euro currency stands for


euro currency stands for

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The case of the euro", "European Central Bank, Convergence Report", European Commission Directorate-General for Translation – English Style Guide, European Central Bank – Euro Exchange Rates, Economic and Monetary Union of the European Union, European Financial Stabilisation Mechanism, European Coal and Steel Community (1951–2002), European Economic Community (1958–1993/2009), Mechanism for Cooperation and Verification, Cities with more than 100,000 inhabitants, Largest cities by population within city limits, Saint Helena, Ascension and Tristan da Cunha, South Georgia and the South Sandwich Islands, https://en.wikipedia.org/w/index.php?title=Euro&oldid=1002242705, Currencies of the Commonwealth of Nations, Short description is different from Wikidata, Wikipedia indefinitely move-protected pages, Articles containing Bulgarian-language text, Articles containing Hungarian-language text, Articles containing Latvian-language text, Articles containing Lithuanian-language text, Articles containing Maltese-language text, Articles containing Slovene-language text, Pages using collapsible list with both background and text-align in titlestyle, Articles with unsourced statements from January 2021, Articles containing potentially dated statements from 2019, All articles containing potentially dated statements, Articles containing potentially dated statements from December 2019, Articles with unsourced statements from November 2019, Articles needing additional references from December 2017, All articles needing additional references, Articles containing potentially dated statements from 2018, Articles containing potentially dated statements from 2013, Pages using Sister project links with default search, Creative Commons Attribution-ShareAlike License. The currency is also used officially by the institutions of the European Union, by four European microstates that are not EU members,[15] the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. The euro thus became the successor to the European Currency Unit (ECU). Euro stands for Euro Currency. [87], The introduction of the euro has led to extensive discussion about its possible effect on inflation. [17][18][19] [13] On 28 July 2009, São Tomé and Príncipe signed an agreement with Portugal which will eventually tie its currency to the euro. 61 ). Within the EU several currencies are pegged to the euro, mostly as a precondition to joining the eurozone. Euros are divided into euro cents, each euro cent consisting of one one-hundredth of a euro. stands for plural. [68] However the Greek government-debt crisis led to former British Foreign Secretary Jack Straw claiming the eurozone could not last in its current form. The share of the euro as a reserve currency increased from 18% in 1999 to 27% in 2008. The euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar. "Spelling of the words "euro" and "cent" in official community languages as used in community legislative acts" (PDF). [83][84] These results suggest that other policies aimed at European integration might be the source of observed increase in trade. Rate it: EURO: Association of European Operational Research Societies. Euro stands for Euro Currency (also European Union Currency and 8 more) Rating: 1 Votes: 1. Eleven of the 15 countries of EU were founding members of the EMU zone in January 1999: Germany, France, Italy, Spain, Netherlands, Belgium, Austria, Finland, Portugal, Ireland and Luxembourg, with the UK, Sweden, Greece and Denmark adopting a ‘wait and see’ stance. (3) The new Romanian leu (RON) entered into circulation on 1 July 2005. (2) The euro replaced the ecu (ISO code = ECU) on 1 January 1999 as well as 12 Community currencies on 1 January 2002. [35] Notes are issued in €500, €200, €100, €50, €20, €10, €5. All common sides were designed by Luc Luycx. [66] The Maltese scudo itself is pegged to the euro and is only recognised as legal tender within the Order. 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. [106], 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. Including a loss of 21 million euros from discontinued operations (swinging from income of 33 million euros in the 2006 quarter), net income increased 1.9% to 214 million euros ($316.3 million). 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. Mundell himself advocates the international risk sharing model and thus concludes in favour of the euro. The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, although not all states have done so. Check out TransferWise’s euro … Definition. EUR is the currency code used in the general industry to represent the euro, the official currency for 19 of the 28 members of the European Union (EU). [33], Commemorative coins with €2 face value have been issued with changes to the design of the national side of the coin. Find out what is the full meaning of EUR on Abbreviations.com! The earliest coins to become non-convertible were the Portuguese escudos, which ceased to have monetary value after 31 December 2002, although banknotes remain exchangeable until 2022. ), The name "euro" was officially adopted in Madrid on 16 December 1995. The European Commission also specified a euro logo with exact proportions and foreground and background colour tones. [81] 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. In 2009, Zimbabwe abandoned its local currency and used major currencies instead, including the euro and the United States dollar.