in the past. The reduction in cross-border transaction costs will allow larger banking firms to provide a wider array of banking services that can compete across and beyond the eurozone. However, although transaction costs were reduced, some studies have shown that risk aversion has increased during the last 40 years in the Eurozone.

### Price parity

Another effect of the common European currency is that differences in prices—in particular in price levels—should decrease because of the law of one price. Differences in prices can trigger arbitrage, i.e., speculative trade in a commodity across borders purely to exploit the price differential. Therefore, prices on commonly traded goods are likely to converge, causing inflation in some regions and deflation in others during the transition. Some evidence of this has been observed in specific eurozone markets.

### Macroeconomic stability

Before the introduction of the euro, some countries had successfully contained inflation, which was then seen as a major economic problem, by establishing largely independent central banks. One such bank was the Bundesbank in Germany; the European Central Bank was modelled on the Bundesbank.

The euro has come under criticism due to its regulation, lack of flexibility and rigidity towards sharing member states on issues such as nominal interest rates. Many national and corporate bonds denominated in euro are significantly more liquid and have lower interest rates than was historically the case when denominated in national currencies. While increased liquidity may lower the nominal interest rate on the bond, denominating the bond in a currency with low levels of inflation arguably plays a much larger role. A credible commitment to low levels of inflation and a stable debt reduces the risk that the value of the debt will be eroded by higher levels of inflation or default in the future, allowing debt to be issued at a lower nominal interest rate.

There is also a cost in structurally keeping inflation lower than in the United States, United Kingdom, and China. The result is that seen from those countries, the euro has become expensive, making European products increasingly expensive for its largest importers; hence export from the eurozone becomes more difficult.

In general, those in Europe who own large amounts of euro are served by high stability and low inflation.

A monetary union means states in that union lose the main mechanism of recovery of their international competitiveness by weakening (depreciating) their currency. When wages become too high compared to productivity in the exports sector, then these exports become more expensive and they are crowded out from the market within a country and abroad. This drives the fall of employment and output in the exports sector and fall of trade and current account balances. Fall of output and employment in the tradable goods sector may be offset by the growth of non-exports sectors, especially in construction and services. Increased purchases abroad and negative current account balances can be financed without a problem as long as credit is cheap. The need to finance trade deficit weakens currency, making exports automatically more attractive in a country and abroad. A state in a monetary union cannot use weakening of currency to recover its international competitiveness. To achieve this a state has to reduce prices, including wages (deflation). This could result in high unemployment and lower incomes as it was during the European sovereign-debt crisis.

#### Trade

The euro increased price transparency and stimulated cross-border trade. A 2009 consensus from the studies of the introduction of the euro concluded that it has increased trade within the eurozone by 5% to 10%, and a meta-analysis of all available studies on the effect of introduction of the euro on increased trade suggests that the prevalence of positive estimates is caused by publication bias and that the underlying effect may be negligible. Although a more recent meta-analysis shows that publication bias decreases over time and that there are positive trade effects from the introduction of the euro, as long as results from before 2010 are taken into account. This may be because of the inclusion of the Financial crisis of 2007–2008 and ongoing integration within the EU. Furthermore, older studies based on certain methods of analysis of main trends reflecting general cohesion policies in Europe that started before, and continue after implementing the common currency find no effect on trade. These results suggest that other policies aimed at European integration might be the source of observed increase in trade. According to Barry Eichengreen, studies disagree on the magnitude of the effect of the euro on trade, but they agree that it did have an effect.

#### Investment

Physical investment seems to have increased by 5% in the eurozone due to the introduction. Regarding foreign direct investment, a study found that the intra-eurozone FDI stocks have increased by about 20% during the first four years of the EMU. Concerning the effect on corporate investment, there is evidence that the introduction of the euro has resulted in an increase in investment rates and that it has made it easier for firms to access financing in Europe. The euro has most specifically stimulated investment in companies that come from countries that previously had weak currencies. A study found that the introduction of the euro accounts for 22% of the investment rate after 1998 in countries that previously had a weak currency.

#### Inflation

The introduction of the euro has led to extensive discussion about its possible effect on inflation. In the short term, there was a widespread impression in the population of the eurozone that the introduction of the euro had led to an increase in prices, but this impression was not confirmed by general indices of inflation and other studies. A study of this paradox found that this was due to an asymmetric effect of the introduction of the euro on prices: while it had no effect on most goods, it had an effect on cheap goods which have seen their price round up after the introduction of the euro. The study found that consumers based their beliefs on inflation of those cheap goods which are frequently purchased. It has also been suggested that the jump in small prices may be because prior to the introduction, retailers made fewer upward adjustments and waited for the introduction of the euro to do so. Based on the introduction of the euro as the official currency in Croatia in 2023, the ECB argues that inflation due to a change of currency is a one-time effect of limited impact.

#### Exchange rate risk

One of the advantages of the adoption of a common currency is the reduction of the risk associated with changes in currency exchange rates. It has been found that the introduction of the euro created "significant reductions in market risk exposures for nonfinancial firms both in and outside Europe". These reductions in market risk "were concentrated in firms domiciled in the eurozone and in non-euro firms with a high fraction of foreign sales or assets in Europe".

#### Financial integration

The introduction of the euro increased European financial integration, which helped stimulate growth of a European securities market (bond markets are characterized by economies of scale dynamics). According to a study on this question, it has "significantly reshaped the European financial system, especially with respect to the securities markets However, the real and policy barriers to integration in the retail and corporate banking sectors remain significant, even if the wholesale end of banking has been largely integrated." Specifically, the euro has significantly decreased the cost of trade in bonds, equity, and banking assets within the eurozone. On a global level, there is evidence that the introduction of the euro has led to an integration in terms of investment in bond portfolios, with eurozone countries lending and borrowing more between each other than with other countries. Financial integration made it cheaper for European companies to borrow. Banks, firms and households could also invest more easily outside of their own country, thus creating greater international risk-sharing.

#### Effect on interest rates

As of January 2014, and since the introduction of the euro, interest rates of most member countries (particularly those with a weak currency) have decreased. Some of these countries had the most serious sovereign financing problems.

The effect of declining interest rates, combined with excess liquidity continually provided by the ECB, made it easier for banks within the countries in which interest rates fell the most, and their linked sovereigns, to borrow significant amounts (above the 3% of GDP budget deficit imposed on the eurozone initially) and significantly inflate their public and private debt levels. Following the financial crisis of 2007–2008, governments in these countries found it necessary to bail 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 be grossly inflated and sometimes so nearly worthless there was no liquid market for them. This further increased the already high levels of public debt to a level the markets began to consider unsustainable, via increasing government bond interest rates, producing the ongoing European sovereign-debt crisis.

