The third stage of Economic and Monetary Union
The third stage of Economic and Monetary Union
Towards the third stage of Economic and Monetary Union
Conclusions of the Madrid European Council: extract concerning Economic and Monetary Union (15 and 16 December 1995)
TextOn 16 December 1995, the Madrid European Council adopts a road map for the introduction of the single currency and decides that ‘euro’ will be the name of the currency on which Economic and Monetary Union (EMU) will be based, the third stage of which is to begin on 1 January 1999.
Address given by Jacques Santer on the introduction of the euro (Brussels, 22 January 1996)
TextOn 22 January 1996, Jacques Santer, President of the European Commission, delivers an address, at the Round Table in Brussels on the launch of the single currency, in which he expresses his confidence in the capabilities of the public and private economic and social operators to make the introduction and entry into circulation of the euro a success.
Conclusions of the Dublin European Council: extract on EMU and the IGC (13 and 14 December 1996)
TextAt the end of the Dublin European Council of 13 and 14 December 1996, the Fifteen adopt various measures relating, in particular, to the third stage of Economic and Monetary Union (EMU) and budgetary discipline, to fighting unemployment and to the Intergovernmental Conference (IGC) responsible for the revision of the Maastricht Treaty and the Treaties establishing the European Communities to enable the European Union to confront the new challenges that it faces.
Dublin European Council (13 and 14 December 1996)
BildOn 13 and 14 December 1996, the Heads of State or Government of the Fifteen meeting as the European Council in Dublin adopt a series of measures relating, in particular, to the third stage of Economic and Monetary Union (EMU) and to budgetary discipline.
Yves-Thibault de Silguy at the Dublin European Council (13 and 14 December 1996)
BildOn 14 December 1996, at the end of the Dublin European Council, Yves-Thibault de Silguy, European Commissioner with special responsibility for Economic, Financial and Monetary Affairs, as well as credit, investment and Eurostat, presents the specimen logo and euro banknotes to the press.
"Les Quinze approuvent à Dublin les règles de fonctionnement de la monnaie unique" dans El País (14 décembre 1996)
TextOn 14 December 1996, the Madrid-based daily newspaper El País analyses the agreement between the Fifteen on the future Stability and Growth Pact and the resulting new budgetary discipline that will apply after the entry into circulation of the single currency. Opinions were divided in Dublin on the clause that exempts countries with a budget deficit of more than 3 % of GDP from sanctions. The sanctions will therefore be ‘semi-automatic’, in other words the Council will be given the choice as to whether a country can avoid a sanction or not. At the European Council, the Fifteen also adopted the legal status of the euro and the new European Monetary System. Spain presented six ‘territorial pacts for employment’, which will be applied in areas with high unemployment and will enjoy funding from the Commission.
‘Europe, an Irish ballad with not a single false note' from Le Soir (16 December 1996)
TextOn 16 December 1996, commenting on the achievements of the Dublin European Council of 13 and 14 December, the Belgian daily newspaper Le Soir welcomes the implementation of the Stability and Growth Pact as part of the third stage of Economic and Monetary Union (EMU) and the transition to the single European currency.
‘Praise for the summit saviour' from Die Welt (16 December 1996)
TextOn 16 December 1996, commenting on the Dublin European Council held on 13 and 14 December, the German daily newspaper Die Welt welcomes the role of mediator played by Jean-Claude Juncker, Luxembourg Prime Minister and Finance Minister, during the debates between the Fifteen on the Stability and Growth Pact and on the third stage of Economic and Monetary Union (EMU).
Jean-Claude Juncker
BildJean-Claude Juncker, Luxembourg Finance Minister since 1989 and Luxembourg Prime Minister since 1995, who played the role of mediator in negotiations between the Fifteen on the Stability and Growth Pact and on the third stage of Economic and Monetary Union (EMU) at the Dublin European Council held on 13 and 14 December 1996.
‘European monetary union and German and Italian banks’ from Affari Esteri (January 1997)
TextIn January 1997, Tommaso Padoa-Schioppa, Vice-President of the Bank of Italy, compares the German and Italian banking systems and considers the preparations made by Italy and the Federal Republic of Germany with a view to the third stage of Economic and Monetary Union (EMU).
Cartoon by Cummings on EMU (22 February 1997)
BildOn 22 February 1997, the British cartoonist, Michael Cummings, illustrates the difficulties experienced by several Member States of the European Union, including the Federal Republic of Germany (FRG), in complying with the timetable set for the establishment of Economic and Monetary Union (EMU).
Conclusions of the Amsterdam European Council: extract concerning EMU and employment (16–17 June 1997)
TextOn 16 and 17 June 1997, at the Amsterdam European Council, the Fifteen adopt a series of measures relating to, in particular, Economic and Monetary Union (EMU), employment, competition and growth in Europe.
‘The Amsterdam Compromise puts an end to the crisis which threatened the euro’ from Le Monde (18 June 1997)
TextOn 18 June 1997, the French daily newspaper Le Monde comments on the compromise adopted on 16 June in Amsterdam by the Finance Ministers of the Fifteen on the operation of the third stage of Economic and Monetary Union (EMU).
Address given by Pierre Werner on the origins of and prospects for the euro (Luxembourg, 11 December 1997)
TextOn 11 December 1997, on the eve of the Luxembourg European Council, Pierre Werner, former Luxembourg Prime Minister and Finance Minister and former Chairman of the European Economic Community (EEC) Study Group on Economic and Monetary Union (EMU) in 1970 and 1971, summarises the development of the single currency project since the early days of the European integration process.
