The Euro

An economic and monetary union between the members of the European community was first attempted in the 1960s, but the euro wasn’t created until January 1, 1999. It was finally put into use in 2002, and it was slowly taking over the former national currencies. The European Economic Community needed a way to reduce the currency exchange rate fluctuation. In 1969, Pierre Werner, prime minister of Luxembourg, proposed a plan to centralize the national macroeconomic policies by fixing parity rates and allowing flexibility of the capital. He did not, however, mention…

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