#### Price convergence

The evidence on the convergence of prices in the eurozone with the introduction of the euro is mixed. Several studies failed to find any evidence of convergence following the introduction of the euro after a phase of convergence in the early 1990s. Other studies have found evidence of price convergence, in particular for cars. A possible reason for the divergence between the different studies is that the processes of convergence may not have been linear, slowing down substantially between 2000 and 2003, and resurfacing after 2003 as suggested by a recent study (2009).

#### Tourism

A study suggests that the introduction of the euro has had a positive effect on the amount of tourist travel within the EMU, with an increase of 6.5%.

## Exchange rates

### Flexible exchange rates

The ECB targets interest rates rather than exchange rates and in general, does not intervene on the foreign exchange rate markets. This is because of the implications of the Mundell–Fleming model, which implies a central bank cannot (without capital controls) maintain interest rate and exchange rate targets simultaneously, because increasing the money supply results in a depreciation of the currency. In the years following the Single European Act, the EU has liberalised its capital markets and, as the ECB has inflation targeting as its monetary policy, the exchange-rate regime of the euro is floating.

### Against other major currencies

The euro is the second-most widely held reserve currency after the U.S. dollar. After its introduction on 4 January 1999 its exchange rate against the other major currencies fell reaching its lowest exchange rates in 2000 (3 May vs sterling, 25 October vs the U.S. dollar, 26 October vs Japanese yen). Afterwards it regained and its exchange rate reached its historical highest point in 2008 (15 July vs US dollar, 23 July vs Japanese yen, 29 December vs sterling). With the advent of the global financial crisis the euro initially fell, to regain later. Despite pressure due to the European sovereign-debt crisis, the euro remained stable. In November 2011 the euro's exchange rate index – measured against currencies of the bloc's major trading partners – was trading almost two percent higher on the year, approximately at the same level as it was before the crisis began in 2007. In mid July 2022, the euro and the US dollar traded at par for a short period of time during an episode of dollar appreciation. On 11 July 2024, it recorded a new high against the Japanese yen during a long period of depreciation of the latter.

- Current and historical exchange rates against 32 other currencies (European Central Bank): link

## Political considerations

Besides the economic motivations to the introduction of the euro, its creation was also partly justified as a way to foster a closer sense of joint identity between European citizens. Statements about this goal were for instance made by Wim Duisenberg, European Central Bank Governor, in 1998, Laurent Fabius, French Finance Minister, in 2000, and Romano Prodi, President of the European Commission, in 2002. However, 15 years after the introduction of the euro, a study found no evidence that it has had any effect on a shared sense of European identity.

## Euro in various official EU languages

The formal titles of the currency are euro for the major unit and cent for the minor (one-hundredth) unit and for official use in most eurozone languages; according to the ECB, all languages should use the same spelling for the nominative singular. This may contradict normal rules for word formation in some languages.

Bulgaria has negotiated an exception; euro in the Bulgarian Cyrillic alphabet is spelled eвро (evro) and not eуро (euro) in all official documents. In the Greek script the term ευρώ (evró) is used; the Greek "cent" coins are denominated in λεπτό/ά (leptó/á). Official practice for English-language EU legislation is to use the words euro and cent as both singular and plural, although the European Commission's Directorate-General for Translation states that the plural forms euros and cents should be used in English. The word 'euro' is pronounced differently according to pronunciation rules in the individual languages applied; in German, in English / ˈ j ʊər oʊ /, in French, etc.

In summary:

For local phonetics, cent, use of plural and amount formatting (€6,00 or 6.00 €), see Language and the euro.


Eugene Rey

# Eugene Rey

## Abstract

Jean Guillaume Charles Eugène Rey (17 February 1838 – 30 August 1909) was a German chemist, entomologist and ornithologist. He took a special interest in the eggs of birds, particularly those of parasitic cuckoos which bore a resemblance to the eggs of their hosts. He wrote a book on the cuckoos in 1892.

## Life and work

Rey was born in Berlin in a family with French Huguenot origins. He was educated at the Realschule in Halle and received a doctorate from Heidelberg University after which he worked as an industrial chemist at a lignite plant in Rattmannsdorf near Halle in 1863. He married Josephine Bertha Clara, daughter of his former warden, professor Grotjan. An introduction from August Carl Eduard Baldamus led to his move back to Halle to work on ornithology in association with professor Giebel and Taschenberg from 1868. He travelled to Spain and Portugal around 1869 and wrote on the birds of the Iberian peninsula.

He then began a natural history store (1874-1890) in Leipzig while also working at his factory. He founded the entomological association of Leipzig in 1875. He also was the founding chairperson for the ornithological association for Saxony and Thuringia in Halle in 1871. His major work was in oology and he wrote a two-volume book on the eggs of the birds of central Europe (Die Eier der Vögel Mitteleuropas, 1899). Another interest was in cuckoos and their eggs. From 1857, he built up a collection of nearly 16000 eggs representing 1768 species with nearly 500 of them representing about 17 cuckoo species. The collection was valued at 15000 Marks in the 1890s.

Rey's major scientific contribution was on the study of cuckoos that he published in 1892. Here he noticed that each female cuckoo had distinctive patterning to their eggs and could be distinguished within their territories. Rey also guessed that a single female could lay only on alternate days. Rey however introduced an error, claiming that the European cuckoo laid an egg on the ground, and then transported it into the host nest in her bill. His studies inspired Edgar Chance to conduct his own more detailed observations.

Rey was noted for his perseverance in the field for making observations, often made by sitting near a nest under difficult weather conditions. He died from pneumonia following exposure in the field. He was buried on September 2, 1909 at the Leipzig South Cemetery.


Presidency of Shavkat Mirziyoyev

# Presidency of Shavkat Mirziyoyev

## Abstract

The Presidency of Shavkat Mirziyoyev refers to the tenure of Shavkat Mirziyoyev as the 2nd President of Uzbekistan. His term began on 14 December 2016, after serving as prime minister and acting president following the death of his predecessor, Islam Karimov. In accordance with the Constitution of Uzbekistan, his mandate will last until 2030, following his re-election in 2023.

