Oct 25, 2021 · It is the official currency of 19 countries in the European Union, as well as four non-EU territories. The euro was created to facilitate and integrate the European economy, and it is managed by the ECB. The Greek debt crisis threatened other EU countries, showing that the interdependency on currency does have a downside. Other European countries such as Denmark use their own currency.
- Kimberly Amadeo
- President, World Money Watch
The euro’s origins lay in the Maastricht Treaty (1991), an agreement among the then 12 member countries of the European Community (now the European Union)—United Kingdom, France, Germany, Italy, Ireland, Belgium, Denmark, the Netherlands, Spain, Portugal, Greece, and Luxembourg—that included the creation of an economic and monetary union (EMU).
The euro thus became the successor to the European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new notes and coins were introduced on 1 January 2002 (having been distributed in small amounts in the previous December). Beginning on 1 January 1999, all bonds and other forms of government debt by eurozone nations were denominated in euros.
Nov 01, 2021 · On Jan. 1, 1999, the European Union introduced its new currency, the euro. 1 The euro was created to promote growth, stability, and economic integration in Europe. Originally, the euro was an...
An economic and monetary union (EMU) was a recurring ambition for the European Union from the late 1960s onwards. EMU involves coordinating economic and fiscal policies, a common monetary policy, and a common currency, the euro. A single currency offers many advantages: it makes it easier for companies to conduct cross-border trade, the economy becomes more stable, and consumers have more choice and opportunities.
Jan 30, 2020 · Key Takeaways: The Euro The goal of the establishment of the Euro was to make European commerce easier and more integrated. The currency debuted in 2002 in a dozen countries. More have since signed on, and additional countries plan to. The euro and the dollar are key to global markets.