Conclusions of the Luxembourg European Council: extract concerning Economic and Monetary Union (12–13 December 1997)
TextAt the Luxembourg European Council of 12 and 13 December 1997, the Fifteen adopt a resolution on the coordination of the Member States’ economic policies during the third stage of Economic and Monetary Union (EMU).
Press conference held by Jacques Santer on the achievement of EMU (Brussels, 25 March 1998)
VideoOn 25 March 1998, Jacques Santer, President of the European Commission, holds a press conference in Brussels during which he gives an account of the Commission’s adoption that same day of a report to the Council on the progress made in the fulfilment by the Member States of their obligations regarding the achievement of economic and monetary union (EMU).
Cartoon by Haitzinger on the conditions required for the adoption of a single currency (26 March 1998)
Bild‘Welcome!’ (Euro Club: Ties must be worn.) On 26 March 1998, the German cartoonist, Horst Haitzinger, takes an ironic look at the delays accumulated by some Member States of the European Union in their preparations for the second stage of Economic and Monetary Union (EMU).
Declaration by the Ecofin Council on Economic and Monetary Union (1 May 1998)
TextOn 1 May 1998, with a view to the transition to the third stage of Economic and Monetary Union (EMU) on 1 January 1999 and the introduction of the single currency, the Council of Economic and Finance Ministers places particular emphasis on the importance of pursuing the process of economic and monetary convergence of the Member States of the European Union.
Decision of the Brussels European Council on the Member States fulfilling the conditions for the adoption of the single currency (3 May 1998)
TextOn 3 May 1998, following the extraordinary Brussels European Council, the Heads of State or Government of the Fifteen draw up a list of the 11 countries (Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland) which meet the conditions required for transition to the third stage of Economic and Monetary Union (EMU) and for the adoption of the single currency on 1 January 1999.
Interview with Alain Lamassoure: preparations for monetary union in France (Paris, 9 September 2008)
VideoIn this interview, Alain Lamassoure, French Minister for the Budget from 1995 to 1997, discusses the negotiations associated with the Stability Pact and the introduction of the euro during this period.
Interview with Hubert Védrine: Germany’s role in the establishment of Economic and Monetary Union (Paris, 2 July 2008)
VideoIn this interview, Hubert Védrine, former Diplomatic Adviser to French President François Mitterrand, former Spokesman then Secretary-General for the Presidency of the Republic and former Foreign Minister, emphasises the role played by Germany and its Chancellor, Helmut Kohl, in the establishment of Economic and Monetary Union.
The establishment of the European Central Bank
Protocol (No 18) on the Statute of the ESCB and the ECB (Maastricht, 7 February 1992)
TextProtocol (n°18) annexed to the Treaty establishing the European Community by the Treaty on European Union of 7 February 1992.
European Monetary Institute/European Central Bank
BildThe Eurotower, in Frankfurt-am-Main, was the home of the European Monetary Institute (EMI) from 1 January 1994 before becoming the seat of the European Central Bank (ECB) on 30 June 1998.
The establishment of the European Central Bank
Consultation of the European Parliament on the appointment of the Members of the Executive Board of the European Central Bank (13 May 1998)
VideoOn 13 May 1998, the European Parliament hears the candidates for the position of Member of the Executive Board of the European Central Bank (ECB), before voting in plenary sitting after having listened to the submission, by Christa Randzio-Plath, of the recommendations, drawn up on behalf of Parliament’s Committee on Economic and Monetary Affairs and Industrial Policy, regarding the appointment of Wim Duisenberg, Christian Noyer, Eugenio Domingo Solans, Sirkka Hämäläinen, Otmar Issing and Tommaso Padoa Schioppa.
Willem Frederik Duisenberg
PassWillem F. Duisenberg of the Netherlands, President of the European Monetary Institute from 1 July 1997 to May 1998 and President of the European Central Bank from 1 June 1998 to 31 October 2003.
Address given by Willem F. Duisenberg at the inauguration of the European Central Bank (Frankfurt, 30 June 1998)
TextOn 30 June 1998, at the ceremony held in Frankfurt to mark the inauguration of the European Central Bank (ECB), the Bank’s President, Willem F. Duisenberg, delivers an address in which he outlines, in particular, the tasks of the European System of Central Banks (ESCB) and the challenges linked to the gradual establishment of the single currency.
Address given by Helmut Kohl to mark the inauguration of the European Central Bank (Frankfurt, 30 June 1998)
TextOn 30 June 1998, at the inauguration ceremony for the European Central Bank (ECB) in Frankfurt, Helmut Kohl, Chancellor of the Federal Republic of Germany (FRG), delivers an address in which he praises the advantages of the European single currency, the euro, before outlining the tasks of the ECB.
European Central Bank inauguration ceremony (Frankfurt, 30 June 1998)
BildOn 30 June 1998, in Frankfurt, at the inauguration ceremony of the European Central Bank (ECB), Helmut Kohl, Chancellor of the Federal Republic of Germany (FRG), gives an address in which he defends the European single currency, the euro, and sets out the tasks of the ECB.
Inauguration ceremony of the European Central Bank (Frankfurt, 30 June 1998)
VideoImages from the inauguration ceremony of the European Central Bank (ECB) held on 30 June 1998 in Frankfurt, including an extract from an address given by its President, Wim Duisenberg, on the historic dimension of the adoption of the single currency scheduled for 1 January 1999.
