Europe Adopts New Currency
January 1, 1999. After a lengthy period of debate, 11 European nations (Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain) adopted a common currency. All these nations now have a single monetary policy, a single interest rate, etc. Their collective future hinges on the value of the euro.
Immediately upon its creation, the euro began fall in value. The initial value of $1.17 reached $0.85 within less than two years.
After a year of oscillations around $0.90, by May 2003 the euro had regained its initial value of $1.17.
Euro coins and banknotes were introduced on January 1, 2002. Images of Euro coins and banknotes