Civilization / Society, Economy & Law

Euro (Common European Currency)

The euro replaced national currencies in 21 EU countries, first as electronic money in 1999 and as cash in 2002, and put one central bank, the European Central Bank, in charge of a shared currency.

The Maastricht Treaty, signed on 7 February 1992, provided for a single currency and set strict entry rules, the Maastricht criteria. The euro started on 1 January 1999 as money for accounts and electronic payments, and notes and coins replaced national currencies at fixed conversion rates on 1 January 2002. Today 21 of the 27 EU states use it, with the European Central Bank issuing the currency. The planned digital euro would add a digital form of this cash.