On January 1, 1999, a new currency was launched in
Ten years after the Euro was introduced in
During the first ten years of the Euro, many complained that the bank used an interest rate policy that couldn’t give rate cuts to individual countries when they were having economic problems. Thus the Euro plunged from $1.18 to only 82 cents by the end of 2000. Things are different now. As the credit crisis has swept over the global economy, the Euro has become stronger – it has risen against the British pound and is worth about $1.40. Also, about 15 million jobs have been created in the last six years because trade and travel have been much easier due to the single market that the Eurozone provides. It has also invited more foreign investment.
In conclusion, countries that have adopted the Euro as their official currency, most recent being Slovakia, are now enjoying a more efficient bond market and with less inflation.