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Pierre Werner 's report began the first moves towards monetary union. The first ideas of an economic and monetary union in Europe were raised well before establishing the European Communities.
After a decade of preparations, the euro was launched on 1 January 1999: for the first three years it was an ‘invisible’ currency, only used for accounting purposes and electronic payments. Coins and banknotes were launched on 1 January 2002, and in 12 EU countries the biggest cash changeover in history took place.
10 paź 2024 · euro, monetary unit and currency of the European Union (EU). It was introduced as a noncash monetary unit in 1999, and currency notes and coins appeared in participating countries on January 1, 2002. After February 28, 2002, the euro became the sole currency of 12 EU member states, and their national currencies ceased to be legal tender.
The launch of the euro on 1 January 1999 and the introduction of euro banknotes and coins in 2002 marked the culmination of a long journey that had begun decades before, driven by a simple and compelling logic: it is easier to trade in a common market if you use a common currency.
The euro was launched on 1 January 1999, when it became the currency of more than 300 million people in Europe. For the first three years it was an invisible currency, only used for accounting purposes, e.g. in electronic payments.
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 at the time).
In the 1950s, the Schumann Plan — the European Coal & Steel Com-munity — was the first step toward Euro-pean integra-tion. Then in the 1960s came the Eu-ropean Eco-nomic Com-munity. Luxembourg, 2000, Scot# 1036, marking the 50th anniversary of the Schumann Declaration.