Address given by Klaus Kinkel to mark the signing of the Agreement on the seat of the European Central Bank (Frankfurt, 18 September 1998)
TextOn 18 September 1998, as the Agreement on the seat of the European Central Bank (ECB) is signed in Frankfurt, Klaus Kinkel, German Foreign Minister, delivers an address in which he places particular emphasis on the historic implications of the introduction of the European single currency, the euro.
‘The new European power centre’ from the Handelsblatt (31 December 1998)
TextOn 31 December 1998, the German financial daily newspaper Handelsblatt describes the European Central Bank (ECB) and its key players.
‘The ECB comes to power’ from Le Figaro (4 January 1999)
TextOn 4 January 1999, following the transition to the third stage of Economic and Monetary Union (EMU) and the adoption of the single currency by 11 Member States of the European Union on 1 January, the French daily newspaper Le Figaro outlines the implications, the tasks and the modus operandi of the European Central Bank (ECB).
Jean-Claude Trichet
BildJean-Claude Trichet, former Governor of the Bank of France, President of the European Central Bank from 1 November 2003.
‘ECB: Trichet revealed’ from Le Point (31 October 2003)
TextOn 31 October 2003, commenting on the appointment of Jean-Claude Trichet, Governor of the Bank of France, to the Presidency of the European Central Bank (ECB), the French weekly magazine Le Point notes the differences between the monetary objectives and the means of action of the ECB and the US Federal Reserve System (Fed).
Third phase of EMU (01.01.1999–31.12.2001)
Public reaction to the introduction of the euro (Brussels, 31 December 1998)
VideoOn 31 December 1998, the day on which the irrevocable conversion rates for the euro are adopted in preparation for the transition to the third stage of Economic and Monetary Union (EMU), people stopped in the streets of Brussels give their views on the advantages and disadvantages of the single European currency.
Statement by Jacques Santer on the introduction of the euro (Brussels, 31 December 1998)
VideoOn 31 December 1998, the day on which the irrevocable conversion rates for the euro are adopted and on the eve of the transition to the third stage of Economic and Monetary Union (EMU), Jacques Santer, President of the European Commission, emphasises the political and historic implications of the event in the process of European integration.
Statement by Yves-Thibault de Silguy on the introduction of the euro (Brussels, 31 December 1998)
VideoOn 31 December 1998, the day on which the irrevocable conversion rates for the euro are adopted and on the eve of the transition to the third stage of Economic and Monetary Union (EMU), Yves-Thibault de Silguy, Member of the European Commission responsible for Economic and Financial Affairs, Monetary Matters, Credit and Investment and the Statistical Office, emphasises the advantages of the introduction of the single European currency and sincerely hopes for more progress in the process of European political integration.
Statement by José Maria Gil Robles on the introduction of the euro (Brussels, 31 December 1998)
VideoOn 31 December 1998, the day on which the irrevocable conversion rates for the euro are adopted and on the eve of the transition to the third stage of Economic and Monetary Union (EMU), José Maria Gil Robles, President of the European Parliament, emphasises the advantages of the introduction of the single currency.
Extraordinary ECOFIN Council meeting (31 December 1998)
BildOn 31 December 1998, the Council, acting with the unanimity of the Member States without a derogation, on a proposal from the Commission and after consulting the European Central Bank, adopts the irrevocable conversion rates for the euro, applicable from 1 January 1999.
Conférence de presse d'Yves-Thibault de Silguy et de Wim Duisenberg (Bruxelles, 31 décembre 1998)
BildLe 31 décembre 1998, Yves-Thibault de Silguy, membre de la Commission européenne chargé des Affaires économiques et financières et des Affaires monétaires (à g.), et Wim Duisenberg, président de la Banque centrale européenne (BCE) (à dr.), tiennent ensemble une conférence de presse au sujet de la décision prise par le Conseil du 31 décembre 1998 concernant les taux de conversion entre l'euro et les monnaies des États membres adoptant l'euro.
Extraordinary meeting of the Ecofin Council (Brussels, 31 December 1998)
VideoOn 31 December 1998, the Council, acting on the unanimous vote of those European Union Member States not covered by a derogation, on a proposal from the European Commission and after consulting the European Central Bank (ECB), establishes the irrevocable conversion rates for the euro which will be applicable from 1 January 1999, the date of transition to the third stage of Economic and Monetary Union (EMU).
Press conference held by Dominique Strauss-Kahn on the introduction of the euro (Brussels, 31 December 1998)
VideoOn 31 December 1998, at a press conference held in Brussels at the end of the Ecofin Council which established the irrevocable conversion rates for the euro, Dominique Strauss-Kahn, French Minister for the Economy, Finance and Industry, outlines the need for a degree of precision to five decimal places in the conversion rates.
Conversion rates between the euro and the currencies of the Member States adopting the euro
TabelleTable showing the conversion rates between the euro and the currencies of the 12 European Union Member States adopting the euro.
Official unveiling of the conversion rates between the euro and the national currencies of the EU Member States adopting the euro (Luxembourg, 31 December 1998)
VideoOn 31 December 1998, at the seat of the Office for Official Publications of the European Communities in Luxembourg, Jacques Santer, President of the European Commission, is invited by Lucien Emringer, Director-General of the Office, to unveil, in the 11 official languages of the European Union, the Official Journal L 359 which includes the Council ruling establishing the conversion rates between the euro and the national currencies of the Member States of the EU which are adopting it. In his address, Jacques Santer pays tribute to Pierre Werner, former Luxembourg Prime Minister and Finance Minister and the author, in 1970, of the report on the gradual achievement of Economic and Monetary Union (EMU).
