The European common currency unit will join a new member in January 2007: Slovakia. 13 members will conform since this moment the Euro Zone. Probably on the next year the new EU members shall join the Zone incorporating and acquiring Euro. This is the day when not only on those cases instead of Montenegro, Bosnia, Kosovo or Bulgaria uses Euro. Also Monaco, Andorra, San Marino or the Holy See.
Euro was born in Madrid in 1997. Formally. Because it was planified since the end of the 80’s by the Delors Commission. They reached to the Monetary and economic union with the Maastricht treaty. Euro was a consequence. In 1999 was in vigor. On the markets. Virtually. Not on the people’s hands. That arrived in January 2002. Now, 5 years later is on 12 years. And at the same moment starts to be used in Slovakia, as we said.
The upraising of Euro was a revolution. The world had the US Dollar as the most important currency. Before that there were the Japanese currency: Yen. One of the causes of intervening in Panama by the US troops was the increasing influence of the Yen in Center America. Also was the German Marc, the French Franc or the Brittish Pound. In 1971 US said no more convertibility from Dollar to gold, as usual sinde 1944 convention. The monetary system broke down. In Jamaica 1974 the IMF and WB institutionalized this change. No security was since then on international monetary transactions.
In 1978 Europe created the European monetary system. A trial to redefine the fluctuating new world monetary system. In the 80’s a virtual currency started to be used. A common system of reducing the fluctuation of the currencies in Europe: European Currency Unit (ECU). At the end this job reached to a unification. In 1993 Soros played with the Italian Lira pressing with the speculation. The lira broke down. But Euro, at least that, is much more difficult to sink. And many countries see that as a currency of opposition to the dollar “dictatorship”. We will see in future what happens. But we can say that Dollar has a good past, the pound and the Swiss franc has a present and Euro has a brilliant future.
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