A United Europe
January 4,1999 - Launch of the €uro
Since the debut of the uniform European currency on this day in 1999, the Euro -or- ΕΥΡΩ has proven to be a formidable opponent to the almighty American dollar, and closed at 1.17 U.S. dollars on its first day of trading. In late 2000 through the first half of 2001 the Euro slipped to 83 cents, but since 09/11/2001 has steadily risen against the dollar and is currently trading around an all-time high of $1.48. The Euro began life on this day in 1999 as an "accounting" currency traded by the central banks, and the actual coins and paper bills did not begin replacing the old currencies in daily commerce until January 2002.
The Euro currency, which bears various European symbols and architecture, replaced fifteen of the older monetary systems of individual countries like the lira, mark, franc, and drachma. Several other sovereign countries (Monaco, San Marino, Andorra) that previously used currency of one or more of the now Euro countries have adopted the Euro as their official currency. Over the next six years nine more countries are scheduled to yield their individual currencies and switch to the Euro. The Euro is widely perceived to be a major global reserve currency, sharing that status with the U.S. dollar, albeit to a lesser degree. The U.S. dollar continues to enjoy its status as the primary reserve currency of most commercial and central banks worldwide.
The debut of the Euro marked the first time since the era of Charlemagne and the Holy Roman Empire that Europe is unified under a single currency.
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