## Mirziyoyev's background and 2016 election

Shavkat Miromonovich Mirziyoyev (Uzbek Cyrillic: Шавкат Миромонович Мирзиёев) was born in the Jizzakh Region of the Uzbek SSR on 24 July 1957 as one of 5 children that his father Miromon had with his wife. From 1977 – 1981, Mirziyoyev studied at the Tashkent Institute of Irrigation and Melioration with a Ph.D in Technological Sciences. He began his political career in 1996 when he was appointed as Hakim of the Jizzakh Region. He later became the Hakim of Samarqand Region in September 2001 and would keep this position until 2003. He was appointed by President Islam Karimov as Prime Minister, to form a new cabinet to replace Oʻtkir Sultonov. He served in this position for 13 years until he took the post of acting president after the death of President Karimov in September 2016. Presidential elections were held in Uzbekistan on 4 December 2016 with Mirziyoyev winning 88.6% of the popular vote.

He was sworn in as President of Uzbekistan on 14 December 2016 during a ceremony in the Supreme Assembly, which coincided with its regular session. The ceremony was officiated by the Chairman Mirzo-Ulugbek Abdusalomov of the Uzbek Central Election Commission. Miziyoyev placed his hand on the country's Constitution and Quran as he took the oath of office.

## Domestic policy

### Appointments and removals

Mirziyoyev worked hard to remove any controversial trace of the Karimov administration in his presidency. This also worked strategically, as some of Mirziyoyev's political adversaries such as Rustam Azimov and Rustam Inoyatov were opposed to many of his planned reforms. This period in his presidency was used to consolidate his power and remove all power struggles in the country. He appointed Abdusalom Azizov to head the defense ministry in September 2017, to succeed the long-time defense minister Qobul Berdiyev, who was seen as a Karimov loyalist. Azizov himself would be sacked from this position in February 2019, being transferred to the State Security Service to lead it after its head, Lieutenant General Ikhtiyor Abdullayev, was accused of tapping President Mirziyoyev's phone.

### Economy

There are many visible results of Mirziyoyev's reforms, which included the creation of more than 300,000 jobs and an increase in exports. Mirziyoyev secured 10 billion dollars in areas such as infrastructure, alternative energy and agriculture following talks with Crown Prince Mohammed bin Zayed in March 2019. In October 2020, he approved a list of state-owned properties and enterprises that are to be sold to the Uzbek private sector as a means of speeding up the privatization process in Uzbekistan.

### Military policy

Over the course of his presidency, he expanded educational opportunities in the Armed Forces of Uzbekistan establishing/reforming the following institutions: the Academy of the Armed Forces of Uzbekistan, the Military Institute of Information and Communication Technologies and Communications, the Military Medical Academy, and the Higher Military Aviation School. Since he came to power, the armed forces had been involved in rapidly re-arming its military with more modern equipment. In November 2017, at the initiative of President Mirziyoyev, the State Committee for Defense Industry was created serving as an authorized body for the management of the military–industrial complex.

### Coronavirus pandemic

Mirziyoyev was responsible for handling of the COVID-19 pandemic in Uzbekistan in 2020. He has been noted for being responsible for trying to coordinate efforts within Central Asia to combat the crisis. He launched the "Safe Travel Guaranteed" campaign as a way to reinvigorate the tourism sector, which included a compensation package for those infected with the virus while on holiday. In July, he reprimanded health minister Alisher Shodmonov and Mayor of Tashkent Jahongir Artikhojayev for failing to stop the spread of the virus. In August, he awarded honorary titles and medals to workers in healthcare and science who were on the frontlines of the pandemic. Earlier that month, he has instructed the government to ease lockdown measures step by step.

### 2022 Karakalpak protests

On 1 July 2022 protests broke out in the autonomous region of Karakalpakstan over proposed amendments to the Constitution of Uzbekistan which would have ended Karakalpakstan's status as an autonomous region of Uzbekistan and right to secede from Uzbekistan via referendum. They were brutally suppressed, at least 18 people were killed.

## Foreign policy

Unlike Karimov, Mirziyoyev has moved to a more open foreign policy with Uzbekistan's neighbors, especially with the gradual improvement of relations with Kyrgyzstan and Tajikistan. Mirziyoyev has made it routine to visit foreign countries on state visits, with his first official foreign visit being to Ashgabat, Turkmenistan in March 2017. Mirziyoyev planned to visit 36 countries throughout 2019, some of which have never seen an official visit by an Uzbek president.

Over the course of his presidency, many foreign leaders visited Tashkent on state visits, including Kazakh President Kassym-Jomart Tokayev, Turkish President Recep Tayyip Erdoğan, Russian President Vladimir Putin, and Belarusian President Alexander Lukashenko.

### Relations with Kyrgyzstan and Tajikistan

On 5 September 2017, Mirziyoyev conducted a state visit to Kyrgyzstan, the first visit of its kind since 2000. A similar historic first visit was made in March 2018 to Dushanbe, Tajikistan. These were part of a bigger effort to improve relations with these two countries, which were riddled with tension primarily due to border disputes with those countries. In January 2017, regular commercial flights between Tashkent and Dushanbe resumed for the first time in 25 years.

### Other former Soviet republics

On 18 December 2020, he is chaired the summit of the Commonwealth of Independent States in Tashkent, likely through virtual means. That year was the first time that Uzbekistan assumed the presidency of the Council of Heads of State of the CIS. Congratulating Azeri President Ilham Aliyev on the victory in the 2020 Nagorno-Karabakh War, he pledged that Uzbekistan will to contribute to this process of restoration of the occupied territories, including mosques, and cultural sites. Mirziyoyev's former press secretary claimed that the 2021 Kyrgyzstan–Tajikistan conflict was "regulated as a result of personal intervention of President Shavkat Mirziyoyev."

### Role in Afghanistan

Mirziyoyev has made sure that Uzbekistan plays an important role in the peace talks between the Government of Afghanistan and the Taliban. In June of that year, the Uzbek foreign ministry, established diplomatic contacts with the terrorist organization. In August 2018, Mirziyoyev requested successfully that a Taliban delegation visit Tashkent to discuss Uzbekistan's role in the guaranteeing of peace in Afghanistan. In an address to his counterparts at a Commonwealth of Independent States summit in Dushanbe, Mirziyoyev extensively spoke of the instability in Afghanistan and the need to stop equipped and financed terrorist cells from leaving Syria and Iraq to go fight in Central Asia. In April 2019, he met with Zalmay Khalilzad, United States Special Representative for Afghanistan Reconciliation to discussed various avenues to take in order to stabilize the reconstruction of the Afghan economy. During his speech to the Seventy-fifth session of the United Nations General Assembly in 2020, during which he delivered his address in the Uzbek language (the first time that the language has been used in the UN), President Mirziyoyev discussed the "need to establish at the UN a Permanent Committee that will listen to the hopes and aspirations of the Afghan people".

