POST COLD WAR WORLD
INTEGRATION OF EUROPE
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Detailed explanation-1: -On 1 January 1999 the third and final stage of EMU commenced with the irrevocable fixing of the exchange rates of the currencies of the 11 Member States initially participating in Monetary Union and with the conduct of a single monetary policy under the responsibility of the ECB.
Detailed explanation-2: -From Maastricht to the euro and the euro area, 1991 to 2002 After a decade of preparations, the euro was launched on 1 January 1999: for the first three years it was an ‘invisible’ currency, only used for accounting purposes and electronic payments.
Detailed explanation-3: -Introducing the Euro: The Euro is the new ‘single currency’ of the European Monetary Union, adopted on January 1, 1999 by 11 Member States.
Detailed explanation-4: -On 1 January 1999, eleven European countries took a historical step forwards by entering Stage Three of Economic and Monetary Union. Thereby, the national currencies of these eleven countries became denominations of a single currency.