FRANKFURT: The euro, used by nearly 340 million people each day, celebrates its 15th birthday on Sunday.
Here is a snapshot of some key points and memorable moments in the life of the euro:
The euro was launched on Jan. 1, 1999, initially existing only as a virtual currency used in accounting and financial transactions.
Euro coins and notes were introduced on Jan. 1, 2002.
The inspiration for the euro symbol came from the Greek letter epsilon, a nod to the country’s history as the cradle of European civilization. The two parallel strokes across the logo signify stability.
Euro coins each have a side bearing a national design. Austria for example opted for Mozart, Ireland for the Celtic harp. Euro banknotes on the other hand never depict people or real places, only illustrations of fictional architecture.
The euro’s arrival was not love at first sight, with many citizens perceiving the switchover as an unwelcome price hike.
In Germany, the currency was nicknamed the “teuro,” a pun on the word “teuer” (expensive) and euro.
Today, 56 percent of people think having the euro is “a good thing” for their country, according to a European Commission survey published this month.
The European Central Bank this year said it plans to stop issuing the 500-euro note, the currency’s largest denomination bill, by late 2018.
Known as the “Bin Laden,” the purple-colored banknote is believed to be favored by criminals for money laundering and even terrorist financing.
The eurozone has suffered two major crises that almost led to the break-up of the monetary union.
The trouble began in Greece when, in the aftermath of the 2008 global financial crisis, access to easy credit dried up and the country threatened to default on its massive debt.
Concerns soon spread to other heavily indebted EU member states such as Portugal and Ireland, culminating in several international bailouts that proved a major test of European solidarity.
But Greece’s woes did not end there. Even after receiving two rescue packages, its economic situation deteriorated and it came dangerously close to a humiliating exit from the euro in 2015, until eurozone leaders again agreed to save Athens with a third bailout.
With elections looming in the Netherlands, France, Germany and Italy, eurozone leaders are nervously eyeing the rise of populist, euroskeptic parties emboldened by Britain’s shock decision to quit the EU this year.
Here is a snapshot of some key points and memorable moments in the life of the euro:
The euro was launched on Jan. 1, 1999, initially existing only as a virtual currency used in accounting and financial transactions.
Euro coins and notes were introduced on Jan. 1, 2002.
The inspiration for the euro symbol came from the Greek letter epsilon, a nod to the country’s history as the cradle of European civilization. The two parallel strokes across the logo signify stability.
Euro coins each have a side bearing a national design. Austria for example opted for Mozart, Ireland for the Celtic harp. Euro banknotes on the other hand never depict people or real places, only illustrations of fictional architecture.
The euro’s arrival was not love at first sight, with many citizens perceiving the switchover as an unwelcome price hike.
In Germany, the currency was nicknamed the “teuro,” a pun on the word “teuer” (expensive) and euro.
Today, 56 percent of people think having the euro is “a good thing” for their country, according to a European Commission survey published this month.
The European Central Bank this year said it plans to stop issuing the 500-euro note, the currency’s largest denomination bill, by late 2018.
Known as the “Bin Laden,” the purple-colored banknote is believed to be favored by criminals for money laundering and even terrorist financing.
The eurozone has suffered two major crises that almost led to the break-up of the monetary union.
The trouble began in Greece when, in the aftermath of the 2008 global financial crisis, access to easy credit dried up and the country threatened to default on its massive debt.
Concerns soon spread to other heavily indebted EU member states such as Portugal and Ireland, culminating in several international bailouts that proved a major test of European solidarity.
But Greece’s woes did not end there. Even after receiving two rescue packages, its economic situation deteriorated and it came dangerously close to a humiliating exit from the euro in 2015, until eurozone leaders again agreed to save Athens with a third bailout.
With elections looming in the Netherlands, France, Germany and Italy, eurozone leaders are nervously eyeing the rise of populist, euroskeptic parties emboldened by Britain’s shock decision to quit the EU this year.