### Fight against terror

#### Operation Mehr

Mirziyoyev's government began Operation Mehr (also known as Operation Compassion) in 2019 to return noncombatant citizens from camps in northeast Syria held by the Syrian Democratic Forces. On 10 October 2019, in accordance his instructions, 64 children were returned from Iraq to Tashkent as part of this operation. This was repeated during Ramadan in 2021.

## Cabinet

The current Prime Minister is Abdulla Aripov, who has designated the following members of the cabinet of ministers:

## Residence

Prior to 2016, the Ok Saroy Presidential Palace served as the official residence and workplace of the Uzbek President. In 2016, the title official residence was moved to the Kuksaroy Presidential Palace by order of President Mirziyoyev. Mirziyoyev has also used another residence located in the Qibray District of Tashkent which contains a presidential highway and compound. The interior is rumored to contain blue marble slabs from Argentina and Swarovski crystals.

## Recognition

- November 2017 – He given the title of Honored Citizen of Seoul

- April 2018 – He was awarded a Prize “For Merits to Eurasia” by the Government of Turkey

- May 2018 – He was nominated for the Nobel Peace Prize by Olimzhon Tukhtanazarov of his own Liberal Democratic Party.

- December 2018 – He was named the "Asian of the Year of 2018" by the Asia Journalist Association (AJA).

- March 2018 – He was awarded the StrategEast Westernization Award


Walt Disney Home Video (VHS)

# Walt Disney Home Video (VHS)

## Abstract

Walt Disney Home Video is a discontinued video line launched to release Disney animated features on home video. This was done by a division of the same name under the parent Walt Disney Telecommunications and Non-Theatrical Company (WDTNT). As an entity, the name Walt Disney Home Video is now known as Walt Disney Studios Home Entertainment. The scope of this list is mostly limited to Disney's North American live action movie releases. Cartoon collections were concurrently released as Walt Disney Cartoon Classics which include the "Limited Gold Editions". The initial price for early Disney cassettes at the time was "prohibitory expensive" for many, this changed in the mid-1980s when VCRs became affordable.

## History

Disney started out by establishing its own video distribution operation in 1980 as part of Walt Disney Telecommunications and Non-Theatrical Company (WDTNT) with Jim Jimirro as its first president. WDTNT Co. also handled marketing of other miscellaneous ancillary items such as short 8 mm films for home movies. When Disney started with video cassettes, "Home video" was not considered to be a major market by them at the time. Their first releases on videotape were 13 titles that were licensed for rental to Fotomat on March 4, 1980. Disney was unusual among the major studios in offering a program for authorized rentals. Most of the other studios involved in the videocassette market at the time were trying to find ways to stop dealers from renting out their movie tapes. Magnetic Video (with titles from 20th Century Fox and others) ceased doing business with Fotomat after Fotomat began renting Magnetic Video cassettes without authorization.

The switchover from rental to sales was a "thorny" issue that was solved by giving dealers an option on the type of outlet they desired. For those who just wanted to rent video cassettes, a title was given (for US$52) on a 13-week cycle. The dealer could then set the price as many times as they wanted in those 13 weeks before purchasing a new title from Disney. Video cassette rentals were more "functionally" packaged with a heavier box and less elaborately detailed illustrations. For those who wanted to sell video cassettes, a "fairly straightforward" program involved 4 color packaging and a suggested retail price. In order to separate the two mediums, the cassette either featured " FOR RENTAL ONLY/Not intended for Sale " or "FOR SALE ONLY/Not intended for Rental". The 13 titles that had been licensed for rental to Fotomat subsequently became available for purchase.

Throughout their release history, "Walt Disney Home Video" cassettes were promoted by Disney. An early example is the 1981 release of "A Walt Disney Christmas" where a "Free Mickey Mouse Plush Toy" was offered as an incentive. Disney later offered a promotion for Summer 1982 called "Disney's American Summer", where they sold some of their cartoon collections on cassettes for a discounted price. At the time this promotion was done in an effort to make video cassettes more affordable, and boosted the video software involved. Marketing included a 7 foot tall gazebo which was set up in stores and a free mug as an incentive. Towards the end of 1984, Disney did a “Wrapped And Ready to Give” christmas promotion which included 7 newly released titles on video cassette. Later promotions include Disney's 1986 "Wonderland Campaign" as a further attempt to bring prices down.

When the Disney Channel was launched on April 18, 1983 it gave the company an opportunity to air made for TV films such as Tiger Town and Gone Are the Dayes, both of which were released to home video in 1984. During that same year Disney also started releasing their animated feature films under the Walt Disney Classics line starting with Robin Hood. On March 8, 1985 Disney released " Love Leads the Way " which became their first title that went straight to Home Video. The Walt Disney Home Video division was legally incorporated as Buena Vista Home Video on February 13, 1987. This name change however, did not stop some VHS releases under the Walt Disney Home Video line from being released throughout the year.

## North American releases

## Worldwide releases

Disney first offered Dumbo, Mary Poppins, Mi Amigo El Dragon (Pete's Dragon), Su Mas Fiel Amigo (Old Yeller), La Montana Embrujada (Escape to Witch Mountain), Los Tres Caballeros (The Three Caballeros), Mickey's Christmas Carol, and 2 cartoon collections in Spanish on November 30, 1985 In the United Kingdom, titles from the "Walt Disney Home Video" product line such as Mary Poppins, Pete's Dragon and Bedknobs and Broomsticks were not released to video cassette until November 26, 1988. Additional VHS releases in other countries under the "Walt Disney Home Video" are possible, but need further sourcing.

## Rarity

In terms of consignment, Heritage Auctions has placed in their "Vintage VHS Tapes Value Guide" that the most desirable VHS tapes released between 1979 and 1990 are still in their original factory shrink wrap. When VCRs were first released in 1977, they were priced between $1,000 to $1,400 which would roughly equal $4,900 to $6,900 in 2023 USD. As this amount was initially unattainable for most homes fewer people were buying VHS tapes, which in turn meant fewer copies being produced. A "likely sum of money for a video cassette at the time was between $80 and $100 or $400+ in 2023 USD. These higher costs lasted until 1985 when VCRs finally began dropping in price. While this meant more tapes were produced, it did not mean that they became any less of a rarity.

