History of Euro in Timeline

The euro is the official currency of the eurozone, comprising 20 of the 27 member states of the European Union. It is subdivided into 100 euro cents.

1931: Historical parallel to 1931

A historical parallel – to 1931 when Germany was burdened with debt, unemployment and austerity while France and the United States were relatively strong creditors.

1992: Maastricht Treaty Provisions

In 1992, the Maastricht Treaty established the provisions for the euro, including strict criteria for member states to participate in the currency.

1993: EU Expansion

Since 1993, all nations that have joined the EU have pledged to adopt the euro in due course.

August 1995: Proposal of the name "euro"

On 4 August 1995, Belgian Esperantist Germain Pirlot suggested the name "euro" in a letter to then President of the European Commission, Jacques Santer.

December 1995: Euro name adoption

In December 1995, the name 'euro' was officially adopted in Madrid.

December 1995: Official adoption of the name "euro"

In Madrid on 16 December 1995, the name "euro" was officially adopted.

1995: Sweden joins EU

In 1995, Sweden joined the EU after the Maastricht Treaty was signed.

December 1998: Exchange rates determined

In December 1998, the Council of the European Union determined the exchange rates based on market rates on December 31, 1998.

1998: Investment increase after 1998

Following 1998, physical investment in the Eurozone reportedly increased by 5% due to the introduction of the euro.

1998: Euro as a way to foster joint identity

In 1998, Wim Duisenberg, European Central Bank Governor, made statements about the euro as a way to foster a closer sense of joint identity between European citizens.

1998: Euro used in Cuba

Since 1998, euro has been used as a foreign trading currency in Cuba

January 1999: Euro introduction to financial markets

In January 1999, the euro was introduced to world financial markets as an accounting currency, replacing the European Currency Unit (ECU) at a 1:1 ratio.

January 1999: Introduction of the euro in non-physical form

On January 1, 1999, the euro was introduced in non-physical form (electronic transfers, banking, etc.), and the national currencies of participating countries ceased to exist independently.

January 1999: Introduction of the euro

The euro was introduced on 4 January 1999.

December 1999: Euro trades below US dollar

Between December 1999, the euro traded below the US dollar.

1999: Euro opens for business

In 1999, the euro opened for business with rules to limit a country's annual deficit to three per cent of gross domestic product, and the total accumulated debt to sixty per cent of G.D.P.

1999: Introduction of the euro

In 1999, the euro was introduced and became the second most widely held international reserve currency after the U.S. dollar.

2000: Euro as a way to foster joint identity

In 2000, Laurent Fabius, French Finance Minister, made statements about the euro as a way to foster a closer sense of joint identity between European citizens.

2000: Euro exchange rate falls

In 2000, the euro's exchange rate against other major currencies fell, reaching its lowest exchange rates.

2000: Price Convergence Studies in Eurozone

Studies in 2000 failed to find any evidence of convergence following the introduction of the euro after a phase of convergence in the early 1990s.

December 2001: Germany ceased to be legal tender

The earliest date on which the national currencies ceased to be legal tender was in Germany, where the mark officially ceased to be legal tender on 31 December 2001.

2001: Treaty of Nice

The Maastricht Treaty was amended by the 2001 Treaty of Nice.

January 2002: Introduction of new euro notes and coins

On January 1, 2002, new euro notes and coins were introduced, while the old currencies continued to be used as legal tender.

January 2002: Physical euro coins and banknotes circulation

On January 1, 2002, physical euro coins and banknotes entered into circulation, making the euro the day-to-day operating currency of its original member states.

January 2002: Euro banknote issuance

Since January 1, 2002, the national central banks (NCBs) and the ECB have issued euro banknotes on a joint basis.

February 2002: End of changeover period

The changeover period, during which former currencies' notes and coins were exchanged for those of the euro, lasted until 28 February 2002.

March 2002: Euro replacing former currencies

By March 2002, the euro had completely replaced the former currencies of its member states.

December 2002: Euro trades below US dollar

Between December 2002, the euro traded below the US dollar.

December 2002: Portuguese escudos become non-convertible

The earliest coins to become non-convertible were the Portuguese escudos, which ceased to have monetary value after 31 December 2002.

2002: Initial Euro Coin Design

As of 2002, the euro coins for the denominations except the 1-, 2- and 5-cent coins, the map only showed the 15 member states of the union.

2002: Euro as a way to foster joint identity

In 2002, Romano Prodi, President of the European Commission, made statements about the euro as a way to foster a closer sense of joint identity between European citizens.

2003: Slowing of price convergence

Between 2000 and 2003, the process of price convergence slowed down substantially in the Eurozone.

2003: Sweden turns down the euro

In 2003, Sweden turned down the euro in a non-binding referendum.

2004: Germany and France broke Euro rules

By 2004, Germany and France, the two biggest economies in the euro zone, had broken the rules for three years in a row.

2004: Greece Commemorative Coin

In 2004, Greece issued a commemorative coin to celebrate the Summer Olympics.

2005: Sovereign Military Order of Malta - stamps in euros

Since 2005, stamps issued by the Sovereign Military Order of Malta have been denominated in euros.

2006: Euro used in Syria

Since 2006, euro has been used as a foreign trading currency in Syria.

