when did the euro became the european currency
1 January 1999
title: History of the euro text: succeeding the EMCF, under Maastricht. It was created as the forerunner to the European Central Bank. It met for the first time on 12 January under its first president, Alexandre Lamfalussy. After much disagreement, in December 1995 the name "euro" was adopted for the new currency (replacing the name "Ecu" used for the previous accounting currency), on the suggestion of then-German finance minister Theo Waigel. They also agreed on the date 1 January 1999 for its launch. On 17 June 1997 the European Council decided in Amsterdam to adopt the Stability and Growth Pact, designed to ensure budgetary discipline after title: History of the euro text: History of the euro The euro came into existence on 1 January 1999, although it had been a goal of the European Union (EU) and its predecessors since the 1960s. After tough negotiations, particularly due to opposition from the United Kingdom, the Maastricht Treaty entered into force in 1993 with the goal of creating an economic and monetary union by 1999 for all EU states except the UK and Denmark (even though Denmark has a fixed exchange rate policy with the euro). In 1999 the currency was born virtually and in 2002 notes and coins began to circulate. It rapidly title: Economic history of Europe text: The shift of international industrial production out of Europe is a key outcome of globalization. The Euro became the official currency of certain European Union members on January 1, 2001. The currency was signed into effect in 1992 in the Treaty of Maastricht. The initial idea behind the Euro was that it eliminates exchange rates between European nations and makes currency fluctuation risks minimal. The nations involved in the initial treaty were Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. These nations agreed in principle to the European Monetary Union (EMU) in 1999 and title: History of the euro text: close to the EU average. Greece failed to meet the criteria and was excluded from participating on 1 January 1999. On 1 June 1998 the European Central Bank succeeded the European Monetary Institute. However it wouldn't take on its full powers until the euro was created on 1 January 1999. The bank's first President was Wim Duisenberg, former head of the EMI and the Dutch central bank. The conversion rates between the 11 participating national currencies and the euro were then established. The rates were determined by the Council of the European Union, based on a recommendation from the European title: Euro text: Maastricht Treaty, the United Kingdom and Denmark were granted exemptions per their request from moving to the stage of monetary union which resulted in the introduction of the euro. (For macroeconomic theory, see below.) The name "euro" was officially adopted in Madrid on 16 December 1995. Belgian Esperantist Germain Pirlot, a former teacher of French and history is credited with naming the new currency by sending a letter to then President of the European Commission, Jacques Santer, suggesting the name "euro" on 4 August 1995. Due to differences in national conventions for rounding and significant digits, all conversion between the