In regard to Disney "Only the earliest of Disney VHS cassettes produced prior to 1985 hold any value to most collectors." Titles such as "Tron" which remains "elusive" for early copies have sold for high amounts in mint condition. Things to look for in general include a sealed tape, a studio logo on the shrink-wrap, and if the latest year listed on the back of the cover is prior to 1986.


Trace McSorley

# Trace McSorley

## Abstract

Richard Thomas " Trace " McSorley III (born August 23, 1995) is an American professional football quarterback. He played college football for the Penn State Nittany Lions, where he holds school records in single-season passing yards and touchdowns and career total yards. McSorley was drafted by the Baltimore Ravens in the sixth round of the 2019 NFL draft.

## Early years

McSorley attended Briar Woods High School in Ashburn, Virginia from 2010 to 2014. He played high school football and started as a freshman. In his freshman year, he led the team to a 13–2 record and a state championship. Two seasons later in his junior year, he led the team to a 15–0 record and its third consecutive state title. He was named First-team All-State by the Virginia Coaches Association and Virginia Preps. As a junior, he was awarded All-Dulles District First Team; Dulles District Offensive Player of the Year; and Second-team All-Region quarterback.

## College career

### 2015 season

During McSorley's redshirt freshman year, he appeared in a total of six games, five of them when the game was in hand and McSorley was only in for a few plays. In the 2016 TaxSlayer Bowl against the Georgia Bulldogs, after starter Christian Hackenberg went out with an injury, McSorley was brought in with Penn State down 24–3. He nearly led a comeback, finishing the game 14 for 27 with 142 yards and two touchdowns, but Penn State fell short 24–17.

### 2016 season

With the early departure of quarterback Christian Hackenberg, who was drafted in the 2016 NFL draft by the New York Jets, McSorley and redshirt freshman Tommy Stevens competed for the job. On McSorley's birthday, August 23, 2016, head coach James Franklin announced that McSorley would be the starter. In his first start on September 3, against the Kent State Golden Flashes, he went 16 of 31 for 209 yards and two touchdowns in a 33–13 win. In McSorley's second game, he threw for 332 yards and a score in the loss at Pitt. Later in the season when the Nittany Lions played Minnesota, McSorley put up career high yardage numbers when he threw for 335 yards in a 29–26 OT win.

On October 22, 2016, Penn State and McSorley played Big Ten rival Ohio State. McSorley struggled with accurately throwing the ball, completing 8 of 23 passes for 153 yards. However, he scored two touchdowns, one passing and one rushing, en route to a stunning upset of #2 Ohio State by unranked Penn State. The win gave PSU a #24 ranking in the AP Poll, PSU's first ranking in the top 25 since the 2011 season. The next week at Purdue, McSorley completed 12 of 23 passing for 228 yards, three touchdowns, and no interceptions. The Nittany Lions won in a 62–24 rout and cemented their place in the AP Top-25 with a #20 ranking.

On November 1, 2016, Penn State was named #12 in the first official College Football Playoff rankings of the season.

On November 26, against rival Michigan State, McSorley threw for a career-high 376 yards, four touchdowns and no interceptions. He went 17 of 23 with a completion percentage of 73%, and led Penn State to the 45–12 win, earning a berth to the Big Ten Championship game against Wisconsin. On November 30, 2016, McSorley was named Second Team All-Big Ten by the coaches and media. With a third quarter completion to DaeSean Hamilton, McSorley broke the Penn State single-season record for passing yards. The sophomore started the night fourth on the single-season list, but passed Christian Hackenberg, Daryll Clark and Matt McGloin ’s to retain the top spot.McSorley finished the game with 384 yards, 22 of 31 passing, and four touchdowns in an MVP, Big Ten Championship winning performance.

"Trace has been dynamic all year long," head coach James Franklin said after the game. "I'm really proud of him, you know, his attitude, his demeanor, the type of teammate he is, the type of leader he is. Obviously he made plays tonight."

McSorley led the Nittany Lions back from a 28–7 deficit and broke the Big Ten Championship Game record for passing yards, set by Michigan State’s Connor Cook back in 2013, and touchdowns. His 364 total yards was also a championship game record.

On December 5, 2016, it was revealed that McSorley was on multiple Heisman ballots, some even as high as two, just behind Louisville quarterback Lamar Jackson. McSorley became the first Nittany Lion to be on a Heisman ballot in over ten years.

After the Big Ten Championship game, McSorley ranked third in FBS in passing yard on throws over 20 yards with 1,491.

In the 2017 Rose Bowl, McSorley went 18 for 29 with 254 yards and four touchdowns and three interceptions. He also rushed for 13 yards in a 49–52 loss to the USC Trojans.

### 2017 season

McSorley and the Nittany Lions entered the 2017 season ranked sixth by the AP Poll. In the Nittany Lions’ season opener McSorley passed for 280 yards and two touchdowns in a 52–0 rout over Akron. He helped lead the team to a remarkable 7–0 start (with a 3–0 mark in conference play), outscoring opponents by a combined 213 points over that span. Through the first seven games McSorley had passed for 1,879 yards and thrown 14 touchdowns passes.

Bolstered by that strong start, the Lions were ranked #2 in the country coming into a rivalry match at #6 Ohio State. In the primetime matchup, McSorley threw for 192 yards, two touchdowns and zero interceptions. He also rushed for 49 yards and another touchdown. However, a 19-point fourth quarter by the Buckeyes propelled them to a 39–38 comeback win, ending a potential perfect season for the Nittany Lions.

The next week against the Michigan State Spartans, McSorley threw for a season-high 381 yards and three touchdowns. However, after a 3 and a half hour delay due to weather the Nittany Lions were upset by the Spartans on a game winning field goal 27–24. The Nittany Lions and McSorley responded to the two-game losing streak however. The team finished the regular season 3–0 and McSorley threw for 776 yards and seven touchdowns with no interceptions in his final three contests.

The 10–2 Nittany Lions faced the 10–2 Washington Huskies in the 2017 Fiesta Bowl. McSorley struggled early and threw two interceptions in the first quarter however he finished the game 342 yards and two touchdown passes and also rushed for 60 yards. McSorley was named offensive MVP for the Nittany Lions.

After the season, it was speculated whether McSorley would declare for the 2018 NFL draft. After the bowl game, McSorley announced he was returning to Penn State for his senior season.

