Protocol (No 19) annexed to the Treaty establishing the European Community by the Treaty on European Union signed in Maastricht on 7 February 1992 which establishes the Statute of the European Monetary Institute (EMI).

On 10 January 1994, commenting on the first working session of the Council of the European Monetary Institute (EMI), the German daily newspaper Frankfurter Allgemeine Zeitung outlines the EMI’s powers.

On 12 January 1994, commenting on the inauguration of the European Monetary Institute (EMI) in Frankfurt, the French daily newspaper Le Monde outlines the Institute’s missions and powers in light of the transition to the second stage of Economic and Monetary Union (EMU) on 1 January 1994.

On 15 February 1996, Baron Alexandre Lamfalussy, President of the European Monetary Institute (EMI) in Frankfurt, delivers an address to the Paris Institute of Banking and Financial Studies in which he outlines, in particular, the role of the EMI in the preparations for the establishment of the future European Central Bank (ECB) and in the introduction of the single European currency.

On 22 September 1997, at the International Banking Seminar in Hong Kong, Wim Duisenberg, President of the European Monetary Institute (EMI), delivers an address in which he outlines the tasks and the role of the EMI in the implementation of the European System of Central Banks (ESCB) with respect to the preparations for Economic and Monetary Union (EMU) and to the introduction of the euro.

The 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.

This booklet, published in 1997, outlines, in particular, the successive stages of the establishment of Economic and Monetary Union (EMU) as well as the powers, organisation and operation of the European Monetary Institute (EMI).

In this interview, Alexandre Lamfalussy, General Manager of the Bank for International Settlements (BIS) from 1985 to 1993 and President of the European Monetary Institute (EMI) from 1994 to 1997, describes the aims, the establishment and the working methods of the EMI.

In this interview, Alexandre Lamfalussy, General Manager of the Bank for International Settlements (BIS) from 1985 to 1993 and President of the European Monetary Institute (EMI) from 1994 to 1997, describes the main decisions taken during his term as President of the EMI, particularly the monetary policy instruments and preparations for a European monetary policy strategy.

On 7 February 1992, in Maastricht, the representatives of the Twelve sign the Treaty on European Union. The Treaty enters into force on 1 November 1993 and establishes an Economic and Monetary Union (EMU) which will ultimately lead to a single currency.

This article from the French daily newspaper Le Monde speculates on relations between the path to the euro and the reunification of Germany, and more generally the end of the division of the European continent.

On 21 December 1993, in an address to the Belgian Section of the European League for Economic Cooperation (ELEC), Jean-Jacques Rey, Director of the National Bank of Belgium (BNB), gives a progress report on Economic and Monetary Union (EMU) on the eve of the transition to the second stage, scheduled for 1 January 1994.

On 22 December 1993, prior to transition to the second phase of Economic and Monetary Union (EMU), the Council adopts various guidelines concerning the economic policies of the Twelve.

On 4 January 1994, the French daily newspaper Le Monde analyses the implications of the transition to the second stage of Economic and Monetary Union (EMU).

On 6 January 1994, the French weekly economics magazine L’Expansion portrays the Belgian Baron Alexandre Lamfalussy who, since 1 January, has been President of the European Monetary Institute (EMI) in Frankfurt which has responsibility, in particular, for the final stage of Economic and Monetary Union (EMU) and for the preparations for the introduction of the single European currency.

Baron Alexandre Lamfalussy of Belgium, President of the European Monetary Institute (EMI) in Frankfurt from 1994 to 1997, holds aloft a sheet of banknotes printed in the new single currency.

On 13 December 1996, on the margins of the Dublin European Council, Alexandre Lamfalussy, Belgian President of the European Monetary Institute (EMI), presents to the press the design of the future euro banknotes.

On 31 May 1995, Yves-Thibault de Silguy, European Commissioner for Economic and Financial Affairs, Monetary Matters, Credit and Investments and the Statistical Office, holds a press conference in Brussels during which he outlines the advantages of the European single currency and sets out the schedule for the establishment in stages of Economic and Monetary Union (EMU).

