Euro Launch Anniversary: Crises, Survival and What's Next

The euro was launched on 1 January 1999 as an electronic currency in 11 EU countries, and euro notes and coins arrived in 12 countries on 1 January 2002. It su…

The treaty that set the rules

Leaders signed the Maastricht Treaty, setting limits of 3% of GDP for deficits and 60% for debt as the price of joining a single currency.

The euro is born

Eleven countries fixed their exchange rates for good. The euro began as electronic money for banks and markets; the ECB took over interest rates.

Notes and coins arrive

Twelve countries swapped cash at once: 14.89 billion notes and about 52 billion coins. Within three days 96% of cash machines paid out euros.

Greece needs a rescue

Greece revealed a far bigger deficit and lost market access. It got €110 billion; Ireland, Portugal, Spain and Cyprus later needed help too.

'Whatever it takes'

ECB chief Mario Draghi pledged to do whatever it takes to preserve the euro. Bond panic eased, and the promised backstop was never used.

Greece goes to the brink

Banks shut and 61% of Greeks voted No to creditors' terms. Days later the government took a tougher deal and stayed in the euro.

War sends prices soaring

Euro-area inflation hit 10.6% after Russia invaded Ukraine. The ECB raised rates ten times in a row, to a record 4%.

The 21st member joins

Bulgaria swapped the lev at 1.95583 per euro, bringing the euro to 21 countries and about 358 million people.

Rate rises and a digital euro

An energy shock pushed inflation to 3.8%; the ECB raised rates in June and September. A digital euro could follow in 2029 if EU law passes.