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A Euro Chronology
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The euro timeline begins in the aftermath of World War II and reveals the history of the euro and its impact on Europe and the world. Notice how the euro’s history is closely tied to the development of European unity in general. After you have read the timeline (1946-2011) and the preceding pages you’ll be ready to take our Euro Quiz!
1946
Following the devastation of WWII, Winston Churchill calls for the “United States of Europe.” — but without Great Britain.
1947
As a result of the Bretton Woods (New Hampshire, USA) agreement of 1944, the International Monetary Fund (IMF) opens for business and a fixed rate of exchange is set between the US dollar and other world currencies, based on the gold standard.
1948
The Allied currency reform of June 20 creates the Deutsche Mark (DM) which goes into circulation in the three Allied occupation zones (West Germany).
1951-1952
On the initiative of Robert Schuman and Jean Monnet of France, the European Coal and Steel Community (ECSC) is founded by six countries: Belgium, France, Italy, Luxemburg, the Netherlands and West Germany. The ECSC treaty (Montanunion) goes into effect on June 25, 1952. The ECSC would become the basis for the future “Common Market” (EEC, EC) and European Union (EU).
1957-1958
On March 25, 1957 the same six countries sign the Treaty of Rome, thereby creating the European Economic Community (EEC) and the European Atomic Energy Community (EURATOM). The “Common Market” agreement goes into effect on Jan. 1, 1958.
1967
In July the European Community (EC) is formed by the merger of the ECSC, EEC and EURATOM.
1968
In July the Tariff Union (Zollunion) abolishes all tariffs and import restrictions between EC countries and introduces a single tariff rate for trade between EC and non-EC countries.
1969
Leaders of the EC countries propose a three-stage economic and currency union to be formed over ten years. The so-called “Werner Plan” is named for Luxembourg’s Pierre Werner.
1971
The Werner Plan is approved but fails with the collapse of the Bretton Woods system that had gone into effect in 1947. The US abandons the gold standard and worldwide fixed exchange rates.
1972
The EC countries establish the European Currency Cooperative. Exchange rate fluctuations among EC currencies are limited to a range of 2.25 percent above or below set rates. Sept. 26: Norwegian voters reject EC membership.
1973
Following the entry of Denmark, Great Britain and Ireland, the EC now has nine member states.
1974
The Council of Europe becomes a permanent institution, agreeing to hold regular summit meetings of EC leaders.
1979
March: The ECU (European Currency Unit) is created as an artificial currency, a composite of national currencies in the new European Monetary System (EMS). Twenty years later, the ECU will evolve into the euro. June 7-10: First direct elections of members of the European Parliament.
1981
Greece joins the EC.
1986
Spain and Portugal become EC members.
1989
November 9: The Berlin Wall opens, paving the way for German reunification in 1990.
TIMELINE: 1946-1989 | 1990-2011
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