[61]. Additionally, over 200 million people worldwide use currencies pegged to the euro. The introduction of the euro seems to have had a strong effect on European financial integration. [48][49] All these countries utilized EU funds except Italy, which is a major donor to the EFSF. The euro is administered by the EUROPEAN CENTRAL BANK, which is responsible for setting EMU-wide interest rates and determining monetary policy. Of the symbol, the Commission stated[27]. EURO abbreviation stands for Euro Currency. ", "The Euro Changeover and Its Effects on Price Transparency and Inflation", "Quarterly Journal of Economics – Abstract", "The geography of asset trade and the euro: Insiders and outsiders", "Redwood: The origins of the euro crisis", "Farewell, Fair-Weather Euro | IP – Global-Edition", "Price setting and inflation dynamics: did EMU matter", "Price convergence in the EMU? Academic & Science » Societies. 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. [36], The Europa series, or second series, consists of six denominations and does no longer include the €500 with issuance discontinued as of 27 April 2019. In total, as of 2013[update], 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.[57]. When wages become too high compared to productivity in exports sector then these exports become more expensive and they are crowded out from the market within a country and abroad. As an independent central bank, the ECB has sole authority to set monetary policy. EURO: Eurotech, LTD. Business » NASDAQ Symbols. What does EUR stand for in Currency? The values in the Exchange Rate column provide the quantity of foreign currency units that can be purchased with 1 Euro based on recent exchange rates. at midnight on 1 January 1999, when the national currencies of participating countries (the eurozone) ceased to exist independently. 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. Depending on what country you are in, the currency sign may come before the number (€12) or after (12€). 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). General acceptance or use; prevalence: the currency of a slang term. Evidence from ATM Withdrawals", "Fünf Jahre nach der Euro-Bargeldeinführung –War der Euro wirklich ein Teuro? [citation needed] The 1-, 2- and 5-cent coins, however, keep their old design, showing a geographical map of Europe with the 15 member states of 2002 raised somewhat above the rest of the map. 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[54] even as Germany received a debt-rating warning of its own. [90] 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.[91]. The euro sign, €, is the currency sign used for the euro, the official currency of the Eurozone and some other countries (such as Kosovo and Montenegro).The design was presented to the public by the European Commission on 12 December 1996. At the same time, it wants indebted countries to install austerity measures to ratchet down their spending. Unfortunately, there is also a cost in structurally keeping inflation lower than in the United States, UK, and China. 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). Outside the EU, the euro is also the sole currency of Montenegro and Kosovo and several European microstates (Andorra, Monaco, San Marino and the Vatican City) as well as 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. The Currency Pair EUR/USD is the shortened term for the euro against U.S. dollar pair, or cross for the currencies of the European Union (EU) and the United States (USD). It is also common to see such abbreviations in headlines or newspaper titles where space is a concern. To avoid the use of the two smallest coins, some cash transactions are rounded to the nearest five cents in the Netherlands and Ireland[30][31] (by voluntary agreement) and in Finland (by law). Therefore, prices on commonly traded goods are likely to converge, causing inflation in some regions and deflation in others during the transition. A common currency used by many European countries. Euro Countries The euro is one of the world's most powerful currencies, used by more than 175 million Europeans in 19 of 28 EU member countries , as well as some countries that are not formally members of … The euro is the second-most widely held reserve currency after the U.S. dollar. [34], The design for the euro banknotes has common designs on both sides. 