WORLD HISTORY

Detailed explanation-1: -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. Coins and banknotes were launched on 1 January 2002, and in 12 EU countries the biggest cash changeover in history took place.

Detailed explanation-2: -Currently, the euro (€) is the official currency of 20 out of 27 EU member countries which together constitute the Eurozone, officially called the euro area.

Detailed explanation-3: -The name “the euro” was chosen in 1995 by a European Council meeting in Madrid. The symbol € is based on the Greek letter epsilon (), with the first letter in the word “Europe” and with 2 parallel lines signifying stability. The ISO code for the euro is EUR.

Detailed explanation-4: -A single currency makes the euro zone a more attractive region for non-EU countries to do business with, thus promoting trade and investment. Prudent economic management makes the euro an attractive reserve currency for non-EU countries and gives the euro zone a more powerful voice in the global economy.

Detailed explanation-5: -The Maastricht Treaty paved the way for the creation of a single European currency: the euro. It also established the European Central Bank (ECB) and the European System of Central Banks and describes their objectives.