How the Euro Began
The Euro was initially established by the requirements in the 1992 Maastricht Treaty. In order to contribute in the currency, Member States were expected to meet certain criteria which included a budget deficit of less than three per cent of their GDP, a debt ratio of less than sixty per cent of their GDP, and low inflation and interest rates.
On the 1st January 1999 the Euro was launched into the world financial markets as an electronic currency, replacing the former European Currency Unit at a ratio of 1:1. Within three years the Euro soon became a legal tender with 27 European Union countries joining up to it, and although the Euro provoked mass debates across Europe the majority of countries saw this as a way forward.
Since its initiation into Europe in 2002, the Euro has progressed to be the second largest currency in the world, after the U.S. dollar, and more than 320 million individuals across Europe use this currency on a daily basis.
Facts About The Euro
• The Euro is divided into 100 cents, also known as Euro-Cents to distinguish it from other currency.
• The Euro coins are issued in €2, €1, 50c, 20c, 10c, 5c, 2c, and 1c denominations.
• Notes are issued in €500, €200, €100, €50, €20, €10 and €5 denominations.
Countries That Currently Use The Euro
• Austria
• Belgium
• Cyprus
• Finland
• France
• Germany
• Greece
• Ireland
• Italy
• Luxembourg
• Malta
• The Netherlands
• Portugal
• Slovakia
• Slovenia
• Spain