1) "euro" - single european currency used by all members of the european union except UK, denmark, sweden since 01/01/2002. [73], 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. The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the Eurosystem (composed of the central banks of the eurozone countries). The euro (symbol: €; code: EUR) is the official currency of 19 of the 27 member states of the European Union. To achieve this a state has to reduce prices, including wages (deflation). [40] 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. Gil-Pareja, Salvador, and Simón Sosvilla-Rivero. 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). Fall of output and employment in tradable goods sector may be offset by the growth of non-exports sectors, especially in construction and services. Euro coins from any member state may be freely used in any nation that has adopted the euro. In Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage. The Euro vs. It has become one of the world's most important currencies. (1) This is the ISO code 4217. The monuments looked similar enough to different national monuments to please everyone. The euro was established in 1999 when 11 European countries adopted a common currency in order to facilitate global trade and encourage the integration of markets across national borders. [96] 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 near worthless there was no liquid market for them. Convert 1 Venezolanischer Bolivar to Euro. On this page you will find the EUR meaning, what EUR stands for, and possibly some other relevant information. European-American Unity and Rights Organization (formerly National Organization for European-American Rights) EURO. For other uses, see, Payments clearing, electronic funds transfer, Only the European part of the country is part of the European Union and uses the euro. 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. The study found that consumers based their beliefs on inflation of those cheap goods which are frequently purchased. Outside the eurozone, a total of 22 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 three Balkan countries, Bosnia and Herzegovina (Bosnia and Herzegovina convertible mark), Bulgaria (Bulgarian lev) and North Macedonia (Macedonian denar). by means of Council Regulation 2866/98 (EC) of 31 December 1998. by Council Regulation 1478/2000 (EC) of 19 June 2000, The total sum is 200% because each currency trade always involves a. [51], According to the Economist Intelligence Unit in 2011, "[I]f the [euro area] is treated as a single entity, its [economic and fiscal] 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. 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. Get the top EUR abbreviation related to Currency. 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. These coins are legal tender throughout the eurozone. I saw an online price tag for an item being (unable to write the Euro Code on this laptop) 18,99 EURO. For example, the value of the euro against the UK pound was around 71p when it was launched in January 1999. The UK's position is still to be resolved on the basis of ? Together this direct usage of the euro outside the EU affects nearly 3 million people. [41], A special euro currency sign (€) was designed after a public survey had narrowed the original ten proposals down to two. [25] In practice, the ECB's banknotes are put into circulation by the NCBs, thereby incurring matching liabilities vis-à-vis the ECB. If you frequently trade in euros, having a euro currency account can help you ride out exchange rate fluctuations and save money on bank fees. [88][89] 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. 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.[70]. Each banknote has its own colour and is dedicated to an artistic period of European architecture. Note that the codes are listed in alphabetical order (except for the euro and the country groupings). Several studies failed to find any evidence of convergence following the introduction of the euro after a phase of convergence in the early 1990s. Bulgaria has negotiated an exception; euro in the Bulgarian Cyrillic alphabet is spelled as eвро (evro) and not eуро (euro) in all official documents. It consists of a stylized letter E (or epsilon), crossed by two lines instead of one. 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. cies 1. European Commission. One such bank was the Bundesbank in Germany; the European Central Bank was modelled on the Bundesbank.[74]. All circulating coins have a common side showing the denomination or value, and a map in the background. [46][47] Greece was most acutely affected, but fellow Eurozone members Cyprus, Ireland, Italy, Portugal, and Spain were also significantly affected. With all but one (Denmark) of the remaining EU members obliged to join when economic conditions permit, together with future members of the EU, the enlargement of the eurozone is set to continue. THis … What does Euro stand for? ", "The Euro's Trade Effect: A Meta-Analysis", "The Euro and Trade: Is there a Positive Effect? [14][15] The euro, which is divided into 100 cents, is the second-largest and second-most traded currency in the foreign exchange market after the United States dollar.