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The European Council summit in Hannover on 14 June 1988 began to outline monetary co-operation. France, Italy and the European Commission backed a fully monetary union with a central bank, which British Prime Minister Margaret Thatcher opposed. [5] [6]
A brief history of the steps leading to the euro’s launch in 1999 and the reasons behind its creation.
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 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 is the second-most widely held reserve currency after the U.S. dollar. After its introduction on 4 January 1999 its exchange rate against the other major currencies fell reaching its lowest exchange rates in 2000 (3 May vs sterling, 25 October vs the U.S. dollar, 26 October vs Japanese yen).
In 1999 the Euro was launched as a monetary unit of account and in 2002 currency money (tangible coins) was introduced, the result of a direct decision-making process and preparation of more than thir-ty years. The first phase in the creation of a European Eco-nomic Monetary System was an arrangement established in 1979 where most nations of the
The euro arose from the 1991 Maastricht Treaty, in which the 12 original member countries of the European Community (now the European Union) created an economic and monetary union and a corresponding common unit of exchange. The new currency, the euro, was officially issued on January 1, 1999.
