The EU currency is the euro. History of the course. Introduction of a monetary unit

To date, on the territory of nineteen European countries, the euro is used as the official currency. This currency was launched in circulation in countries that formed a common political and economic alliance - the European Union (EU). In these countries, the official monetary unit is only the euro. The history of the exchange rate of this currency in relation to other currency signs knows both periods of stability and moments of instability.

The history of the euro

Before the creation of an EU integration association, each of the European states itself carried out the issue of money and determined the rate of its own bank notes. This arrangement significantly hampered cooperation between countries and made settlement transactions more complex. The prototype of the common currency was the European Currency Unit (ECU), which was used between 1979 and 1998. This monetary unit participated in the settlement process in a non-cash form, and was also applied for the issue of state loans and bonds.

From 1999 to 2002 in the European community there was a simultaneous use of national monetary units and the common currency of the euro, the history of the course which began in January 1999. Since February 2002, in the territory of many European countries, the euro becomes an exclusive payment instrument. The history of the course, the issue of paper bills and metal coins from that moment were in the competence of the European Central Bank. These countries were initially Germany, France, Italy, Austria and the Netherlands. In addition, the new currency was immediately put into circulation in Portugal, Belgium, Spain, Ireland, Luxembourg and Finland.

Other countries of the European Union were able to switch to the calculation of the common currency a little later. To do this, they had to fulfill the conditions of the Maastricht agreement. The Baltic states are among the last to enter the zone of use of the common currency. So, Estonia introduced it in 2011, Latvia in 2014, and Lithuania in 2015. On the territory of such countries as Cyprus and Malta, Slovakia and Slovenia, as well as Greece, the euro began to be used somewhat earlier.

The history of the attitude of the euro to the Russian ruble

The highest rate of the euro in history was recorded on January 22, 2016. On this day, quotations against the Russian ruble were 1 to 91.1814. The history of the euro-to-ruble exchange rate also consists of a period of relative stability. For example, on October 28, 2008, these quotes were at the level 1 to 34.0844. This is the lowest rate of the euro against the Russian ruble for history. The average ratio of the European currency and the Russian ruble for the period is 1 to 46,6238.

The official introduction of the euro in circulation

The launch of the euro in circulation and use occurred in stages. Thus, at first the currency was introduced into a non-cash payment and only afterwards there was an issue of paper banknotes and metal coins.

The official day of the beginning of the use of the total monetary unit is the first day of 1999. On January 1, at midnight on European time, the states that are members of the European Economic and Monetary Union, or EMU, switched to the use of common new money - the euro. The history of the course of this currency begins precisely at this moment.

The national banknotes of the states that were part of the above-mentioned union were tightly tied to the euro, which becomes an independent and full-fledged payment instrument. At that time, new money and national currency were used simultaneously. The first currency auctions involving the euro were held on January 4, 1999.

Quotations of national currencies and euro for conversion

During those trades, the ratio of some national currencies to the new total monetary unit was established. So, for conversion, one euro was valued at 1.956 German marks, 6.660 French francs, 5.946 Finnish marks, 0.788 Irish pounds. In addition, there were quotes in relation to other currencies: 1 € = 1936.21 Italian lira, 1 € = 166.39 Spanish pesetas, 1 € = 200.48 Portuguese escudos, 1 € = 40.34 Belgian-Luxembourg francs, 1 € = 2,204 Dutch guilders and 1 € = 13,760 Austrian schillings.

Euro, the history of the course of which for many years was stable in relation to the major world currencies, has recently lost its positions. Today there is a tendency to strengthen the US dollar relative to common European banknotes.