Euro wanted as currency in Faroe Islands

The Euro is not just used in the Eurozone. Andorra, Montenegro and Kosovo and a handful of other countries in the world use the Euro as their currency.
Forum rules
Please read: Forum Rules

Euro wanted as currency in Faroe Islands

Postby theeuro on 10 Aug 2009, 09:34

From: IceNews– Daily News

Euro wanted as currency in Faroe Islands

By Jarrett Iovine on Aug 6, 2009

The Faroe Islands currently use the Danish krone (DKK) as their local currency; however, the Sjalvstyrisflokkurin (Independence Party of the Faroe Islands) has applied for establishing the euro as the national currency. The application was sent to the Central Bank of the European Union on Wednesday.

Both major parties of the Faroe Islands, the Independence Party and the Republic Party (Tjodveldi), have come to an agreement to send in the application applying for the euro as the national currency. A public referendum has to take place on the possible changing of currency before the Faroese parliament, Logtingid, makes the final decision, according to Faroese news source Kringvarp Foroya.

See the full application and agreement issued by the Faroese parliament here, however the application is in Faroese.
MdV
The Euro Information Website and Forum Administrator
User avatar
theeuro
Site Admin
 
Posts: 588
Joined: 04 Aug 2008, 22:43

Re: Euro wanted as currency in Faroe Islands

Postby Miguel.mateo on 10 Aug 2009, 15:06

What is the implication of this referendum? Can this be accepted by Denmark? Can it be accepted by the ECB? Will they have the right to issue coins? It sounds to me like a very special case ...

Regards,
Miguel
User avatar
Miguel.mateo
500 Posts
500 Posts
 
Posts: 530
Joined: 05 Aug 2008, 15:51
Location: Japan

Re: Euro wanted as currency in Faroe Islands

Postby Illioplius on 11 Aug 2009, 15:54

If they adopt it, will they be allowed to create their own design? Or it will be as in Kosovo, Montenegro and Andorra?
User avatar
Illioplius
100 Posts
100 Posts
 
Posts: 115
Joined: 07 Sep 2008, 12:20
Location: Bratislava, Slovakia

Re: Euro wanted as currency in Faroe Islands

Postby melitikus on 11 Aug 2009, 17:44

Illioplius wrote:If they adopt it, will they be allowed to create their own design? Or it will be as in Kosovo, Montenegro and Andorra?


I believe it would be more like Kosovo ... they are not an independent state
User avatar
melitikus
50 Posts
50 Posts
 
Posts: 96
Joined: 13 Aug 2008, 20:27
Location: Malta, European Union

Re: Euro wanted as currency in Faroe Islands

Postby Rick the collector on 14 Aug 2009, 21:47

Indeed, The Faroe Islands are not able to issue their own coins, since they are not an independent state and thus no EMU- and ERM-II-member.

If this agreement is to be accepted, it will only grant the Faroe Islands to use the euro as legal tender, just as Kosovo is doing now.

However the question what Denmark's got to say about this issue is interesting, maybe theeuro could clarify this for us?

Regards,
User avatar
Rick the collector
50 Posts
50 Posts
 
Posts: 72
Joined: 17 Dec 2008, 22:18
Location: Eindhoven, The Netherlands

Re: Euro wanted as currency in Faroe Islands

Postby melitikus on 14 Aug 2009, 22:03

Rick the collector wrote:
However the question what Denmark's got to say about this issue is interesting, maybe theeuro could clarify this for us?

Regards,



One would have to check the autonomy of these islands and how far it goes!
Last edited by melitikus on 15 Aug 2009, 14:58, edited 1 time in total.
User avatar
melitikus
50 Posts
50 Posts
 
Posts: 96
Joined: 13 Aug 2008, 20:27
Location: Malta, European Union

Re: Euro wanted as currency in Faroe Islands

Postby alexisslay on 14 Aug 2009, 22:56

Maybe Faroe Islands will find agreement with EU like Monaco, San Marino and Vatican which are not part of EU also.
These islands got their own money, so i guess they have enought autonomy to decide what to do with their currency.

If it happens and if they will be able to create their own euro coins, it will become one of the most difficult to get.

it is not as touristic as Malta and Cyprus. :roll:
alexisslay
 

Re: Euro wanted as currency in Faroe Islands

Postby melitikus on 15 Aug 2009, 15:00

alexisslay wrote:Maybe Faroe Islands will find agreement with EU like Monaco, San Marino and Vatican which are not part of EU also.
These islands got their own money, so i guess they have enought autonomy to decide what to do with their currency.

If it happens and if they will be able to create their own euro coins, it will become one of the most difficult to get.

it is not as touristic as Malta and Cyprus. :roll:



Unlike Monaco, San Marino and Vatican, the Faroe Islands are not an independent state
the Foroe Islands are more like what are eg the Azores to Portugal
User avatar
melitikus
50 Posts
50 Posts
 
Posts: 96
Joined: 13 Aug 2008, 20:27
Location: Malta, European Union

Re: Euro wanted as currency in Faroe Islands

Postby Rick the collector on 15 Aug 2009, 15:40

Melitikus is correct, the Faroe Islands are not an independent state, so they will never have a similar agreement as Monaco, Vatican or San Marino.
User avatar
Rick the collector
50 Posts
50 Posts
 
Posts: 72
Joined: 17 Dec 2008, 22:18
Location: Eindhoven, The Netherlands

Re: Euro wanted as currency in Faroe Islands

Postby Illioplius on 21 Aug 2009, 21:46

In present, Faroe Islands use normal Danish coins. However, they have their own banknotes as a equivalent to the Danish ones. Se here for more informations.
User avatar
Illioplius
100 Posts
100 Posts
 
Posts: 115
Joined: 07 Sep 2008, 12:20
Location: Bratislava, Slovakia


Return to The Euro in The World

Who is online

Users browsing this forum: No registered users and 1 guest

cron