The euro is 20 years old, the major dates for the European currency

On December 31, 1998, on the eve of the launch of the euro, provided for by the Maastricht Treaty, the final conversion rates were unveiled with great fanfare in Brussels: it would take 1.95583 German deutschemarks, 6 55957 French francs or 1,936.27 Italian lire for one euro.

`Tens of thousands of people are mobilizing in European banks and stock exchanges to ensure that everything is operational when the markets reopen on January 4, as in stores for a dual display of prices.

The history of the European Central Bank (ECB)

(source ECB)

Official currency

On 1 January 1999 the euro became the official currency in eleven of the fifteen countries of the Union: Finland, Germany, France, Italy, Spain, the Netherlands, Belgium, Luxembourg , Austria, Portugal and Ireland (291 million inhabitants). It can be used for dematerialized banking operations, as well as for payments by check, traveller's check or bank card.

The euro, which started with a rate of 1.1789 dollars, will be baptized in the main financial centers on 4 January. But on January 27, it fell below one dollar and at the end of October it reached its historic low of $0.8230. On January 1, 2001, Greece joined the euro zone.

Coins and banknotes

On January 1, 2002, the euro becomes "a little piece of Europe in our hands", in the words of European Commission President Romano Prodi. Nearly 15 billion banknotes and more than 50 billion coins are introduced, disrupting the daily lives of 304 million Europeans. Time to get used to it, many will check calculator in hand for more or less easy conversions.

The "Starter" kit at 15.24 euros

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@AmandaBDan As the deputy editor of Times of Israel do you honestly not know how to read an expiration date?

— Murray Hammond Mon Jun 21 16:01:17 +0000 2021

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The banknotes, displaying bridges and windows, do not include any national symbol, unlike the coins which feature, for example, the sower for France or Mozart for Austria. A period of dual circulation begins, with a gradual withdrawal of national currencies until March 1, 2002. On July 15, the euro regains parity with the dollar.

New countries

In 2003, Sweden decided not to join the euro, like Denmark and Great Britain before it. On the contrary, new members of the EU join the euro: Slovenia in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014, Lithuania in 2015.

Debt crisis

On July 15, 2008, the euro climbed to 1.6038 dollars, its all-time high, against a dollar weighed down by the "subprime" crisis. In November, the euro zone entered a recession that lasted a year.

In 2010 the EU is faced with the debt crisis: in May, the euro zone and the IMF come to the aid of Greece with 110 billion euros in aid, in return for a severe austerity plan. In June, the euro fell below $1.20. In November, Ireland, whose banks are crippled with debt, obtains a rescue plan of 85 billion euros.

In 2011, Portugal received 78 billion euros in aid.

Draghi saves the euro

On July 25, 2012, the Spanish long-term rate soared above 7.6%, raising fears of a break-up of the euro zone. On the 26th, the President of the European Central Bank (ECB), Mario Draghi, declared that the institution was "ready to do whatever is necessary to preserve the euro", reassuring the markets. In August, the ECB bought 22 billion euros worth of European bonds in one week to support Italy and Spain. In October, the Eurogroup agrees to erase part of the Greek debt, combined with new loans.

Volatility, "Grexit" avoided

In May 2014, the single currency was close to 1.40 dollars, a "strong euro" which penalized exports. Ten months later, it is approaching 1.05 dollars, a tumble linked in particular to asset purchases by the ECB to support the economy. In July 2015, a third aid plan for Greece was concluded, to avoid in extremis a "Grexit" or exit of the country from the monetary union.

The new "EUROPE" series...

In 2013, the ECB began to issue new banknotes to replace those of 2002. This modification aims to complicate the task of counterfeiters. The central bank launched a new 'safer' series of €5 banknotes as early as January 2013. The new euro banknotes are part of a series that has been dubbed 'Europe', as they feature a portrait of Princess Europe, character from Greek mythology, which brings a human touch and gave its name to our continent.

(source ECB)

All banknotes will be changed in May 2019 with the 100 and 200 euro banknotes.

... and the end of the 500 euro "Bin Laden" banknotes

In 2016, the ECB decided to stop the production of 500 euro banknotes, nicknamed "Bin Laden", at the end of 2018. because accused of playing into the traffickers' game: a million euros in denominations of 500 euros weighs only 2.2 kg.

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