2002 The Euro enters circulation The euro was established by the provisions in the Maastricht Treaty of 1992. To participate in the currency, Member States were required to meet strict criteria, such as a budget deficit of less than 3% of GDP, a debt ratio of less than 60% of GDP, low inflation, and interest rates close to the EU average. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, with Euro coins and banknotes entering circulation on 1 January 2002. The euro became the second largest reserve currency and the second most traded currency in the world after the U.S. dollar. The euro is the sole currency of 17 EU Member States: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. These countries comprise the "eurozone"; some 326 million people in total.
Posted on: Sat, 27 Jul 2013 22:49:08 +0000
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