1 janv. 1999 - EURO is introduced

Description:

Europes first common currency used by 19 EU member states

It was first officially proposed at the Maastricht Treaty in 1992, and it took 7 years for it to be developed and signed into legislation. At the time all countries except for Denmark and the United Kingdom signed to use the EURO as the official national currency.

The idea of a single currency was in the works since the late 60s as it would have made it easier for increasingly connected trade throughout Europe to thrive under a single currency. This would allow companies to conduct cross-border trade, the economy would become more stable, and consumers would have more choice and opportunities.

Because of disagreements between countries that were demanding different economic priorities and the rising sceptisism of using a single curreny it took about 30 years for the EMU to materialise

It was first proposed by the Delors Report during the Jaques Delors administration from 1985 to 1994. The report proposed a three-stage period to slowly introduce a single currency into the EU.

Stage 1 aimed to achieve Complete freedom for capital transactions. Stage 2 established the European Monetary Institute (predecessor to the European Central Bank). Stage 3 then introduced the EURO on the 1st of January 1999 and established the Stability and Growth Pact which aims to maintain the stability of the EMU.

The agreement entered into force then on January 1st 1999 adopted by 11 member states. Greece became the 12th member state to introduce the EURO on Janaury 1st 1999.
For the first three years up until 2002 the EURO was only used for accounting purposes and electronic payments.

January 1st 2002 - Official EURO coins and banknotes are introduced to the public and thus the EURO was born that we still use to this day

Nowadays 19 Member states use the EURO as their official currency.

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