The euro, a beacon for Europe
BildOn 1 January 1999, at the transition to the third stage of Economic and Monetary Union (EMU), the euro is introduced as an optional unit of account or as bank money in 11 of the 15 European Union Member States.
Cartoon by Murschetz on the establishment of the euro (1998)
Bild‘Euro timetable: On time or not?’ In 1998, the German cartoonist, Luis Murschetz, speculates as to whether the timetable established for the entry into circulation of the single currency, the euro, on 1 January 2002 — in connection with the third stage of Economic and Monetary Union (EMU) — is being respected.
‘Test of strength for the euro’ from the Süddeutsche Zeitung (4 January 1999)
TextOn 4 January 1999, in its coverage of the transition, on 1 January, to the third stage of Economic and Monetary Union (EMU), the Munich daily newspaper Süddeutsche Zeitung comments on the launch of the euro, which becomes the single currency in 11 countries of the European Union.
‘Under the regime of the euro’ from the Frankfurter Allgemeine Zeitung (4 January 1999)
TextOn 4 January 1999, the German daily newspaper Frankfurter Allgemeine Zeitung outlines the implications of the transition, on 1 January, to the third stage of Economic and Monetary Union (EMU) and of the introduction of the European single currency.
Third phase of EMU (01.01.1999–31.12.2001)
‘The euro is increasingly the symbol of recaptured sovereignty …’ from Europe (12 January 1999)
TextOn 12 January 1999, Ferdinando Riccardi, Editor-in-Chief of Agence Europe in Brussels, challenges the arguments put forward by those opposed to the euro and outlines new objectives for the leaders of the euro-zone countries for the success of Economic and Monetary Union (EMU).
Address given by Yves-Thibault de Silguy on the euro on the international stage (Brussels, 1 June 1999)
TextOn 1 June 1999, Yves-Thibault de Silguy, Member of the European Commission with special responsibility for Economic and Financial Affairs, Monetary Matters, Credit and Investment and the Statistical Office, gives an address at the Royal Institute for International Relations (IRRI–KIIB) in Brussels in which he outlines the origins of the single currency and the euro’s impact on the international stage.
Address given by Wim Duisenberg on Economic and Monetary Union (Washington, 26 September 1999)
TextOn 26 September 1999, Wim Duisenberg, President of the European Central Bank (ECB), gives a lecture at the Per Jacobsson Foundation in Washington in which he outlines, in particular, the implications for the European Union and for the global economy of Economic and Monetary Union (EMU) and of the introduction of the euro, emphasising the role of the ECB in this monetary integration process.
‘Getting the best from the euro' from Le Monde (15 January 1999)
TextOn 15 January 1999, Oskar Lafontaine, German Social Democrat Finance Minister, and his French Socialist counterpart, Dominique Strauss-Kahn, publish a joint column in the French daily newspaper Le Monde in which they describe the economic implications of the adoption of the single currency following the transition, on 1 January 1999, to the third stage of Economic and Monetary Union (EMU).
Report by the Commission on the Convergence Report 2000 (Brussels, 3 May 2000)
TextOn 3 May 2000, in connection with the third stage of Economic and Monetary Union (EMU), the European Commission publishes a report in which it outlines the efforts to achieve economic convergence made by Greece and Sweden, which are not among the 11 European Union Member States to have adopted the single European currency on 1 January 1999.
Cartoon by Behrendt on Economic and Monetary Union (2000)
Bild'The Euro Balancing Act.' In 2000, the cartoonist Fritz Behrendt depicts the Fifteen and the European Central Bank (ECB) as being compelled to perform a dangerous balancing act in order to ensure the success of the transition to the third stage of Economic and Monetary Union (EMU) and the introduction of the single currency, which took place on 1 January 1999.
Dual display of prices in euros and in national currency in a supermarket (2001)
BildIn order to facilitate consumers’ adjustment to the introduction of the euro on 1 January 2002, some supermarkets display prices in euros and in national currency from 2001 onwards.
Wim Duisenberg unveils the euro banknotes (Frankfurt, 30 August 2001)
BildOn 30 August 2001, in Frankfurt, Wim Duisenberg, President of the European Central Bank (ECB), holds a press conference during which he unveils the seven future euro banknotes.
Presentation of euro coins and banknotes (Liège, 21 September 2001)
BildOn 21 and 22 September 2001, the informal Council of Finance Ministers (Ecofin) in Liège discusses the economic situation in Europe, inflation differentials in the euro zone, the state of preparations for the introduction of the euro, the international role of the euro and the fiscal package. At the end of the meeting, the participants present the future euro banknotes and coins to the press. From left to right: Luc Frieden, Luxembourg Budget Minister, Gordon Brown, British Chancellor of the Exchequer, Laurent Fabius, French Finance Minister, Wim Duisenberg, President of the European Central Bank (ECB), Didier Reynders, Belgian Finance Minister, and Guy Quaden, Governor of the National Bank of Belgium (BNB).
