Term Paper: History of Euro

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Sample Term Paper – History of Euro

Words 1,074

This term paper discusses the history of Euro. The “euro” is the name of the single currency of the European Community. The Treaty of Rome (1957) declared a common European market as a European purpose with the aim of increasing economic prosperity and contributing to closer ties among the different countries.

The “euro” is the name of the single currency of the European Community. The Treaty of Rome (1957) declared a common European market as a European purpose with the aim of increasing economic prosperity and contributing to closer ties among the different countries. The Single European Act (1986) and the Treaty on European Union (1992) have shaped on this, introducing Economic and Monetary Union (EMU) and laying the basics for a single currency the Euro.

The third phase of EMU began on 1 January 1999, when the exchange rates of the participating currencies were permanently positioned. Euro area Member States began applying a shared monetary policy, the euro was presented as a legal currency, and the 11 currencies of the sharing States became part of the euro.

The first notes and coins were issued with great fanfare on January 1 2002, when the euro became legal tender for all transactions in Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. The old national currencies were phased out over the next few months. The only EU states not to adopt the currency were Britain, Denmark, and Sweden. The Danes rejected the euro by 53%-47% in a referendum in September 2000, but the Copenhagen government is expected to call a second poll shortly. Sweden is due to hold a referendum on September 14 this year. (Guardian)

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