On 12 April 1996, commenting on the negotiations on Economic and Monetary Union (EMU), the German daily newspaper Frankfurter Allgemeine Zeitung outlines the possible scenarios for the adoption of a European exchange rate system.

On 13 June 1996, the French weekly economics magazine L’Expansion comments on the progress of Economic and Monetary Union (EMU) and highlights the difficulties in establishing a ‘European economic government’ which is able to counterbalance the independence of the European Central Bank (ECB) in the area of monetary policy.

On 23 September 1996, the day after the meeting in Dublin of the Finance Ministers of the Member States of the European Union, the British daily newspaper The Guardian comments on the obstacles which the Fifteen may face in implementing Economic and Monetary Union (EMU).

Le 25 septembre 1996, le quotidien madrilène El País commente le consensus arraché le 21 septembre à Dublin par les ministres des Finances des Quinze en matière d'Union économique et monétaire (UEM).

On 14 November 1996, Jacques Santer, President of the European Commission, announces the introduction and entry into circulation of the euro and outlines the economic, monetary and political advantages of the single currency for the European Union members of the euro zone.

On 14 November 1996, Yves-Thibault de Silguy, Member of the European Commission with special responsibility for economic and financial affairs, monetary matters, loans and investment and the Statistical Office, draws up a list of advantages of the euro and outlines the Commission’s communication strategy for informing European citizens about the various stages in the transition to the single currency.

On 27 September 1996, the German weekly newspaper Die Zeit comments on the meeting held on 21 September in Dublin between the Finance Ministers of the Member States of the European Union (EU) and paints a critical picture of the economic situation in the EU.

On 28 January 1997, the Parliamentary Assembly of the Council of Europe adopts a resolution on the consequences of Economic and Monetary Union (EMU) and of the introduction of a single currency in Europe.

On 26 May 1997, Ferdinando Riccardi, Editor-in-Chief of Agence Europe in Brussels, welcomes the positive signs regarding the transition to the third stage of Economic and Monetary Union (EMU) on 1 January 1999 and the introduction of the euro.

In 1997, in an article in the Federalist monthly journal Crocodile, Yves-Thibault de Silguy, Member of the European Commission with special responsibility for Economic, Financial and Monetary Affairs, outlines the issues involved in the practical aspects of the gradual transition to Economic and Monetary Union (EMU) and of the introduction of the euro.

In this interview, Jacques Santer, former President of the European Commission, recalls certain issues which affected the progress, between 1995 and 1999, of the second and third stages of Economic and Monetary Union (EMU).

On 7 December 1994, commenting on the progress of preparations in Luxembourg for the second stage of Economic and Monetary Union (EMU), François Biltgen, lawyer and Christian Social MP, delivers an address to the Luxembourg Association of Banking Lawyers (ALJB) in which he outlines the aims of the bill that he submitted to the Luxembourg Chamber of Deputies in order, in particular, to reform the status and the tasks of the Luxembourg Monetary Institute (LMI).

‘I don’t think this thing will be flying by the year 2000!’ In 1995, the German cartoonist Hanel presents an ironic picture of the doubts and fears of European citizens regarding the imminent implementation of a genuine Economic and Monetary Union (EMU) within the European Union. German Chancellor Helmut Kohl is flying the plane, with French President Jacques Chirac acting as co-pilot.

On 23 February 1995, Jean-Claude Juncker, Luxembourg Prime Minister and Finance Minister, delivers an address to members of the National Bank of Belgium (BNB) in which he takes a critical look at the evolution towards Economic and Monetary Union.

In 1996, the British Section of the European Movement publishes an information pamphlet which welcomes the effects of Economic and Monetary Union (EMU) on the United Kingdom’s economy and rejects the arguments of those opposed to the single currency.

