Many important events will take place this year.

For example, 2012 could be the year that some countries decide to stop using the euro as their currency.

There will be big sporting competitions, such as the Euro soccer championship and the Olympics, in the spring and summer.

In November, we might see a new American president as the United States holds national elections.

The new year looks to be one that we will not likely forget.

British businessman Simon Wolfson is giving away £250,000 to the person who can provide the best way for a country to leave the euro.

The aim of the prize is to prevent economic chaos in Europe and the rest of the world if one country needs to exit the euro.

It is the second biggest academic cash prize after the Nobel. The deadline for entries is January 31, 2012.

With the large differences in the economies of the eurozone countries, some economists are guessing which country, if any, will be the first to leave the euro.

Greece is often at the top of the list.

However, Portugal, Spain, Italy and Ireland are also mentioned as countries that might leave the common currency.

Like the euro in Europe, it would be a common currency for the United States, Canada and Mexico.

The adoption of the amero, however, will probably not happen in the near future because there are large differences among the economies of North American countries.

Furthermore, many international transactions are carried out in U.S. dollars.

The British pound has sunk to its lowest level ever against the euro.

Some experts believe that two currencies could reach parity in the near future.

Presently, one pound is equal to 1.14 euros.

The euro is the common currency in several European countries. It was introduced in 1999.

Words

parity: equality, the same level.

The European Commission has given Slovakia the green light to join the euro zone on January 1, 2009.

It will become the 16th country to use the single currency.

Slovakia will be the second former communist country to adopt the euro. Slovenia started using the currency at the beginning of this year.

Words

the green light: approval, permission.

The euro reached a new high against American dollar today.

The European currency is now worth more than $1.37.

The dollar has also been much weaker against the British pound, the Indian rupee and the Canadian dollar in recent weeks.