The euro is the most significant achievement of European monetary reform since the Roman Empire. The euro not only makes the European single market more perfect, but also facilitates the free trade among the countries in the euro zone, which is an important part of the EU integration process.
Although Monaco, San Marino and Vatican are not EU countries, they used to use French francs or Italian lira as their currencies, and they also used euros, and authorized to mint a small number of their own euro coins. Some non-EU countries and regions, such as Montenegro, Kosovo and Andorra, also use the euro as a payment tool. [ 1]
The euro is managed by european system of central banks, which is composed of the European Central Bank and the central banks of the euro zone countries. The European Central Bank, headquartered in Frankfurt, Germany, has the power to independently formulate monetary policy. The central banks of euro zone countries participate in the printing, casting and distribution of euro banknotes and coins, and are responsible for the operation of the euro zone payment system.
1957 Rome treaty 1969 65438+February put forward the plan to establish the European economic and monetary union.
1969 In March, the Hague Conference of the European Community put forward the idea of establishing a European monetary union, and entrusted pierre werner, then Prime Minister of Luxemburg, with specific proposals in this regard.
1971March, the Werner Plan was passed, and the construction of the European single currency took the first step. The plan advocates the establishment of European economic and monetary union in three stages within 10 year. However, the subsequent oil crisis and financial turmoil stranded the Werner Plan.
1979 In March, with the advocacy and efforts of France and Germany, the European monetary system was proclaimed and the European monetary unit "ECU" was born. The European monetary system EMS (Economic Monetary System) began to operate.
1In February 1986, the European Union signed the "Single European Document", proposing to establish a unified big market by the beginning of 1993 at the latest.
1In June 1989, the Delauer Report was adopted, which advocated the establishment of the European Economic and Monetary Union in three stages: the first step is to fully realize the free circulation of capital; The second step is to establish the European Monetary Bureau (the predecessor of the European Central Bank); The third step is to establish and implement a monetary union and replace the currencies of member countries with a single currency.
After the first phase of 1990 was officially launched,
It is necessary to coordinate and unify relevant monetary policies, and the Committee of Central Bank Governors has begun to play an increasingly important role. Subsequently, the status of the European Central Bank was finally established in the Maastricht Treaty.
The European Monetary Bureau was established at the beginning of the second phase of 1 June 19941Japan Economic and Monetary Union. Its task is to coordinate monetary policy, strengthen cooperation among central banks of member countries, and prepare for the establishment of european system of central banks. The power to formulate and implement monetary policies still belongs to member governments.
199110 The EU Summit adopted the Treaty on the European Union (commonly known as the Maastricht Treaty) and decided to change the EU into the EU. The Maastricht Treaty stipulates that the single currency can be implemented if more than seven member countries meet the "convergence criteria" by June 5438+1 October 65438+ 10/day at the latest.
10 The EU Treaty came into effect.
1994 12 15, the Madrid summit decided to name the single European currency euro to replace ECU.
1995 65438+ February confirmed the unified currency as euro.
1998 the European central bank was established. In May of the same year, the Brussels Summit officially scheduled the list of founding countries of Euro 1 1.
1 99965438+1October1,the euro was officially issued in the EU member states. It is a supranational currency with independence and legal tender status. According to the Maastricht Treaty, the European Union officially circulated the euro on June 65438+1 October1. In the same year, on June 4, 65438, the euro officially appeared in the international financial market.
On June 65438+1 October1day, 2002, after a three-year transition period, the single European currency Euro officially entered circulation. In July of the same year, the original currency stopped circulating. Euro banknotes and currencies have officially entered the market and become currency in circulation. On February 28 of the same year, the national currencies of member countries completely withdrew from the circulation field, and the coexistence period between the euro and the currencies of member countries ended.
The cost of putting it into use is as high as 654.38+060 billion yuan, but the income is greater.
The start-up project of the euro is huge. According to economists' calculations, the cost of euro from issuing to putting into use is as high as 654.38+060 billion ~ 654.38+080 billion euros. However, the benefits brought by the start of the euro to the EU will be immeasurable.
First of all, the euro zone consisting of 12 countries is a huge market with unlimited business opportunities. Its annual internal trade volume is as high as 1.4 trillion US dollars, accounting for about 15% of the global trade volume. After the implementation of the unified currency, it not only saves huge transaction costs, but also makes the best allocation of talents, funds, technology and resources, thus obtaining the greatest economic benefits. According to preliminary estimates, the single currency will soon double or even triple the intra-European trade volume.
At present, residents in the euro zone will soon feel the benefits directly, that is, the euro is convenient for consumers to choose goods from 12 countries, so consumers will save 12% on average. For example, Spanish salmon is only 6 1% of the average price, while Denmark is as high as133% of the average price; Cheese is twice cheaper in Holland than in Italy; Potatoes in Ireland are 3.5 times cheaper than those in Denmark.
The above picture shows the exchange rate of 20 16 1.7 euro against RMB;