In November 1996, the French monthly newspaper Le Monde Diplomatique comments on the preparations for Economic and Monetary Union (EMU) and harshly criticises the German authorities for seeking to impose their economic and monetary views on their European Union partners.

On 3 March 1997, at the inaugural meeting, held in Brussels, of the General Commission for the Euro, Guy Quaden, Director of the National Bank of Belgium (NBB) and General Commissioner for the Euro, delivers an address in which he outlines the most recent progress made towards Economic and Monetary Union (EMU) and describes Belgium’s degree of preparation for the introduction of the euro, while setting out the tasks of the General Commission for the Euro.

In 1997, in an article published in the German weekly newspaper Die Zeit, Helmut Schmidt, former Chancellor of the Federal Republic of Germany (FRG), outlines the economic and political implications of the single European currency, on which he places great importance.

In September 1997, the Luxembourg Delegation of the Group of the Party of European Socialists (PES) publishes a booklet explaining the various stages of Economic and Monetary Union (EMU) and of the establishment of the single currency, the euro.

On 1 October 1998, Jean-Luc Dehaene, Prime Minister of Belgium, delivers an address at the meeting of the Euro Entreprises international forum in La Hulpe in which he outlines the advantages of the single currency while emphasising the importance, for the countries in the future euro zone, of aligning their economic policies and of the need to ensure that the euro zone is effectively represented on the international monetary scene.

In 1998, Erling Olsen, Speaker of the Danish Parliament (Folketing), sets out his ideas on relations between Denmark and Economic and Monetary Union (EMU).

In 1998, Max Baehring, President of the Danish Metalworkers’ Union, expresses his support for Denmark’s participation in Economic and Monetary Union (EMU).

In 1998, Kjell-Olof Feldt, Chairman of the Board of Governors of the Sveriges Riksbank, Sweden’s central bank, sets out the arguments in favour of his country’s participation in Economic and Monetary Union (EMU).

In September 1990, in an article for the Portuguese economics magazine Cadernos de Economia, Miguel Beleza, Portuguese Finance Minister, analyses the conditions required for Portugal’s accession to the European Monetary System (EMS).

In September 1990, the Portuguese economics magazine Cadernos de Economia considers Portugal’s accession to the European Monetary System (EMS) as an important step in the European integration process.

On 30 October 1992, in the light of the monetary turbulence affecting some of the Member States of the European Communities, the European Parliament adopts a resolution on the development of and the prospects for the European Monetary System (EMS) and Economic and Monetary Union (EMU).

On 23 November 1992, Jacques Delors, President of the European Commission (on the left), talks to Henning Christophersen, Vice-President of the Commission (on the right), just before the opening, in Brussels, of the ECOFIN Council, during which the Finance Ministers of the Twelve will attempt to find a solution to the European monetary crisis.

In January 1993, the Bank of Spain analyses the performance of the peseta during the crisis affecting the European Monetary System (EMS).

On 11 February 1993, Jacques de Larosière, Governor of the Banque de France, gives an interview to the French daily newspaper Le Figaro in which he comments on France’s monetary policy in the light of the crisis affecting the European Monetary System (EMS).

On 5 March 1993, Jean-Claude Juncker, Luxembourg Finance Minister, analyses the crisis affecting the European Monetary System (EMS) and emphasises the implications of monetary integration in Europe.

On 8 April 1993, during his general policy statement to the French National Assembly, the new French Prime Minister, Édouard Balladur, refers, in particular, to the stability and solidity of the French franc as an important element in the European Monetary System (EMS).

On 2 August 1993, the Finance Ministers and Central Bank Governors of the Twelve decide to widen temporarily the margin for fluctuations between the currencies in the European Monetary System (EMS).

On 2 August 1993, in Bonn, Helmut Schlesinger, President of the Bundesbank (on the left) and Theodor Waigel, German Finance Minister (on the right), hold a joint press conference during which they comment, in particular, on the decision of the Finance Ministers and Governors of the Central Banks of the Twelve temporarily to widen the fluctuation margin of the currencies in the European Monetary System (EMS).

