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The EURO - On everyone´s lips

5/24/2010

There’s been a lot of talk about the Euro recently – mainly due to the crisis in Greece, but also due to faltering economies, namely Portugal, Spain and other countries that are heavily in debt.

The idea of a common European currency dates back to 1973, when the forerunner to the EU, the European Economic Community, introduced the artificial currency, the ECU. It was based on the value of the member states’ currencies. In 1990 the last stages were set in motion, the European Monetary Union, EMU, which meant that during the third stage, the then eleven countries would introduce the Euro as their currency. On the 1st of January 1999, the Euro was introduced as an electronic currency and on New Year’s Day 2002 as a physical currency in notes and coins. 


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