### 2018 season

McSorley helped lead the Nittany Lions to a 4–0 start. In that stretch was a game against Kent State, where he passed for two touchdowns and ran for three touchdowns. In the next game, a 27–26 loss to Ohio State, he had 286 passing yards, two passing touchdowns, and 25 carries for 175 rushing yards. After a loss to Michigan State in the next game, he had 220 passing yards, 107 rushing yards, and two rushing touchdowns in a victory over Indiana. After a victory over Iowa and a loss to Michigan, he helped lead the Nittany Lions to three consecutive wins over Wisconsin, Rutgers, and Maryland to close out the regular season. The Nittany Lions qualified for the Citrus Bowl, where they lost 27–24 to Kentucky. McSorley finished his final season with 2,530 passing yards, 18 passing touchdowns, and seven interceptions to go with 798 rushing yards and 12 rushing touchdowns.

### Honors and awards

- Fiesta Bowl Champion – 2017

- Fiesta Bowl Offensive MVP – 2017

- Big Ten Champion – 2016

- Big Ten Championship game MVP – 2016

- Second team All-Big Ten – 2016, 2017

#### Records

- Penn State Most single-season passing yards – 3,360 yds (as of December 2016) Most single-season total yards – 3979 yds (as of December 2016) Most single-season passing touchdowns – 29 (as of December 2016) Most single-season 300-yard passing games – 5 (as of December 2016) Most consecutive games with touchdown pass – 27 Most total offensive yards in a single game – 461 (as of September 2018)

- Most single-season passing yards – 3,360 yds (as of December 2016)

- Most single-season total yards – 3979 yds (as of December 2016)

- Most single-season passing touchdowns – 29 (as of December 2016)

- Most single-season 300-yard passing games – 5 (as of December 2016)

- Most consecutive games with touchdown pass – 27

- Most total offensive yards in a single game – 461 (as of September 2018)

## Professional career

### Pre-draft

McSorley was automatically eligible for the 2019 NFL draft as he was a graduating senior.

At the NFL Scouting Combine, McSorley posted a quarterback-best 4.57-second 40-yard dash, a vertical jump of 33 inches, as well as a 115-inch broad jump. NFL insider Adam Schefter reported that some teams asked McSorley to perform workouts with defensive backs, which he declined.

### Baltimore Ravens

#### 2019 season

McSorley was drafted by the Baltimore Ravens in the sixth round with the 197th overall pick in the 2019 NFL draft.

McSorley was the third-string quarterback behind Lamar Jackson and Robert Griffin III and made his debut in Week 17 of the 2019 season against the Pittsburgh Steelers. His sole snap was a quarterback draw which went for one yard. The Ravens won 28–10.

#### 2020 season

McSorley remained the third-string quarterback heading into the 2020 season. He was placed on the reserve/ COVID-19 list by the team on November 20, 2020, and activated on December 1. On December 2, 2020, McSorley came in during the fourth quarter of a rare Wednesday afternoon game against the Steelers after backup Griffin left the game with a hamstring injury. McSorley completed two out of six attempts for 77 yards and his first career touchdown, which was a 70-yard pass to Marquise Brown. He also carried the ball three times for 16 yards, including a seven-yard run for a fourth-down conversion. However, the Ravens lost 19–14. McSorley played two games later against the Cleveland Browns when starting quarterback Lamar Jackson suffered cramps and was pulled from the game in the third quarter. McSorley completed one of four passes for 13 yards and rushed twice for one yard. However, he suffered a left knee sprain on a quarterback draw and had to be pulled from the game in favor of a recovered Jackson. The Ravens came back and won the game 47–42. McSorley was placed on injured reserve the following day, causing him to miss the remainder of the regular season.

#### 2021 season

On August 31, 2021, McSorley was waived by the Ravens; however, he was re-signed to the practice squad the next day. On November 20, 2021, McSorley was activated to the Ravens' active roster, as Jackson was unable to play due to an illness, and backup quarterback Tyler Huntley had to act as the starter.

### Arizona Cardinals

#### 2021 season

On November 22, 2021, McSorley was signed off the Ravens practice squad by the Arizona Cardinals.

#### 2022 season

On August 30, 2022, McSorley was waived by the Cardinals and signed to the practice squad the next day. On September 7, he was promoted to the active roster. On December 21, after starter Kyler Murray tore his ACL in Week 14 and backup Colt McCoy suffered a head injury against the Denver Broncos in Week 15, McSorley was named the starter for the Cardinals in Week 16 matchup against the Tampa Bay Buccaneers. Passing 24-for-45 with one interception, McSorley netted 217 yards in the Cardinals' 19-16 loss in overtime. Prior to the Week 17 match-up against the Atlanta Falcons he was benched in favor of David Blough.

### New England Patriots

On April 13, 2023, McSorley signed a one-year deal with the New England Patriots. He was released on August 28, 2023.

### Chicago Bears

On October 17, 2023, the Chicago Bears signed McSorley to their practice squad. He was released on November 21.

### Pittsburgh Steelers

On December 4, 2023, the Steelers signed McSorley to their practice squad. He was released on January 10, 2024.

### Washington Commanders

On August 14, 2024, McSorley signed with the Washington Commanders. He was released on August 27, 2024.

## Personal life

Trace is the son of Rick and Andrea McSorley, and he has one younger sister, Micaela. His father played football at the University of Richmond and an uncle, Jeff McSorley, played football at Marshall University. He enjoys playing organized and pick-up sports and video games. McSorley graduated from Penn State in May 2018 with a degree in accounting and is working on a second degree in journalism. In October 2020, McSorley was the subject of a viral trend on the app TikTok. The song featured in the video, Trace McSorley by Matty Fresh, was originally uploaded in August 2018.

McSorley is a Christian. McSorley has a tattoo on his left biceps consisting of a cross with the Bible verses Philippians 4:13 and Psalms 23:4. He has said that the message behind the tattoo is "always pulling me in the right direction" and keeps him grounded and true to his roots.

He married Kasey Morano, his longtime girlfriend whom he met at Penn State, on March 25, 2023, in Philadelphia.


Batrachorhina sogai

# Batrachorhina sogai

## Abstract

Batrachorhina sogai is a species of beetle in the family Cerambycidae. It was described by Stephan von Breuning in 1980. It is known from Madagascar.