The Member States and the third stage of EMU
Rencontre de Carlos Westendorp y Cabeza avec les correspondants de presse sur la question de la monnaie unique (24 janvier 1996)
TextLe 24 janvier 1996, Carlos Westendorp y Cabeza, ministre espagnol des Affaires étrangères, s'entretient avec des correspondants de presse étrangers accrédités en Espagne sur la question du passage à la troisième phase de l'Union économique et monétaire (UEM), notamment en ce qui concerne l'Espagne.
Press conference held by José Maria Aznar and Romano Prodi (Valencia, 16 September 1996)
TextOn 16 September 1996, at the end of a meeting in Valencia between José Maria Aznar, Spanish Prime Minister, and Romano Prodi, President of the Italian Council of Ministers, the two men reaffirm their determination to see Spain and Italy participate in the third stage of Economic and Monetary Union (EMU).
Press Conference held by Rodrigo Rato on the 1997 budget (Madrid, 27 September 1996)
TextOn 27 September 1996, Rodrigo Rato, Spanish Finance Minister, holds a press conference during which he outlines the state’s financial outlook for 1997 and sets out the measures to stabilise the budget so that Spain may participate in the third stage of Economic and Monetary Union (EMU).
Debates on European Monetary Union in the Italian Chamber of Deputies (Rome, 11 April 1997)
TextOn 11 April 1997, Italian MPs comment on a statement by Romano Prodi, President of the Italian Council of Ministers, on his austerity plan and his policy of bringing public finances back on a stable footing in order to meet the Maastricht criteria and enable Italy to participate in the third stage of Economic and Monetary Union (EMU).
Cartoon by Cummings on Germany and the euro (7 June 1997)
BildOn 7 June 1997, the British cartoonist, Michael Cummings, takes an ironic look at the efforts made by the German Chancellor, Helmut Kohl, to prepare his country for the gradual transition to the single European currency.
‘Europe under the Bundesbank’ from Le Monde Diplomatique (July 1997)
TextIn July 1997, Ignacio Ramonet, Editor-in-Chief of the French monthly newspaper Le Monde Diplomatique, deplores the dominant influence of the Federal Republic of Germany (FRG) and of the Bundesbank on the European Union and on its economic and monetary programme.
Address given by Romano Prodi in the Italian Senate on the economic situation in Italy (Rome, 8 October 1997)
TextOn 8 October 1997, Romano Prodi, President of the Italian Council of Ministers, presents to the Italian Senate an initial assessment of his policy of bringing public finances back on a stable footing and outlines Italy’s efforts to meet the convergence criteria so that it may participate in the third stage of Economic and Monetary Union (EMU).
Address given by Philippe Maystadt on Economic and Monetary Union (Brussels, 8 October 1997)
TextOn 8 October 1997, in Brussels, Philippe Maystadt, Belgian Deputy Prime Minister and Minister for Finance and Foreign Trade, gives an address to the Members of the General Commission for the Euro — given the task of preparing the Belgian public administrations and economic operators for the single currency — in which he outlines the future timetable for the implementation of Economic and Monetary Union (EMU) and welcomes the efforts already made in the country with a view to the introduction and subsequent entry into circulation of the euro.
Cartoon by Hanel on Germany and the euro (1997)
Bild‘We are doing everything we can to get ready for the euro.’ In 1997, the German cartoonist, Hanel, emphasises the efforts being made by the authorities to prepare Germany and the German people for the gradual transition to the single European currency, the euro.
Decision taken by the German Government on the third stage of Economic and Monetary Union (27 March 1998)
TextOn 27 March 1998, the German Government outlines the implications of Economic and Monetary Union (EMU) and reaffirms Germany’s determination to participate in the third stage of EMU.
Statement by Helmut Kohl on Economic and Monetary Union (2 April 1998)
TextOn 2 April 1998, in an address to the Bundestag, the German Chancellor, Helmut Kohl, argues in favour of the adoption of the single currency and sees the establishment of Economic and Monetary Union (EMU) as a key stage in the process of European unification.
Statement by Lionel Jospin to the French National Assembly on the establishment of EMU (21 April 1998)
TextOn 21 April 1998, as debates are held in the French National Assembly on the European Commission’s recommendations concerning the transition to the single currency, Lionel Jospin, French Prime Minister, comments on the transition to the third stage of Economic and Monetary Union (EMU), due to take place on 1 January 1999, and outlines the conditions imposed by France to ensure the successful adoption of the euro.
Cartoon by Behrendt on France and the euro (1998)
Bild‘I am the euro!’ In 1998, the cartoonist, Fritz Behrendt, takes an ironic look at the attitude of Jacques Chirac, President of France, who is more than willing to take the credit for the successful establishment of the European single currency.
Cartoon by Murschetz on Germany and the euro (1998)
Bild‘Euro plan. Let’s get this thing off the ground, Theo!’ In 1998, the German cartoonist, Murschetz, illustrates the efforts of the Federal Republic of Germany (FRG) which, via Theo Waigel, German Finance Minister, is taking drastic austerity measures in order to meet the convergence criteria for the adoption of the single currency, the euro, at the end of the third phase of Economic and Monetary Union (EMU).
Address given by Theo Waigel on the third stage of Economic and Monetary Union (23 April 1998)
TextOn 23 April 1998, with a view to the transition to the third stage of Economic and Monetary Union (EMU) on 1 January 1999, Theo Waigel, German Finance Minister, delivers an address to the Bundestag in which he summarises the process of economic and monetary convergence between the Member States of the European Union.