On 3 August 1993, the French daily newspaper Le Figaro comments on the decision taken by the Finance Ministers and Governors of the Central Banks of the Twelve to extend the margins for exchange rate fluctuations of the currencies participating in the European Monetary System (EMS) to 15 % in response to the exchange-rate crisis.

On 6 August 1993, the European Commission makes a solemn appeal to the 12 Member States of the European Communities to reinforce their cooperation in the economic and monetary fields in order to progress towards Economic and Monetary Union (EMU).

On 16 August 1993, François Mitterrand, President of the French Republic, grants an interview to the regional daily newspaper Sud-Ouest in which he analyses the crisis faced by the European Monetary System (EMS) and emphasises the action taken by France and Germany to support European integration.

On 16 September 1993, the European Parliament adopts a resolution on the monetary crisis affecting the European Monetary System (EMS) and expresses its concern at the political and economic consequences of the crisis for the 12 Member States of the European Communities.

On 23 October 1993, in the light of the monetary crises continually affecting the European Monetary System (EMS), the French daily newspaper Le Monde sets out the difficulties involved in the introduction of Economic and Monetary Union (EMU) in Europe.

On 8 December 1995, considering the implications of the Madrid European Council to be held on 15 and 16 December, the German weekly newspaper Die Zeit reviews the various proposals put forward for naming the future single European currency.

Le 13 décembre 1995, à la veille du Conseil européen de Madrid, Alexandre Lamfalussy, président de l'Institut monétaire européen, se montre confiant que le sommet donnera une grande impulsion à la réalisation d'une monnaie unique.

On 14 December 1995, on the eve of the Madrid European Council, the German daily newspaper Frankfurter Allgemeine Zeitung outlines the efforts made by the German Chancellor, Helmut Kohl, and his Finance Minister, Theo Waigel, with a view to the establishment of Economic and Monetary Union (EMU) in Europe.

On 15 December 1996, the daily newspaper Luxemburger Wort outlines the issues surrounding the Madrid European Council, with particular regard to the establishment of an Economic and Monetary Union (EMU).

On 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.

The name ‘euro’ is adopted for the new European currency by the Fifteen at the Madrid European Council of 15–16 December 1995. From left to right: Hans van den Broek, Member of the European Commission with special responsibility for external relations; Jacques Santer, President of the European Commission; Felipe González, Spanish Prime Minister; and Javier Solana, Spanish Foreign Minister.

On 16 December 1995, following the Madrid European Council, Pedro Solbes Mira, Spanish Minister for Economic and Financial Affairs, Yves-Thibault de Silguy, European Commissioner for Economic and Financial Affairs, Monetary Matters, Credit and Investments and the Statistical Office, and Jacques Santer, President of the European Commission, announce in successive addresses the adoption by the Fifteen of the name ‘euro’ for the new European currency.

On 15 December 1995, commenting on the opening of the Madrid European Council, the German daily newspaper Frankfurter Allgemeine Zeitung outlines the issues to be addressed at the meeting of the Heads of State or Government of the Fifteen.

On 16 December 1995, the French President, Jacques Chirac, holds a press conference at which he summarises the results achieved at the end of the Madrid European Council.

On 15 December 1995, Jean-Claude Juncker, Luxembourg Prime Minister and Finance Minister, grants an interview to the daily newspaper Luxemburger Wort in which he outlines the issues to be addressed at the Madrid European Council.

On 15 December 1995, commenting on the Madrid European Council, the British daily newspaper The Guardian outlines the position adopted by the British Prime Minister, John Major, on the introduction of a single currency in Europe.

On 15 December 1995, the daily newspaper La Libre Belgique comments on the issues to be addressed at the meeting of the Heads of State or Government of the Fifteen at the Madrid European Council to be held on 15 and 16 December.

On 16 December 1995, the British daily newspaper The Guardian comments on the implications of the Madrid European Council held on 15 and 16 December and welcomes the decision taken by the Heads of State or Government of the Fifteen to adopt the name ‘euro’ for the future single European currency.

