Plans for a single currency in Europe started in 1969 after a conference of national leaders determined that a single currency would help stimulate trade within Europe. In addition to uniting European economies together, a single currency would help Europe compete fiscally with the United States and Japan. After a series of political changes in the U.S. and Europe, the goal of one currency was postponed for several years.
The Development of the Euro
The Maastricht Treaty of 1991 drafted the original plans for the currency that we know now as the euro. While the euro was officially created in 1999 by the European Monetary Union, the actual release of the physical money was not introduced in Europe until 2002. Thanks to the union that the euro has provided to European nations, Europe can compete as one of the largest economies in the world. In addition, European citizens have enjoyed the ability to easily transport goods, services, and currencies across nations.
The euro helped create prosperity and peace in Europe. With the introduction of the euro, traveling across Europe also became much easier for tourists, boosting Europes tourist revenue. The euro is now one of the most widely quoted currencies next to the U.S. dollar and the yen.
Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain are all current members of the Economic Monetary Union (EMU) and use the euro as the official currency. There are more places where the euro is used, including the Vatican, and more countries are applying to join the EMU.
