Second stage History of the euro

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wim duisenberg first president of european central bank


delors second stage began in 1994 creation of european monetary institute, succeeding emcf, under maastricht. created forerunner european central bank. met first time on 12 january under first president, alexandre lamfalussy. after disagreement, in december 1995 name euro adopted new currency (replacing name ecu used previous accounting currency), on suggestion of then-german finance minister theo waigel. agreed on date 1 january 1999 launch.


on 17 june 1997 european council decided in amsterdam adopt stability , growth pact, designed ensure budgetary discipline after creation of euro, , new exchange rate mechanism (erm ii) set provide stability above euro , national currencies of countries hadn t yet entered eurozone. then, on 3 may 1998, @ european council in brussels, 11 initial countries participate in third stage 1 january 1999 selected. participate in new currency, member states had meet strict criteria such budget deficit of less 3% of gdp, debt ratio of less 60% of gdp, low inflation, , interest rates close eu average. greece failed meet criteria , excluded participating on 1 january 1999.


on 1 june 1998 european central bank succeeded european monetary institute. wouldn t take on full powers until euro created on 1 january 1999. bank s first president wim duisenberg, former head of emi , dutch central bank. conversion rates between 11 participating national currencies , euro established. rates determined council of european union, based on recommendation european commission based on market rates on 31 december 1998, 1 ecu equal 1 euro. these rates set council regulation 2866/98 (ec), of 31 december 1998. not set earlier, because ecu depended on closing exchange rate of non-euro currencies (principally pound sterling) day. due differences in national conventions rounding , significant digits, conversion between national currencies had carried out using process of triangulation via euro.








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