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Oracle of DelphiJanuary 4 1999 Euro Becomes European Currency
January 4th 2011 08:23
In 1999, for the first time since Charlemagne's reign in the ninth century, Europe had a common currency, when the "euro" debuts as a financial unit in corporate and investment markets. Eleven European Union (EU) nations , representing some 290 million people, launched the currency in the hopes of increasing European integration and economic growth.
The original eleven countries were: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.
Closing at a robust 1.17 U.S. dollars on its first day, the euro promised to give the dollar a run for its money in the new global economy. Euro cash, decorated with architectural images, symbols of European unity and member-state motifs, went into circulation on January 1, 2002, replacing the Austrian schilling, Belgian franc, Finnish markka, French franc, German mark, Italian lira, Irish punt, Luxembourg franc, Netherlands guilder, Portugal escudo and Spanish peseta. A number of territories and non-EU nations including Monaco and Vatican City also adopted the euro.
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The original eleven countries were: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.
Closing at a robust 1.17 U.S. dollars on its first day, the euro promised to give the dollar a run for its money in the new global economy. Euro cash, decorated with architectural images, symbols of European unity and member-state motifs, went into circulation on January 1, 2002, replacing the Austrian schilling, Belgian franc, Finnish markka, French franc, German mark, Italian lira, Irish punt, Luxembourg franc, Netherlands guilder, Portugal escudo and Spanish peseta. A number of territories and non-EU nations including Monaco and Vatican City also adopted the euro.
Read more...
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