What Agreement Led To The Establishment Of The Euro A Common European Currency

After the fall of the euro to a low of $0.8296 on 26 October 2001 and the rapid fall to $0.8115 on 15 January 2002, the euro recovered rapidly after its early collapse. The last time its value fell below 1.00 $US ($0.9971) on November 6, 2002, it rose rapidly. It peaked at $1.35 in 2004, reaching its highest level against the usus dollar on July 14, 2008, at $1.5916. [34] When its values against sterling increased in the late 2000s and peaked at 97.73 pence at 31 December 2008, its international use rapidly increased. [35] The euro has steadily grown in importance, from almost 18% in 1999 to 25% in 2003, while the share of the dollar has fallen by a corresponding margin. [36] In 2007, Alan Greenspan stated that the euro area had benefited from the rise of the euro, saying that it was entirely conceivable that it could act in the same way or become more important than the US dollar in the future. [37] The euro is the only currency of 19 EU Member States: Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. These countries make up the “euro area” for a total of 343 million people (in 2018). [58] Representation in other forums, such as the OECD, the Group of Seven, the Group of Ten and similar councils, will also be complicated.

When finance ministers and central bank governors meet, there will probably be only one governor of the eurozone central bank, the ECB president. The representation of the Ministry of Finance has yet to be defined; The EU has proposed that EMU be represented at the Group of Seven meetings not only by its permanent members (France, Germany and Italy), but also by the rotating President of the Council of Ministers, with a representative of the European Commission, in a subsidiary function “to assist”. Malta replaced the Maltese lira with the euro on 1 January 2008. [57] The targets were officially confirmed on February 26, 2007. [66] On 16 May 2007, the European Commissioner for Economic and Financial Affairs, Joaquin Almunia, recommended that Malta adopt the euro as planned, which was later confirmed by the Council of Finance Ministers on 10 July 2007. On the same day, the double draw became compulsory and the first Maltese euro coins were beaten at Monnaie de Paris. The first Maltese euro coins were available to the public on 1 December 2007, with business start-up packages valued at 131 euros each available to small businesses to fill their cash registers with sufficient euro coins before euro day (Jum).. Mini-kits valued at €11.65 each were available to the general public on December 10, 2007. [67] Maltese coins that were still in place at the time of the changeover to the euro could be exchanged until 1 February 2010. [30] However, given the risk of default in Greece and other members at the end of 2009/2010, eurozone leaders agreed on provisions to save Member States that could not raise funds (triggered for Greece in April 2010).

[44] [45] This was a reversal of eu treaties that exclude any bailout of a member of the eurozone in order to encourage members to better manage their finances.