History and timetable of EMU

1957

Establishment of the European Economic Community (EEC) with Germany, France, Italy and the Benelux countries.

1967

Creation of the European Community (EC).

1972

Establishment of the "currency snake".

1973

The United Kingdom, Ireland and Denmark join the EC.

1979

Establishment of the European Monetary System (EMS).

1981

Greece joins the EC.

1986

Spain and Portugal join the EC.

1987

The "Single European Act" provides for the creation of the Single European Market from 1993 and establishes the goal of a Monetary Union.

1990

Start of stage one of European Monetary Union (EMU) with the full liberalization of capital movements.

1991

Conclusion of the "Maastricht Treaty" on European Union (EU), establishment of the timetable for Monetary Union.

1992

The United Kingdom and Italy leave the exchange rate mechanism following currency turmoil in the EMS.

1993

Start of the Single Market permitting the free movement of people, goods, capital and services.

1994

Start of stage two of EMU. The European Monetary Institute (EMI) is established.

1995

Austria, Sweden and Finland join the EU; "euro" will be the name of the single European currency.

1998

Decision on EMU participants, confirmation of the starting date; establishment of the ECB.

1999

Start of the Monetary Union with the fixing of exchange rates; the ECB assumes responsibility for monetary policy and operates in euro; start of the currency changeover in the financial sector.

2002

Euro notes and coins replace the national currencies.