1973 - First oil crisis
1979 - Second oil crisis
1992 - Maastricht Treaty on European Union – Preparations for EMU begin
1999 - Euro launched
2002 - Introduction of euro banknotes and coins
2007 - Oil and food prices boom
2008 - Financial crisis
After the high and volatile inflation caused by the oil and energy crises in the 1970s, the 1990 decision to implement Economic and Monetary Union, and the founding of the European Monetary Institute in 1994, led to a steady fall in interest rates in the euro-area candidate countries. Since the euro was launched in 1999, the euro area has seen a decade of low and stable inflation. The resilience of the euro-area economy is seen in the minor rise in the inflation rate due to the 2008 oil price rises, compared to the turmoil such price rises caused in earlier decades.
Source: European Commission