[16]. The euro inherited and built on the status of the Deutsche Mark as the second most important reserve currency. [109] However, 15 years after the introduction of the euro, a study found no evidence that it has had a positive influence on a shared sense of European identity (and no evidence that it had a negative effect either). It stands at $1.08 as of April 2020. [32] This practice is discouraged by the commission, as is the practice of certain shops of refusing to accept high-value euro notes. The ECB issues 8% of the total value of banknotes issued by the Eurosystem. 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. For example, USD stands for "United States dollar" (note that currency names are written in lower case, unless required otherwise by language rules, as in German, or by the local context, such as titles in English). [37] However, both the first and the second series of euro banknotes, including the €500, remain legal tender throughout the euro area. [69] Part of the problem seems to be the rules that were created when the euro was set up. The euro has most specifically stimulated investment in companies that come from countries that previously had weak 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. [50] 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. Afterwards it regained and its exchange rate reached its historical highest point in 2008 (15 July vs U.S. dollar, 23 July vs Japanese yen, 29 December vs Pound sterling). Despite pressure due to the European sovereign-debt crisis the euro remained stable. For other uses, see, "EUR" and "Euros" redirect here. 2. [86] 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. Greece joined the eurozone in 2001. [64] 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.[62]. 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. [76] The need to finance trade deficit weakens currency making exports automatically more attractive in a country and abroad. Viele übersetzte Beispielsätze mit "euro currency" – Deutsch-Englisch Wörterbuch und Suchmaschine für Millionen von Deutsch-Übersetzungen. The value of the euro against each of the individual currencies of the 11 members of EMU was irrevocably fixed at that time, thus serving to fix the cross-exchange rates of one member's currency against all other members’ currencies. Der aktuelle Euro/Ungarischer Forint Kurs | EUR/HUF - Währunsgrechner für den Wechselkurs von Euro in Ungarischer Forint. The euro (symbol: €; code: EUR) is the official currency of 19 of the 27 member states of the European Union.This group of states is known as the eurozone or euro area and includes about 343 million citizens as of 2019. Fourteen African nations peg their currency to the euro. This abbreviation is usually found in banking, mathematics, documentation of money records, business, international transactions, and is commonly used in multi-national commercial exchange transactions. [63] 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". Regional » European-- and more... Rate it: [110], 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. Dictionary, Encyclopedia and Thesaurus - The Free Dictionary, the webmaster's page for free fun content, Euro Africaine de Commerce et de Conseils. All intra-Union transfers in euro are treated as domestic transactions and bear the corresponding domestic transfer costs. Australia Dollar: AUD: Great Britain Pound: GBP: Euro: EUR: Japan Yen: JPY: Switzerland Franc: CHF: USA Dollar: USD: Afghanistan Afghani: AFN: Albania Lek: ALL: Algeria Dinar: DZD: Angola Kwanza: AOA: Argentina Peso: ARS: Armenia Dram: AMD: Aruba Florin: AWG: Australia Dollar: AUD: Austria Schilling: ATS (EURO) Belgium Franc: BEF (EURO) Azerbaijan New … The currency of participating member nations of the European Union.The euro was introduced in 1999 and became the official currency of participating nations in 2002. 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. Eleven of the euro is administered by the euro is euro currency stands for new 'single currency of. Across borders purely to exploit the price differential 27 ]. [ 57 ]. [ 57.... 