Useful articles of Forex
Forex » Other » History of the Euro

History of the Euro

Category: Other

History of the Euro
How world wars led to the creation of the Euro

Germany suffered two defeats in a row in the world wars. Berlin wants its world currency, but can't keep up. USA in place of the magistrate, policeman and treasurer. The weakened FRG enlists the support of sworn friends - England and France and in 1957 creates the EEC - the European Economic Community. The EEC creates a memorandum on the common financial policy of the member countries

The 1972 crisis is interfering with plans.

In 1979, the ECU currency was created after the name of the French coin.

In 1992, the Maastricht Treaty was adopted with the ECU requirements for countries: inflation is not higher than 1.5% of the level of the 3 most stable EU countries; the budget deficit is no more than 3% of GDP.

The ECU was abolished in 1998 following the announcement of a successor, the euro, at the 1995 Madrid summit.

Merit of the European Institute of Finance, established a year earlier.

The euro is one third of the interbank exchange in SWIFT, the dollar is above 40%. A quarter of the world's savings in euros.

Euro is the official currency of 19 countries in the Eurozone and over 340 million Europeans.

The euro is a reserve currency since 1998, inheriting a share of the mark and the franc.

On June 1, 1998, the European Central Bank (ECB) is established, headquartered in Frankfurt am Main, Germany. The bank is trying to keep the euro as the world currency, but it is being squeezed by the ruble and the yuan.

And England is leaving the EU. Former Fed chief Alan Greenspan believes that the euro can replace the US dollar.