In which year did the euro debut as a currency?
And the answer: 1999.
The euro was launched on January 1, 1999. It was first used as an “invisible currency” for accounting purposes and electronic payments. Banknotes for the euro were released in 2002. This was the biggest cash changeover in history and it took place in 12 countries within the European Union.
In the most significant monetary reform since the Roman Empire, the euro took over as currency for 12 individual European countries. While the reform took hold in 1999, and banknotes began circulation in 2002, the origins of this move lay back in 1991, with the Maastricht Treaty. This agreement, made between the 12 nations within the European Union, called for a uniformity of currency in the hopes of promoting trade and eliminating extraneous transfer costs.
Regardless of concerns pertaining to a loss of national identity and counterfeit currency, 11 nations formally signed on to the Economic and Monetary Union in 1998: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Other nations such as Britain, Sweden, Greece and Slovenia took up the euro in following years.
Unlike most other national banknotes, the euro does not depict a national or historic leader. Rather, the 7 colorful bills symbolize the unity of Europe through various images of the EU’s flag, as well as arches, bridges, gateways, and windows. Interestingly, the reverse sides of the notes differ in each of the 19 participating countries.
Learn more about the history and significance of the euro here.