September 2007: Alan Greenspan comments on the euro

In September 2007, former Federal Reserve Chairman Alan Greenspan stated that it was "absolutely conceivable that the euro will replace the US dollar as reserve currency, or will be traded as an equally important reserve currency".

2007: Euro Coin Design Update

Beginning in 2007, the old map was replaced by a map of Europe also showing countries outside the EU (depending on the country).

2007: Financial crisis of 2007

Following the financial crisis of 2007, governments in Eurozone countries found it necessary to bail out or nationalise their privately held banks.

2007: Start of Global financial crisis

The global financial crisis started in 2007.

July 2008: Euro peaks against US dollar

On July 18, 2008, the euro peaked at US$1.60 against the US dollar.

2008: Euro Coin Design Update

Beginning in 2008, the old map was replaced by a map of Europe also showing countries outside the EU (depending on the country).

2008: US financial crisis

Following the U.S. financial crisis in 2008, fears of a sovereign debt crisis developed among investors concerning some European states.

2008: Euro exchange rate reaches historical highest point

In 2008, the euro's exchange rate reached its historical highest point.

2008: Euro reserve currency share peaks

In 2008, the euro's share as a reserve currency reached 27%, while the U.S. dollar's share fell to 64%.

2009: Price convergence resurfaces

A recent study suggested that price convergence in the Eurozone resurfaced after 2003 and until 2009.

2009: Sovereign debt crisis development

In 2009 fears of a sovereign debt crisis developed among investors concerning some European states, with the situation becoming particularly tense in early 2010.

2009: Euro introduced in Zimbabwe

In 2009, Zimbabwe abandoned its local currency and introduced major global convertible currencies instead, including the euro.

2009: Studies on Euro trade increase

In 2009, a consensus from studies concluded that the introduction of the euro had increased trade within the Eurozone by 5% to 10%.

January 2010: São Tomé and Príncipe dobra pegged to the euro

Since January 1, 2010, the São Tomé and Príncipe dobra has been pegged to the euro.

2010: Meta-analysis of trade effect studies

A more recent meta-analysis shows that publication bias decreases over time and that there are positive trade effects from the introduction of the euro, as long as results from before 2010 are taken into account.

2010: Euro area government debt/GDP ratio

In 2010, the euro area's government debt/GDP ratio of 86% was about the same level as that of the United States.

2010: Tense situation in the Eurozone

In early 2010 the situation became particularly tense in the Eurozone.

November 2011: Euro's exchange rate stable

In November 2011, the euro's exchange rate index was trading almost two percent higher on the year, approximately at the same level as it was before the crisis began in 2007.

2011: Economist Intelligence Unit on the euro area's economic position

According to the Economist Intelligence Unit in 2011, the euro area's economic and fiscal position looked no worse and in some respects, rather better than that of the US or the UK.

2012: Germany debt-rating warning

Summer 2012 even as Germany received a debt-rating warning of its own.

2013: Euro-pegged currency usage

As of 2013, 182 million people in Africa use a currency pegged to the euro, 27 million people outside the eurozone in Europe, and another 545,000 people on Pacific islands.

January 2014: Interest rates decrease

As of January 2014, interest rates of most member countries (particularly those with a weak currency) have decreased since the introduction of the euro.

2018: Euro used in Venezuela

Since 2018, euro has been used as a foreign trading currency in Venezuela.

April 2019: Discontinuation of €500 Note Issuance

As of April 27, 2019, issuance of the €500 euro banknote was discontinued as part of the Europa series.

December 2019: Euro in circulation

As of December 2019, the euro had more than €1.3 trillion in circulation, marking it as one of the currencies with the highest combined value of banknotes and coins in circulation worldwide.

December 2021: ECB announces plans to redesign euro banknotes

In December 2021, the ECB announced its plans to redesign euro banknotes by 2024.

July 2022: Euro and US dollar trade at par

In mid July 2022, the euro and the US dollar traded at par for a short period of time during an episode of dollar appreciation.

July 2022: Euro hits parity with US dollar

On July 13, 2022, the euro and US dollar hit parity for the first time in nearly two decades, partly due to the 2022 Russian invasion of Ukraine.

September 2022: US dollar higher than Euro

In September 2022, the US dollar's face value was higher than the euro, at around US dollar 0.95 per euro.

November 2022: Euro bank note printers

As of November 2022, list of authorized bank note printers.

2022: Portuguese banknotes exchangeable

Portuguese banknotes remained exchangeable until 2022.

March 2023: ECB clearing system T2

The ECB set up a clearing system, T2 since March 2023, for large euro transactions.

2023: Eurozone

As of 2023, the euro is the sole currency of 20 EU member states, constituting the "eurozone", some 347 million people in total.

2023: Euro adoption in Croatia

Based on the introduction of the euro as the official currency in Croatia in 2023, the ECB argues that inflation due to a change of currency is a one-time effect of limited impact.

July 2024: Euro records a new high against the Japanese yen

On 11 July 2024, the euro recorded a new high against the Japanese yen during a long period of depreciation of the latter.

2024: Eurobarometer 2024

According to Eurobarometer data in 2024, there are varied levels of public support for the euro among different countries.

2024: Planned redesign of euro banknotes

By 2024, the ECB plans to redesign euro banknotes.

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