WORLD HISTORY

Detailed explanation-1: -The euro was launched on January 1, 1999, replacing the precursor ecu at a 1:1 value. Until the circulation of currency notes and coins in 2002, the euro was used only by financial markets and certain businesses. Many experts predicted that the euro could eventually rival the U.S. dollar as an international currency.

Detailed explanation-2: -The enlargement of the eurozone has been a continuous process since it was launched on 1 January 1999, the date when the euro became the official currency of 11 European Union member states – Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.

Detailed explanation-3: -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-4: -Adoption of the euro The dual circulation period – when both the Italian lira and the euro had legal tender status – ended on 28 February 2002. The Banca d’Italia (National Central Bank of Italy) exchanged Italian lira banknotes and coins until 29 February 2012.

Detailed explanation-5: -The first enlargements after the euro entered into circulation were to states which joined the EU in 2004; namely Slovenia in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014, and Lithuania in 2015.