Demonstration against the introduction of the euro in Germany (Frankfurt, 28 March 1998)
BildOn 28 March 1998, about a thousand members of the Bund Freier Buerger [League of Free Citizens] movement take to the streets of Frankfurt to protest against the introduction of the new European currency, the euro, which officially sounds the death knell of the Deutschmark.
The Member States and the third stage of EMU
German MPs protesting against the introduction of the euro (Bonn, 23 April 1998)
BildOn 23 April 1998, in the Bundestag, a group of MPs from the Party of Democratic Socialism (Partei des Demokratischen Sozialismus — PDS), led here by the protest leader, Gregor Gisy, demonstrate their opposition to the introduction of the single currency in Germany.
Address given by Klaus Kinkel on the introduction of the euro (3 May 1998)
TextOn 3 May 1998, following the Extraordinary European Council held in Brussels, Klaus Kinkel, German Foreign Minister, emphasises the implications of the transition to the third phase of Economic and Monetary Union (EMU), due to take place on 1 January 1999, and of the introduction of the single currency.
José María Aznar
BildOn 3 May 1998, at the Brussels Extraordinay European Council, José María Aznar, Spanish Prime Minister, requests and secures a seat for his country on the Executive Board of the European Central Bank.
‘No to the "Euroland", yes to Europe' from Le Monde (19 January 1999)
TextOn 19 January 1999, Charles Pasqua, Gaullist Senator and former Minister, publishes a column in the French daily newspaper Le Monde in which he sets out the grounds for his opposition to France's entry into the euro zone.
Interview with Jacques Delors (Paris, 16 December 2009) — Excerpt: The non-participation of some Member States in the single currency
VideoIn this interview excerpt, Jacques Delors, President of the Commission of the European Communities from 1985 to 1995, considers the question of the non-participation of some Member States in the single currency, and particularly looks at the case of the Member States from southern Europe.
The case of the United Kingdom
Cartoon by Cummings on the United Kingdom and the single European currency (19 October 1996)
BildOn 19 October 1996, the British cartoonist, Michael Cummings, illustrates the stir caused among British politicians by the question of the single European currency.
Press conference held by John Major: the launch of the third stage of EMU (Dublin, 14 December 1996)
VideoOn 14 December 1996, at the end of the Dublin European Council, John Major, British Prime Minister, holds a press conference in which he gives his views on the launch, on 1 January 1999, of the third stage of Economic and Monetary Union (EMU) and explains the reservations of the British people regarding the single currency.
Cartoon by Cummings on the United Kingdom and the euro (21 June 1997)
Bild‘No thanks, I’m a family man!’ On 21 June 1997, Cummings, British cartoonist, illustrates the British Prime Minister Tony Blair’s position on the United Kingdom’s possible adoption of the European single currency, the euro.
Statement by Gordon Brown on EMU (27 October 1997)
TextOn 27 October 1997, Gordon Brown, Chancellor of the Exchequer, describes the British Government’s position on the third stage of Economic and Monetary Union (EMU) and on the United Kingdom’s possible adoption of the euro.
‘He wouldn't say yes…' from The Guardian (28 October 1997)
TextOn 28 October 1997, the British left-wing newspaper The Guardian describes the attitude of the Chancellor of the Exchequer, Gordon Brown, to UK adoption of the single European currency.
‘Tony Blair's lessons for the euro' from Le Figaro (13 November 1997)
TextOn 13 November 1997, the French daily newspaper Le Figaro analyses the economic conditions set by the British Government for its possible participation in the third stage of Economic and Monetary Union (EMU) and for the adoption of the euro.
Cartoon by Steve Bell on the United Kingdom and the euro (1998)
BildIn 1998, British cartoonist Steve Bell illustrates the perplexity and bewilderment of Gordon Brown, Chancellor of the Exchequer, and Tony Blair, British Prime Minister, as to the usefulness of the single European currency, the euro.
Declaration by Tony Benn on EMU (21 April 1998)
TextOn 21 April 1998, in the House of Commons, Tony Benn, British Labour MP, criticises the report by the British Government on the United Kingdom’s position towards on Economic and Monetary Union (EMU) and outlines the dangers of the single European currency.
‘Danes, Finns and Swedes divided over the single currency' from Le Monde (1 January 1999)
TextOn 1 January 1999, starting date of the third stage of Economic and Monetary Union (EMU), the French daily newspaper Le Monde describes the reluctance of Denmark, Finland and Sweden, despite their healthy economic performance, to adopt the single European currency: the euro.
Statement by Tony Blair on the euro (23 February 1999)
TextOn 23 February 1999, in London, Tony Blair, British Prime Minister, sets out the United Kingdom’s position on the possible adoption of the single European currency.
William Hague at the launch of the campaign against the euro in the United Kingdom (London, 8 June 1999)
BildOn 8 June 1999, William Hague, Leader of the Opposition, the British Conservative Party, poses in front of a poster marking the launch of the Tory campaign against the United Kingdom’s adoption of the single currency.
Statement by the Confederation of British Industry on EMU (20 July 1999)
TextOn 20 July 1999, the Confederation of British Industry (CBI) issues a statement explaining why and on what terms it would be in favour of the United Kingdom participating in the third stage of Economic and Monetary Union (EMU) and adopting the euro.
Campaign against the euro in the United Kingdom (September 2000)
TextIn September 2000, the British lobby group No euro launches a campaign in the national press to raise awareness of the threats allegedly posed by the single European currency.
