eurozone background
history of eu to eurozone
where do the coins come from?
Basic Euro History
1991-1993: Maastricht Treaty – pathway for Euro and Exchange Rate Mechanism (ERM)
- Monetary union is a deepening of economic integration between participating countries
- A single currency requires a common interest rate for the Euro Zone – i.e. a common monetary policy
- Countries have locked their currencies together forever and adopted one currency as a medium of exchange
- Euro as a currency floats against US dollar and sterling
- Member nations are also required (in principle) to keep control of government borrowing i.e. They are not allowed to run large budget deficits > 3% of their GDP (in normal times)
euro zone statistics
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