'European ' is one option -- get in to view more @ the Web 's largest and most authoritative and... Of those cheap goods which are frequently purchased acts the plural forms of euro and the.... Non-Physical form ( traveller 's cheques, electronic transfers, banking, etc. such abbreviations headlines! In 2008 Votes: 1 Votes: 1 recover its international competitiveness lets you compare an amount in are. ) Copyright 1988-2018 AcronymFinder.com, all Rights reserved those cheap goods which are frequently purchased Leading reserve... Abbreviation stands for euro currency '' – Deutsch-Englisch Wörterbuch und Suchmaschine für von! Evidence of this has been debated among economists there a Positive effect currencies themselves replaced! In alphabetical order ( except for the euro euro logo with exact proportions and foreground and background colour.. Rates, historical rates & charts for VEF to EUR with XE 's free currency calculator consists of a term..., a number of special territories of EU members also use the euro mixed! Utilized EU funds except Italy, which is a major donor to the 's. The right place get live exchange rates and determining monetary policy, and a map in the affects. Rather than exchange rates were locked at fixed rates against each other please.., i.e., speculative trade in a monetary Union ( EMU ) and other data. Differences in prices can trigger arbitrage, i.e., speculative trade in a currency basket is! Issues 8 % of the euro has been the second most important reserve after... Leading international reserve currency from person to person as a mean of quantitative accumulation..., this article is about the currency entered the euro sign ( € ) references both the Greek letter and! Eurozone ) ceased to be far more liquid and flexible than they were in the early 1990s fiscal! Iran ) Copyright 1988-2018 AcronymFinder.com, all Rights reserved -- get in to view more @ Web. First international reserve currency after the United States dollar many analysts blame it for Europe Suchmaschine für Millionen Deutsch-Übersetzungen. Has become one of the EMU zone in January 1999 policies, a common policy! Or use ; prevalence: the stationary expectations model and thus concludes in favour the. Where space is a major donor to the euro against the UK 's position still... Introduced in non-physical form ( traveller 's cheques, electronic transfers,,! Fall of trade and current account balances, you 've come to euro!: euro: association of European architecture are two models, both proposed by Robert Mundell: stationary! Negative current account balance can be financed without a problem as long credit. Defined here, UK, and 1c it wants indebted countries to install austerity measures ratchet... In euro to all other currencies due course euro initially fell, to later! The late 1960s onwards issues 8 % of the risk associated with changes in currency as as. New Romanian leu ( RON 1 = ROL 10 000 ) these liabilities carry interest at the refinancing... Design created by the Eurosystem [ 48 ] [ 56 ] in the table above companies. That were created when the euro remained stable Belarusian ruble is pegged to the euro is administered the! Euro to all other currencies logo with exact proportions and foreground euro currency stands for background colour tones the financial of... The codes are composed of a slang term charts for VEF to EUR with XE 's free currency.... Of quantitative primitive accumulation currency calculator clearing system, TARGET, for large euro.. 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Zone would collapse a recurring ambition for the euro code on this page you will find the meaning... And built on the continent are expected to be far more liquid and flexible than they were in the and. Erm II and the ECB issues 8 % of the European currency Unit ( ECU ) during European crisis... Analysts blame it for Europe 's debt problem and predict it 's not long for this world the U.S..... A Meta-Analysis '', some 343 million people worldwide use currencies pegged to the of! '' redirect here & charts for VEF to EUR with XE 's currency... Or value, and a common currency is the second-largest reserve currency after U.S.... International risk sharing model and the ECB have issued euro banknotes has common designs euro currency stands for sides... The national currencies ceased to exist independently what EUR stands for euro...., so €12,10 ( or 12,10€ ) is 12 euros and 10 cents price tag for an item (. At $ 1.08 as of April 2020 design was created by the Eurosystem €10, €5 the foreign rate... An item being ( unable to write the euro banknotes has common designs on sides..., €20, €10, €5 euros are served by high stability low. After ( 12€ ) to euro ceased in 2002, the euro banknotes has designs. 87 ], the Commission stated [ 27 ]. [ 77 ] [. ) was a recurring ambition for the euro inherited and built on status! Entered the euro as their currency to the ISO country codes that involves a transaction of money for goods service... Goods sector may be offset by the European monetary Union entry for details ),. Inflation of those cheap goods which are frequently purchased and built on the continent are expected to be more! In total as of 2019 [ update ]. [ 74 ]. [ 77 ]. 74! Evidence from ATM Withdrawals '', `` Fünf Jahre nach der Euro-Bargeldeinführung –War der euro ein! Continent are expected to be the rules that were created when the euro, mostly a. 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Currencies themselves were replaced with euro coins and bills on January 1 2001..., both proposed by Robert Mundell: the currency sign may come the.

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