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Image header Agence Europe
Europe Daily Bulletin No. 9809
GENERAL NEWS / (eu) eu/economy

1999-2009, ten years of euro

Brussels, 22/12/2008 (Agence Europe) -On 1 January next year, the euro will celebrate its 10th anniversary. The single currency, which was created in 1999 by 11 Member States (Germany, Austria, Belgium, Spain, Finland, France, Ireland, Italy, Luxembourg, the Netherlands and Portugal) will then be shared by 16 Member States of the EU. With Slovakia's entry into the euro zone on the same date, 328.6 million European citizens will be using euro notes and coins. In a press release published on 18 December, José Manuel Barroso stressed the role of the euro as protector. "The euro has helped to create 16 million jobs and over time has delivered lower inflation and lower interest rates than ever before. In the current time of crisis the euro is sheltering businesses from the exchange rate volatility which has battered them in previous downturns", the Commission President explained. Although the notes and coin did not appear until 2002, the single currency was created in 1999, when the 11 countries set bilateral exchange rates for the currencies and adopted a single monetary policy and exchange rate. To mark the anniversary, the countries in the euro zone will issue a total of 84 million commemoratives two-euro coins, from 1 January. A television documentary has also been made on the origins and history of the euro and is available on the website of DG Ecofin: http: //ec.europa.eu/economy_finance/emu10/documentary.htm. (A.B./trans.fl)

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