Campaign against the euro in the United Kingdom (September 2001)
TextIn September 2001, the British lobby group No euro deplores the dangers of the single European currency in the national press and collects signatures from almost 700 British businessmen who want to keep the pound sterling. The publicity campaign depicts Gordon Brown, Chancellor of the Exchequer, handcuffed by the constraints of Economic and Monetary Union (EMU).
‘Euro: Blair beats a hasty retreat’ from Le Point (13 June 2003)
TextOn 13 June 2003, the French weekly publication Le Point outlines the reasons which are leading the United Kingdom to put off its possible accession to the euro zone against the backdrop of disagreement between Tony Blair, Prime Minister, and Gordon Brown, his Chancellor of the Exchequer.
The case of Denmark
Address given by Bodil Nyboe Andersen on the euro and Denmark (18 January 2000)
TextOn 18 January 2000, Bodil Nyboe Andersen, Governor of the National Bank of Denmark, assesses the introduction of the euro in ten European Union Member States and argues in favour of Denmark's adoption of the single currency.
Press conference held by Poul Nyrup Rasmussen (Copenhagen, 31 August 2000)
BildOn 31 August 2000, in Copenhagen, Poul Nyrup Rasmussen, Danish Prime Minister, presents a brochure to the press setting out the position of the Danish Government on the country’s accession to Economic and Monetary Union (EMU).
Campaign posters for the euro (Nøvling, 26 September 2000)
BildAs part of the campaign for the referendum to be held on 28 September 2000 in Denmark on the country’s accession to Economic and Monetary Union (EMU), posters are put up, such as here in Nøvling, calling on voters to accept or reject the single currency.
‘Danish lesson’ from Le Monde (30 September 2000)
TextOn 30 September 2000, the French daily newspaper Le Monde attempts to draw some initial lessons from the victory of the ‘No’ vote in the referendum held two days earlier in Denmark on the country’s adoption of the single currency.
The case of Denmark
‘Denmark: a victory for the irrational' from Le Figaro (30 September 2000)
TextOn 30 September 2000, in the French daily newspaper Le Figaro, Nicole Fontaine, President of the European Parliament, comments on the victory of the ‘No' vote in the referendum on the adoption of the single currency, held the previous day in Denmark, and emphasises the advantages of the euro.
The case of Sweden
Nils Gottfries, Why is Sweden not in EMU
TextIn January 2002, Nils Gottfries, Professor of Economics at Uppsala University and former member of the Swedish Commission on Economic and Monetary Union (EMU), describes the economic and political reasons for Sweden’s decision not to adopt the euro.
Campaign in favour of Sweden’s accession to the euro (Stockhom, 1 September 2003)
BildOn 14 September 2003, the Swedish people must vote for or against their country’s accession to Economic and Monetary Union (EMU). During the referendum campaign, posters in the centre of Stockholm ask the following question: ‘What will happen if Sweden stays out?’ [of the euro zone].
Address given by Lars Heikensten on the euro (Stockholm, 4 September 2003)
TextOn 4 September 2003, ten days after the national referendum on the adoption of the single currency, Lars Heikensten, Governor of the Central Bank of Sweden, gives an address in Stockholm on the challenges of Economic and Monetary Union (EMU).
Referendum in Sweden on the country’s accession to Economic and Monetary Union (Stockholm, 9 September 2003)
BildOn 9 September 2003, five days before the official date of the referendum held in Sweden on the country’s accession to Economic and Monetary Union, Göran Persson, Swedish Prime Minister, casts his vote in a post office in Stockholm.
Referendum on the adoption of the single currency in Sweden (Stockholm, 15 September 2003)
BildOn 15 September 2003, the day after the referendum held in Sweden on the country’s accession to Economic and Monetary Union (EMU), campaign posters that can still be seen in the centre of Stockholm show divided opinions.
Cartoon by Mohr on the referendum held in Sweden on the adoption of the single currency (15 September 2003)
Bild‘Voting with their feet.’ The German cartoonist Mohr portrays the negative result of Sweden’s referendum on whether to adopt the single currency held on 14 September 2003.
‘Sweden clings to its model’ from Le Point (19 September 2003)
TextOn 19 September 2003, the French weekly news magazine Le Point comments on the reasons, in particular the economic, social and cultural reasons, which may explain the victory of the ‘No’ vote, by 56.1 %, in the referendum held on 14 September in Sweden on the country’s adoption of the single European currency.
‘Why the Swedes said "Nej"' from Le Nouvel Observateur (25 September 2003)
TextOn 25 September 2003, Anders Melbourn, Director of the Swedish Institute of International Affairs (SIIA), grants an interview to the French weekly journal Le Nouvel Observateur, during which he comments on the negative result of the referendum on the country's adoption of the single currency, held on 14 September 2003 in Sweden.
Gunnar Lund, Article on the referendum (24 November 2003)
TextOn 24 November 2003, Gunnar Lund, Swedish Minister for International Economic Affairs and Financial Markets, analyses the reasons for the victory of the ‘No' vote at the referendum on the adoption of the single currency, held on 14 September 2003 in Sweden, and outlines the political and economic consequences of this result.
The launch of the euro
European Commission publicity campaign on the change-over to the euro
BildEuropean Commission poster publicising the change-over to the euro.
Irish information campaign on the change-over to the euro
BildPoster published by the Euro Changeover Board of Ireland showing a table of conversion rates between the Irish pound and the euro.
French information campaign on the change-over to the euro
BildFrench information campaign on the change-over to the euro.
