Today is the 10th anniversary of the agreement that launched the single currency. However, residents of the first 12 EU states that adopted the Euro didn’t begin using Euro banknotes and coins until 1 January, 2002.
When the euro was launched there were plenty of people who thought it would crash and burn. Ten years on, its role as a global currency is secure, even if it hasn’t achieved everything its founders hoped such as higher living standards (per capita income) and less divergence between national economies. But it has achieved macroeconomic stability and financial stability when reflecting to the recent credit crunch.
There are now 15 European countries who are members of the Eurozone, with a common currency, the Euro, and a single interest rate set by the European Central Bank (ECB). They make up 72% of the EU’s GDP. Click here for the Eurozone in figures.
Sphere: Related Content
0 Responses to “Happy 10th Anniversary”