MP Materials

# MP Materials

## Abstract

MP Materials Corp. is an American rare-earth materials company headquartered in Las Vegas, Nevada. MP Materials owns and operates the Mountain Pass mine, the only operating rare earth mine and processing facility in the United States. The rare earth materials industry is dominated by China, which produces 60% of the world's rare earth elements and processes 90% of these materials, including imports from other countries. MP Materials focuses its production on Neodymium - Praseodymium (NdPr), a rare earth material used in high-strength permanent magnets that power the traction motors found in electric vehicles, robotics, wind turbines, drones and other advanced motion technologies. MP Materials is listed on the New York Stock Exchange under the ticker symbol "MP". As of December 2021, JHL Capital Group, QVT Financial and CEO James Litinsky were the company's three largest shareholders, with about 7.7% of the company owned by Shenghe Resources, a Chinese rare earth business located in Sichuan.

## History

In 2015, Molycorp, the previous owners of the Mountain Pass mine, filed for bankruptcy. At the time, it was the only U.S. producer of rare earth elements. While in bankruptcy, Secure Natural Resources (SNR), a company owned by Molycorp's creditors, including JHL Capital Group, gained control of the mine's mineral rights. In June 2017, the Mountain Pass mine was purchased at auction for $20.5 million by a new entity called MP Mine Operations LLC (MPMO). MPMO was a consortium formed principally by JHL Capital Group, a Chicago-based investment firm led by James Litinsky, along with QVT Financial LP and Shenghe Resources. Shenghe, a Sichuan China rare earth company, held a minority, non-voting interest. At the time, Mountain Pass was in a state of "care and maintenance" and had only eight employees according to Litinsky.

Following the asset acquisitions and formation of the entities that became MP Materials, the company restarted operations at Mountain Pass. On July 15, 2020, the company announced a reverse takeover whereby MPMO and SNR would be merged with Fortress Value Acquisition Corporation to become a public company under the name MP Materials Corp. The transaction, which closed on November 17, 2020, raised $545 million. On November 18, 2020, MP Materials began trading on the New York Stock Exchange under the symbol "MP".

In December 2021, MP Materials signed a long-term agreement with General Motors to provide neodymium-iron-boron magnets for use in GM's electric vehicle motors. As part of the contract, MP Materials also agreed to provide alloy and finished magnets to GM for its electric vehicles and to open a new factory located in Fort Worth, Texas to produce the magnets.

As of December 2021, JHL Capital Group, QVT Financial, and CEO James Litinsky were the company's three largest shareholders, and about 7.7% of the company was owned by Shenghe Resources, a Chinese company. Apart from institutions, other investors own 18%.

MP Materials and Australia's Lynas held a confidential discussion regarding a potential merger which fell through on February 5, 2024. Lynas is the second largest rare earth material company outside of China.

As of 2024, CEO James Litinsky was the company's largest shareholder. Other large shareholders include Vanguard, Shenghe Resources, BlackRock and Hancock Prospecting.

In April 2024, Hancock Prospecting, an Australian mining firm owned by Gina Rinehart, disclosed a 5.3% stake in MP Materials, comprising 8.8 million shares, and a 5.8% stake in Lynas.

### Mountain Pass mine

Discovered in 1949 in San Bernardino County, California, Mountain Pass mine consists of a bastnäsite ore-body with significant concentrations of rare earth elements. The mine once supplied most of the world's rare earth elements. Mountain Pass is the only operational rare earth mining and processing facility in the United States. The expected Mountain Pass mine life is approximately 24 years.

MP Materials produced 28,000 tonnes of rare-earth oxide equivalent from Mountain Pass in 2019, and 38,500 tonnes in 2020, or more than 15% of global production. As of late 2020, Shenghe Resources was the sole purchaser of MP Material's rare earth concentrate.

MP Materials has a three-phase plan for producing and scaling its operations:

- Stage I: Mining and crushing rare earths

- Stage II: Milling and flotation

- Stage III: Roasting, leaching and cleansing

As of 2024, the company had completed stage I and had begun working on stage II. MP Materials signed a supply chain agreement with Japanese trading house Sumitomo Corporation in 2023.

## U.S. government contracts

In July 2020, the United States Department of Defense issued a preliminary contract to MP Materials intended to restore domestic heavy rare earth production and separation capabilities to the United States. In November 2020, the United States Department of Defense awarded MP Materials $9.6 million as part of a government effort to increase domestic production of rare earth materials.

On September 30, 2020, President Donald Trump issued an executive order targeting China's dominance of rare earth materials. In the executive order, he expressed concern for the heavy reliance of the US on China for 80 percent of rare earth materials. He reiterated the importance of producing and refining rare earth in the US and discussed various tariffs and government grants to rare earth material companies such as MP Materials.

In 2021, MP Materials received $3 million in funding from the United States Department of Energy to design and study the feasibility of a system to produce rare earth oxides and metals from coal by-products in collaboration with the University of Kentucky.

In February 2022, U.S. President Joe Biden announced at a press conference that the United States Department of Defense was investing $35 million into MP Materials as part of an effort to spur domestic rare earth production in the United States. Biden said that this move was designed to reduce America's reliance on rare earth minerals imported from other countries. The Biden administration said the federal funding is earmarked to assist the company to develop a new commercial facility for “heavy” rare earth mineral processing.

On May 24, 2024, the Biden Administration announced a 25 percent tariff on rare earth magnets from China, set to take effect in 2026. This marks the first time that critical minerals, including rare earth magnets, have been specifically included in the tariffs. Following the tariffs MP Materials put out a statement listing the tariffs. After the announcement, CEO James Litinsky attended an event with Biden at the White House.


Goodbye (Cream album)

# Goodbye (Cream album)

## Abstract

Goodbye (also called Goodbye Cream) is the fourth and final studio album by Cream, with three tracks recorded live, and three recorded in the studio. The album was released after Cream disbanded in November 1968.

## Background and recording

Just before Cream's third album, Wheels of Fire, was to be released, the group's manager Robert Stigwood announced that the group would disband after a farewell tour and a final concert at the Royal Albert Hall in November. The group started their farewell tour on 4 October 1968 in Oakland, California and 15 days later on 19 October the group performed at The Forum in Los Angeles where the three live recordings on Goodbye were recorded with Felix Pappalardi and engineers Adrian Barber and Bill Halverson. Just after their farewell tour concluded in November (and just prior to the final Royal Albert Hall show on Nov 26), Cream recorded three songs over three days at Wally Heider Studios in Los Angeles with producer Felix Pappalardi and engineer Damon Lyon-Shaw, with overdubs at IBC Studios in London a month later. Each of the three songs was penned by a different member of the band. The songs " Badge " and " Doing That Scrapyard Thing " featured Eric Clapton using a Leslie speaker, while all three recordings featured keyboard instruments played by either Jack Bruce or Felix Pappalardi. Present at the Wally Heider sessions on November 21 was George Harrison, credited on the album sleeve for contractual reasons as "L'Angelo Misterioso", who contributed rhythm guitar to "Badge", the song he co-wrote with Clapton.

