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In Europe 1 billion = 1 mllion million 1012 In the US 1 billion = 1 thousand million 109. In money circles, however, the US definition is more widely used so the point is moot.

If you are referring to the fact that the European value of one billion was one million times one million, this has since been dropped and the US version of one thousand times one million has been adopted in an effort to standardise the value.

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