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Looking back at 10 years of EMU

1998

Jacques Santer (right), President of the European Commission, and Yves-Thibault de Silguy, Commissioner in charge of economic and monetary affairs present a reproduction of a euro coin Adapting accounting and computer systems to the euro was a ‘key’ element in preparations for the euro for businesses, financial organisations and administrations.In 1998, shortly before the euro is launched, the exchange rates between the euro and the national currencies of the future euro-area Member States are irrevocably fixed at a signing ceremony in Brussels. CB President Wim Duisenberg in front of an illuminated sign showing the conversion rates between national currencies and the euro – now fixed for all time.The illuminated sign with the conversion rates.Jacques Santer (right), President of the European Commission, and Yves-Thibault de Silguy, Commissioner in charge of economic and monetary affairs (centre) at the meeting to fix currency conversion rates.A huge balloon release in front of the European Council buildings in Brussels marked the fixing of exchange rates on the eve of the launch of the euro. The ECB was established in Frankfurt am Main in Germany on 1 June 1998. It replaced the European Monetary Institute.FFirst Executive Board of the ECB on 2 June 1998 on the occasion of their first board meeting. Back row: Tommaso Padoa-Schioppa, Otmar Issing, Eugenio Domingo-Solans Front row: Christian Noyer, Willem F. Duisenberg, Sirkka Hämäläinen.

1999

Executive Board member Sirkka Hämäläinen (lower right) visiting the ECB's market room.The Tokyo stock exchange on the launch of the euro as a virtual currency on 1 January 1999.Euro banknote production started in 1999 in printing works across the EU. Cotton fibres, the raw material for euro banknotes. .Euro banknote production started in 1999 in printing works across the EU. Printing plate for €20 banknotes. Public transport ticket made out in euro and belgian francs. Dual pricing was used to accustom people to the euro. Informing consumers about the euro in a French supermarket chain. As euro cash approaches the single currency makes the headlines.

2001

Commission President Romano Prodi and Commissioner Pedro Solbes in front of the ‘euro hot-air balloon’at the Euro-village in Brussels's Parc du Cinquantenaire/Jubelpark. A euro changeover timetable: part of the communications campaign to keep citizens informed on the euro cash launch. Unveiling of giant-size euro banknotes on the Eurotower on 30 August 2001 Poster illustrating the euro produced by DG ECFIN.Packaging of rolls of euro coins.Bank of Greece building in Athens. Greece joined the euro area in 2001. “Mr Euro”, Willem F. Duisenberg. President Duisenberg presenting the euro banknotes at a press conference in Frankfurt on 30 August 2001. Deliveries of euro banknotes and coins to commercial banks and post offices started on 1 September 2001. Armed escort about to leave a banknote printing works in Portugal. Euro converters – which convert prices between euro and old national currencies – were a common sight when euro cash was launched Pallets of five euro banknotes: part of the 14 billion banknotes produced in preparation for the launch of euro cash. Commission President Romano Prodi inspecting newly-minted euro coins at the Royal Mint in Belgium.Packaging euro coins in preparation for the launch of euro cash.Strict quality controls are applied during the printing of euro banknotes in preparation for the launch of euro cash.

2002

Celebrations were held on 31 December 2001 in all euro area countries to mark the cash changeover. Some brand new euro banknotes being closely examined in Maastricht just after midnight on 1 January 2002 The ‘Euro Bridge 2001’ show held at the Parc du Cinquantenaire in Brussels on 31 December 2001 – the night of the launch of euro cash. Pedro Solbes Mira, Member of the EC in charge of Economic and Monetary Affairs, withdrawing his first euros from a cash machine. Euro notes coming out of a cash machine.As euro cash approaches the single currency makes the headlinesThe Commission's Charlemagne building in Brussels covered with the euro logo. Romano Prodi speaking at a press conference on the euro changeover.

2005

Jean-Claude Juncker, Prime Minister of Luxembourg and President in office of the European Council during the negotiations to reform the Stability and Growth Pact. Jean-Claude Juncker and Commission President José Manuel Barroso.The March 2005 European Council which agreed on the reform of the Stability and Growth Pact

2006

Mr Andrej Bajuk, Slovenian Finance Minister, speaking in Brussels on 11 July 2006 when the Council took the decision to accept Slovenia into the euro area. The Berlaymont building behind is decorated with a banner saying ‘Welcome Slovenia to the euro 2007’.The new Slovenian euro coins shown at the welcoming ceremony in Brussels on 11 July 2006 when the Council took the decision to accept Slovenia into the euro area.Jean-Claude Juncker, Prime Minister of Luxemburg and President of the Eurogroup, Joaquin Almunia, Andrej Bajuk, Slovenian Finance Minister, Mitja Gaspari, Governor of the Slovenian National Bank and Janez Potocnik (from left to right) celebrating the decision allowing SLovenia to join the euro area.In Slovenia preparations get under way: banks begin selling starter sets of Slovenian euro coins.