In a 1969 Rolling Stone interview, producer Phil Spector told a possibly apocryphal story about how Atlantic Records head Ahmet Ertegun caused the album to happen: "Like the Cream are breakin' up, and he said, 'like man you have to do a final album for me.' They said, 'Why man, we hate each other,' or somethin' like that. Ahmet said, 'Oh no man, you have to do one more album for me. Jerry Wexler has cancer, and he’s dyin' and he wants to hear one more album from you.' So they go in, make the album and he says, 'Like man, Jerry Wexler isn’t dyin', he’s much better, he’s improved.'”

## Compiling, artwork, and packaging

The original plan for Goodbye was to make it a double album, with one disc featuring studio recordings and the other with live performances, like Wheels of Fire. With a lack of quality material on hand, however, the album was only one disc with three live recordings and three studio recordings.

The original LP release of the album was packaged in a gatefold sleeve with art direction handled by Haig Adishian. The outer sleeve featured photography by Roger Phillips with a cover design by the Alan Aldridge Ink Studios featuring the group doing a showbiz soft shuffle in top hats and silver silk tails, while the inner sleeve featured an illustration of a cemetery by Roger Hane that had the song titles on tombstones. A compact disc reissue of the album for the Cream Remasters series in 1998 featured an inlay photograph and had the inner-sleeve illustration in the liner notes of the album.

## Release

Goodbye was released on 5 February 1969 by Atco Records in the United States, debuting in the Billboard chart on 15 February and a month later in Europe by Polydor Records. It debuted at No. 1 in the United Kingdom on 15 March, staying in that position for four non-consecutive weeks, and peaked at No. 2 in the United States. A single, " Badge ", was released from the album a month later and hit No. 18 on the UK charts. Interest in the now-defunct group was so intense at this point that the album's release pushed two of the group's earlier albums, Fresh Cream and Disraeli Gears, to both peak at No. 7 on the UK chart in late February 1969.

## Critical reception

The album was received well by New Musical Express, whose Nick Logan wrote an article-long review discussing each track. He praised the version of "I'm So Glad" for "being as good as they've ever done it and suffice to say the musicianship is stunning", while noting "Badge" as "compelling listening" and pinpointing "What a Bringdown" as Jack Bruce's favorite of the studio tracks. Melody Maker wrote "no drum solos on this one, but all three are in superb form". Record Mirror was slightly less enthusiastic, stating "a worthwhile souvenir though nothing superastonishing to fill us with desperate regrets it's all over", naming "What a Bringdown" as the best track and "a mild knockout". Over in America, Cashbox penned a short review which simply stated "the group has a reservation for the charts with this set, and should claim it in short order".

In a contemporary review for Rolling Stone, music critic Ray Rezos felt Cream deserved to depart with a better album. He wrote that most of the live songs sounded inferior to the original recordings and that the studio tracks were marred by the same flaw as on Wheels of Fire, namely the presence of blues playing on songs whose compositions were not blues in his opinion. Nonetheless, Goodbye was voted the 148th best rock album of all time in Paul Gambaccini 's 1978 poll of 50 prominent American and English rock critics, issued as the book Critic's Choice: Top 200 Albums.

In a retrospective review for AllMusic, senior editor Stephen Thomas Erlewine called Goodbye a work of "hard, heavy rock" and "strong moments" rather than cohesiveness, with live music that is generally better than on Wheels of Fire and a side of studio recordings that also found Cream "at something of a peak". Robert Christgau also reacted favourably to the album, citing it as his favourite record from the group. J. D. Considine was less impressed in The Rolling Stone Album Guide (1992), deeming Goodbye an incomplete record with "exquisite studio work" but mediocre live performances.

## Track listing

- Sides one and two were combined as tracks 1–6 on CD reissues.

Notes:

- recorded live at The Forum, Los Angeles, 19 October 1968.

- Original pressings of the album (as well as the single) list composer credit on "Badge" to Clapton alone.

- "Anyone for Tennis" was originally released as a non-album single, as well as by Atco on the soundtrack album to the film The Savage Seven (catalogue no. SD 33-245, 1968). The song was subsequently sometimes included on pressings of Wheels of Fire (1968) and later pressings of Goodbye by Polydor.

## Personnel

Cream

- Ginger Baker – drums (all tracks), backing vocals (1, 6), percussion (6)

- Jack Bruce – bass guitar (1–5), lead vocals (1–3, 5, 6), piano (5, 6), organ (6)

- Eric Clapton – guitars (all tracks), lead vocals (4, 6) backing vocals (1)

Additional musicians

- L'Angelo Misterioso (George Harrison) – rhythm guitar (4)

- Felix Pappalardi – piano (4), mellotron (4, 5), bass (6)

Recording

- Engineers – Bill Halverson, Adrian Barber, Damon Lyon-Shaw


Oluwole Oke

# Oluwole Oke

## Abstract

Oluwole Busayo Oke (born 28 April 1967) is a Nigerian businessman, administrator, economist and politician who is serving in the 8th and current House of Representatives. He is the chairman committee on Public Account at the Nigerian House of Representatives representing Obokun/Oriade federal constituency of Osun State under the People's Democratic Party in Nigeria.

## Education

Oluwole Oke attended The Polytechnic, Ibadan, where he obtained his National Certificate of Education in 1988 in Business Studies. He then proceeded to the University of Abuja where he got a bachelor's degree in Economics in 1999. He also had an MBA from the prestigious Obafemi Awolowo University, Ile-Ife in 2004. In 2013, he attended University of London where he obtained a master's degree.

## Legislative career

In 1999, Oke was elected in the Nigerian House of Representatives representing Oriade / Obokun Federal constituency of Osun State. Oke served as member and Chairman, House Committee on Defence between 2003 and 2011. He lost the bid to be reelected in 2011, later contested again in 2015 and won. His legislative interests comprise education, taxation, oil and gas and procurement. Again in 2023, was re-elected in to the Nigerian House of Representatives.