On 16 December 1995, in the British daily newspaper The Guardian, Dick Spring, Irish Foreign Minister, comments on the decisions taken by the Fifteen at the Madrid European Council and considers the negative repercussions for his country of a refusal by the United Kingdom to participate in Economic and Monetary Union (EMU).

On 17 December 1995, the Spanish daily newspaper El País outlines the decisions taken by the Heads of State or Government of the Fifteen at the Madrid European Council held on 15 and 16 December.

On 18 December 1995, the Belgian daily newspaper La Libre Belgique describes the negotiations between the Heads of State or Government at the Madrid European Council which led to the decision to name the single European currency the ‘euro’.

On 19 December 1995, commenting on the outcome of the Madrid European Council, the French daily newspaper Le Monde analyses the difficulties associated with the establishment of Economic and Monetary Union (EMU).

On 13 and 14 December 1996, the Dublin European Council adopts the report of the Ecofin Council, drawn up in close cooperation with the European Commission and the European Monetary Institute (EMI), on the technical and legal preparations required for the transition to the third stage of Economic and Monetary Union (EMU) on 1 January 1999.

On 13 December 1996, the French daily newspaper Le Monde leads with the difficult negotiations between the Finance Ministers of the European Union on the Stability Pact.

On 14 December 1996, commenting on the Dublin European Council, the German daily newspaper Frankfurter Allgemeine Zeitung analyses the reasons for the pro-European stance in Ireland.

Le 18 décembre 1996, lors d'une session parlementaire à la Chambre des députés espagnols, le Premier ministre José Maria Aznar détaille les résultats des travaux du Conseil européen de Dublin relatifs à la mise en place d'une Union monétaire et économique.

On 14 December 1996, at the end of the Dublin European Council, José María Aznar, Spanish Prime Minister, holds a press conference in which he expresses his satisfaction at the progress made by the Fifteen in matters such as the fight against terrorism and Economic and Monetary Union (EMU).

On 14 December 1996, at the end of the Dublin European Council, Helmut Kohl, Chancellor of the Federal Republic of Germany (FRG), holds a press conference in which he expresses his satisfaction at the results achieved by the Fifteen.

On 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.

On 12 and 13 December 1997, the Luxembourg European Council decides that the Ministers of the countries participating in the euro zone may meet informally among themselves but emphasises that, whenever matters of common interest are concerned, these are to be discussed by the Ministers of all the Member States.

At the Luxembourg European Council of 12 and 13 December 1997, the Fifteen reach agreement on arrangements for participation in and the operation of the Euro Council, particularly vis-à-vis the Council of Economic and Finance Ministers (Ecofin).

On 13 December 1997, the French daily newspaper Libération comments on the attitude of the British Prime Minister, Tony Blair, and on the compromise reached between the United Kingdom and its European partners at the Luxembourg European Council, held on 12 and 13 December, on the participation in and functioning of the Euro Council, particularly in comparison with the Council of Economic Affairs and Finance Ministers (Ecofin).

On 13 December 1997, the Bavarian daily newspaper Süddeutsche Zeitung comments on the fundamental differences of opinion between Germany and France with regard to the monetary policy to be pursued in the Euro Council established by the Fifteen at the Luxembourg European Council held on 12 and 13 December.

On 15 December 1997, in the Belgian daily newspaper Le Soir, commenting on the outcome of the Luxembourg European Council held on 12 and 13 December, Philippe Maystadt, Belgian Deputy Prime Minister and Minister for Finance and Foreign Trade, describes the difficulties and the implications of the Euro Council, particularly in comparison with the Council of Economy and Finance Ministers (Ecofin).

On 15 December 1997, the French daily newspaper Le Figaro outlines the contradictions in the attitude of Tony Blair, British Prime Minister, and the United Kingdom, with particular regard to the adoption of the euro and the operation of the informal Euro Council.