The acceptance of the euro among the European public varied from one country to another, for example in countries whose currency was as low as Italy and Greece, the euro received a broader welcome from countries with a stronger currency such as Germany and France. The strong euro against most of the old currencies gave the impression that the euro came along with the high prices. In other matters, such as travel and tourism, the euro was highly welcomed by tourists because they were able to change the currency and facilitate the payment.
The emergence of the euro
The idea of a single European currency The euro is the same age as the European Union itself, but it began to be implemented in 1970 by Werner's plan, which was put forward by Luxembourg Prime Minister Pierre Werner, the nucleus of the European Economic and Monetary Union. It was hoped that a single currency would be applied in the European Economic Community by 1980.
Evolution of the euro
But the idea quickly collapsed and was replaced by the European Monetary Union in 1972 and later in 1979 by the European Monetary System. The goal of the European monetary system was to maintain the stability of local currencies. To achieve this goal, a formative currency was created to calculate the currency exchange under the Ecole (ECU), which one might describe as the previous single European currency of the euro. In 1988, the European Commission under Jacques Delors adopted the so-called Delors report. This report laid the foundation for the implementation of the implementation of the single European currency through the application of three phases.
Developments in the Euro
The first phase of the euro's creation took place on July 1, 1990 through an agreement allowing the transfer of capital between the countries of the Union. On January 1, 1994, the second phase began with the establishment of the European monetary institution, which was the former founding of the European Central Bank later, On December 16, 1995, it was agreed to name the new currency in Euro instead of the old one after long deliberation. There were several other names proposed, including Frank European, Golden European, European Krona, But the meeting agreed that the new denomination of the proposed currency should not be attributed to any currency present in a Member State.
The third phase was formed with the convening of the Council of Europe between 1-3 May 1998 and agreed on additional items, the most important of which is determining the countries applicable to the currency and the unified economy. On June 19, 2000, the Council of Europe decided to include Greece in the countries of the monetary and economic union starting in 2001 and on the first of 2009 the euro was adopted as the main currency in Slovakia. On 1 January 2014, the euro became the currency of Latvia as well.