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Horta ,  August 25, 2009

Azores jointly corresponded with Portugal to demands of Economic and Monetary Union

The Azores have “jointly corresponded with the national whole towards the demands and challenges inherent to the membership of the Economic and Monetary Union.”
The belief of the Regional Directorate for the Budget and the Treasury was expressed in Horta on Tuesday afternoon during the opening ceremony of the itinerant exhibition of the European Commission titled “Euro, our currency” (Euro, a nossa moeda).
For José Antonio Gomes, the rigorous policy of expenditure containment imposed by the Government of the Azores is “a positive contribution to the national accounts", as it helps to release additional financial resources for the promotion of public and private investment.
Among the benefits brought by the introduction of the Euro, some of them “enhance the economic growth,” the Regional Director stressed the case of the “of the interest rates, inflation rates and of the exchange market."
We believe that the "heritage acquired over the past 10 years, with the single currency, has positively reflected on the lives of all the Azoreans,” said José Antonio Gomes. 
The Regional Director also stressed that “by the accuracy and diversity of the evidence submitted,” the exhibition opened in Horta today is “an opportunity to better understand the context and the importance of belonging to the Economic and Monetary Union.”
Promoted by the Directorate-General for Economic and Financial Affairs of the European Commission on the occasion of the 10th Anniversary of the Economic and Monetary Union, this exhibition, which was brought to the Region by the Government of the Azores, will be open to the public at the Sociedade Amor da Pátria until September 14 and can be visited every day from 1 PM to 4 PM and from 6 PM to 10 PM.
This exhibition, which has already been opened to the public in Ponta Delgada, where it was visited by about one thousand people, contains information on the creation process of the single European currency and on the Economic and Monetary Union, as well as specific information on the characteristics of notes and coins addressed at the public and at children.
With six distinct areas, the exhibition also presents various aspects concerning the Euro, displayed on panels, including interactive elements and media, which are complemented with information distributed in official publications and materials of the European Commission and the Banco de Portugal (Bank of Portugal).
In addition to the Regional Directorate for the Budget and the Treasury, who represented the President of the Government, João Fernando Castro, Mayor of Horta, João Nogueira Martins, Head of Unit of the Directorate-General for Economic and Financial Affairs of the European Commission, and Maria Teodora Cardoso, administrator at the Banco de Portugal attended the opening ceremony of this exhibition. 
Started on 1 January 1999, the third and final stage of the Economic and Monetary Union had as most visible aspects, the creation of a single currency - the Euro - and the carrying out of a single monetary policy which is in force in 16 countries: Germany, Austria , Belgium, Cyprus (since  January 1 2008), Slovenia (since  January 1 2007), Slovakia (since  January 1 2009), Finland, France, Greece (since  January 1 2001), Ireland , Italy, Luxembourg, Malta (from  January 1 2008), the Netherlands and Portugal.
With regard to the operations in the money, exchange and financial markets, the introduction of the Euro has taken place from January 1, 1999. However, for most retail operations, the transition to the new currency has taken place only since January 1, 2002, with the physical introduction of coins and notes.


Official government press-releases presented in all foreign languages interfaces of the Azorean Government Portal (Portal do Governo dos Açores) are a sub-set of the government's official press-releases daily output and are chosen for translation and publication on the foreign language interfaces based on audience segmentation criteria. The entire collection of the Azorean government press-releases is available in portuguese, here, from the GACS Press Office site.

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