When did the euro currency start?
It was preceded by the European Exchange rate mechanism in 1979, which sought to reduce exchange rate fluctuations in the EU and prepare for a single monetary policy and currency. The Euro was established in 1992 by the signing of the Maastricht Treaty. At this stage it was known as the ECU, or European Currency Unit, and was used only as an accounting currency by EU institutions. The name Euro was coined (no pun intended) in 1995 and on 1st January 1999 the Euro was introduced to replace national currencies. However, the physical notes and coins weren’t on place til 2002 onwards and until then old currencies were used as legal tender. All of the countries that signed the Maastricht treaty now use the Euro, with the exceptions of Britain and Denmark, who obtained exemptions.