2007

Meeting of the Prime Minister of the Republic of Slovenia Janez Janša with the President of the European Central Bank Jean-Claude Trichet shortly after Slovenia's accession to the euro area. Press conference of Slovene finance minister Andrej Bajuk and European Commissioner for Economic and Monetary Affairs Joaquín Almunia.Joint Press Conference by the Prime Minister of the Republic of Slovenia Janez Janša, President of the European Commission José Manuel Barroso and President of the Eurogroup and Prime Minister of the Grand Duchy of Luxembourg Jean-Claude JunckerThe new euro coins from Cyprus and Malta, presented at the festivities following the Council decision on the two countries' accession to the euro area.Joaquín Almunia, Commissioner for Economic and Monetary Affairs (fourth from right), participates with other EU finance ministers in the celebrations following the official decision of the Economic and Financial Affairs Council which authorised the adoption of the euro by Cyprus and Malta from 1 January 2008. Commission President José Manuel Barroso with Maltese President Eddie Fenech Adami and Mrs Fenech Adami at the official festivities in Valletta marking the entry of Malta into the euro area. The country adopted the European currency less than four years after its entry into the EU. José Manuel Barroso, Lawrence Gonzi, Maltese Minister of Finance, and Michael C. Bonello, Governor of the Central Bank of Malta (from left to right).

2008

New Year 2008 celebrations for the euro in Cyprus with Finance Minister Michalis Sarris (left) and President Tassos Papadopoulos (right). President of Cyprus Tassos Papadopoulos with a new euro banknote.Commissioner Almunia awards prizes to schoolchildren from Cyprus and Malta who won design competitions (for a calendar in Cyprus and an information booklet in Malta) on EMU and the euro for their fellow pupils.Christine Lagarde, France’s Finance Minister and current President of the Ecofin Council celebrating the decision to accept Slovakia into the euro area on 1 January 2009. Commissioner Joaquín Almunia (far left) Christine Lagarde, France’s Finance Minister (second left), and Slovak Commissioner Ján Figel' admiring the design for the new Slovak euro coin at the celebration of the decision to accept Slovakia into the euro area on 1 January 2009.The Brussels Berlaymont building sporting a banner to celebrate the occasion, showing the Slovak 1-euro coin and a welcome message for the new euro entrant.Commissioner Almunia awards a prize to Michal Milewski, winner of the EU-wide prize draw resulting from the vote on the new €2 commemorative coin - designed by Mr George Stamatopoulos of the Bank of Greece - to celebrate 10 years of Economic and Monetary Union.The commemorative coin to celebrate the 10th anniversary of Economic and Monetary Union The coin shows a stick figure which merges into the € symbol. It seeks to convey the idea of the single currency and, by extension, Economic and Monetary Union (EMU) being the latest step in Europe’s long history of trade and economic integration. The design was chosen from a shortlist of five by members of the public across the European Union voting online. It was created by George Stamatopoulos, a sculptor from the Minting department at the Bank of Greece.Commissioner Joaquín Almunia speaking at the 2008 Brussels Economic Forum on ten years of economic and monetary unionPresident Trichet cutting the birthday cake at the 10th anniversary of the ECB at the Alte Oper Frankfurt on 2 June 2008Hans-Gert Pöttering, President of the European Parliament, speaking at the ceremony to mark the 10th anniversary of the ECB at the Alte Oper Frankfurt on 2 June 2008

Personalities in EMU (from 1999 to 2009)

Commission

Mr Romano PRODI, Commission President, 1999-2004. Mr Romano Prodi, Commission President, 1999-2004. Mr Pedro Solbes, Commissioner for Economic and Monetary Affairs, 1999-2004. Mr Pedro Solbes, Commissioner for Economic and Monetary Affairs, 1999-2004. Mr Joaquin ALMUNIA, Commissioner for Economic and Monetary Affairs, 2004-today. Mr José Manuel Barroso, Commission President, 2004-today. Mr Joaquin Almunia, Commissioner for Economic and Monetary Affairs, 2004-today. Mr Joaquin Almunia, Commissioner for Economic and Monetary Affairs, 2004-today.

ECB

Mr Wim Duisenberg, ECB President 1998-2003. Mr Wim Duisenberg, ECB President 1998-2003. Mr Jean-Claude Trichet, 2003-today. Mr Jean-Claude Trichet, 2003-today.

Eurogroup

Mr Jean-Claude Juncker, President of the Eurogroup and Prime Minister of Luxembourg.Mr Jean-Claude Juncker, President of the Eurogroup and Prime Minister of Luxembourg.
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