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Briefing

Eurozone: Economic Profile

Appears in: Europe, Macroeconomy, Eurozone, Growth Outlook and Business Cycle

Critical Issues

Background:

The single currency officially came into being on January 1 1999, when exchange rates were fixed between a group of eleven EU states, who were issued with euro coins and banknotes in 2002. The original eleven states comprised a broad range of economic profiles, from export-driven France and Germany to construction-reliant Spain. The group was subsequently made broader still with the accession of Greece in 2001, Slovenia in 2007, Cyprus and Malta in 2008 and Slovakia in 2009. The origins of the euro lie in the European Monetary System (EMS) which came into being in 1979 as part of an attempt by EU countries to prevent exchange rate fluctuations between their currencies following the U.S. government’s removal of the fixed link between the dollar and the official price of gold in 1971.

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