Cartoon by Luís Afonso on the pro-euro campaign
Bild‘Portugal was the only country to ask the Church to help … … promote the euro. Hmm … does that mean that the other countries will have a material relationship with the currency, whilst ours will be more spiritual …? The Portuguese cartoonist Luís Afonso, depicting the pro-euro campaign to promote the launch of the single currency, takes an ironic look at the Portuguese people's ‘spiritual' relationship with the euro.
Opinion delivered by BEUC on the entry into circulation of the euro (Brussels, 14 May 2001)
TextOn 14 May 2001, Jim Murray, Director of the European Consumers’ Organisation (BEUC) in Brussels, submits to the European Union’s Economic and Social Committee (ESC) the position and recommendations of his organisation, with particular regard to the extent to which consumers are being informed and prepared in the 12 countries in which the euro will enter into circulation on 1 January 2002.
The euro zone (1999-2015)
KarteMap showing the development of the euro zone and the increase in the number of Member States participating since its establishment on 1 January 1999.
TV advertisement concerning the introduction of the euro in the Grand Duchy of Luxembourg (2001)
VideoIn late 2001, the Luxembourg Government launches a televised information campaign in order to prepare its citizens for the introduction of the euro on 1 January 2002.
‘And so the European currency was born’ from Louvain (December 2001)
TextIn an article for the monthly publication Louvain published in December 2001, a few days before the entry into circulation of the euro, Baron Alexandre Lamfalussy, former President of the European Monetary Institute (EMI) and Emeritus Professor at the Catholic University of Louvain (UCL), outlines the successive stages and the difficulties involved in the implementation of Economic and Monetary Union (EMU), laying particular emphasis on the role played by the EMI.
Wolfgang Schüssel and Karl Liebscher present the Euro Cash-Box (Vienna, 11 December 2001)
BildOn 11 December 2001, the Austrian Chancellor, Wolfgang Schüssel (left), and Klaus Liebscher (right), Governor of the Austrian National Bank, hold a press conference in Vienna in which they present Austria’s ‘Euro Cash-Box’.
The first euro banknotes (Vienna, 31 December 2001)
BildOn 31 December 2001, in Vienna, Franz Fischler, Member of the European Commission responsible for Agriculture, Rural Development and Fisheries, Romano Prodi, President of the European Commission, and Wolfgang Schüssel, Austrian Federal Chancellor, celebrate the entry into circulation, the following day, of the euro in 12 of the 15 Member States of the European Union.
Unveiling the euro tarpaulin on the Charlemagne building (Brussels, 31 December 2001)
BildOn 31 December 2001, the President of the European Commission, Romano Prodi, and the Commissioner for Economic and Monetary Affairs, Pedro Solbes, take part in the 'inauguration' of the tarpaulin bearing euro colours which covers the Commission's Charlemagne building in Brussels.
Sound and light show to mark the adoption of the euro (Brussels, 31 December 2001)
BildOn 31 December 2001, in Brussels, a sound and light show marks the entry into circulation of the euro, due to take place the following day in 12 of the 15 Member States of the European Union.
Flags of the 12 countries in the euro zone
BildAustria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain are the twelve European Union countries that make up the euro zone.
The entry into circulation of the first euro notes and coins by the Bank of Portugal (Lisbon, 1 January 2002)
BildOn 1 January 2002, the first day of entry into circulation of the single currency, Portuguese citizens queue outside the seat of the Bank of Portugal in Lisbon to exchange their escudos for euros.
Interview with Jean-Claude Trichet in Le Monde (1 January 2002)
TextOn 1 January 2002, in an interview for the French daily newspaper Le Monde, Jean-Claude Trichet, Governor of the Bank of France and a candidate for the Presidency of the European Central Bank (ECB), gives an account of the successive stages of the introduction and subsequent entry into circulation of the euro in 12 Member States of the European Union, describing the transition to the single currency as an historic event.
The launch of the euro
‘Two or three things that I think I know about the euro’ from Europe (15 January 2002)
TextOn 15 January 2002, Ferdinando Riccardi, Editor-in-Chief of Agence Europe in Brussels, comments on the entry into circulation of the euro coins and banknotes on 1 January and outlines with satisfaction the economic impact of the single currency, emphasising the importance for the European Union of restoring the balance of Economic and Monetary Union (EMU).
‘Should the euro be scrapped?’ from Le Point (16 June 2005)
TextOn 16 June 2005, the French weekly news magazine Le Point gives an account of the crisis of confidence surrounding the euro and the monetary policy of the European Central Bank (ECB) in the light of the critical situation with which the European Union is faced following, in particular, the defeats in the referenda held on 29 May in France and on 1 June in the Netherlands on the ratification of the Treaty establishing a Constitution for Europe.
Address given by Carlo Azeglio Ciampi at the ceremony held to mark the awarding of the Charlemagne Prize to the euro (Aachen, 9 May 2002)
TextIn 2002, the Charlemagne Prize of the City of Aachen is awarded to the euro. In his address, the President of the Italian Republic, Carlo Azeglio Ciampi, sees the single European currency and the European Central Bank as a step taken by a group of forward-looking states towards the pooling of national sovereignties.
Cartoon by Mena on the introduction of the euro and on inflation
Bild‘Minimum 1 euro, thank you.' Spanish cartoonist Mena takes an ironic look at the increase in the cost of living and at the financial difficulties experienced by citizens since the introduction of the single currency.