Euro 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). 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. While the euro dropped subsequently to US$0.83 within two years (26 October 2000), it has traded above the U.S. dollar since the end of 2002, peaking at US$1.60 on 18 July 2008. In late 2009, the
Language and the euro but the euro is popularly used, particularly by individuals wanting to convert their savings into a more stable currency. "Euro" has colloquially been pronounced in the English fashion since its inception. In response to criticism of the widespread English pronunciation of "euro", the Turkish Language Association officially introduced "avro" into Turkish ("av" being the first syllable of the Turkish word for Europe, "Avrupa") in 1998. A concerted campaign by the Turkish Language Association has begun to blossom in recent years, with most sections of the Turkish media now using the new word. It has yet to enter widespread colloquial use,