1992 - Maastricht Treaty on European Union – Preparations for EMU begin
1999 - Euro launched
2002 - Introduction of euro banknotes and coins
The 1973 and 1979 oil and energy crises brought high and volatile inflation rates across Europe – creating uncertainty and discouraging investment. From the early 1990s, as preparations for Economic and Monetary Union (EMU) began, inflation rates fell steadily. Since the launch of EMU, euro-area inflation has been lower and more stable – encouraging investment, employment and growth. The decline of inflation started later in those countries which became EU members in 2004 and have only recently joined the euro area – Slovenia, Cyprus, Malta and Slovakia.
Source: European Commission