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- 4.1: Preface.
- 4.2: Europe in the making.
- 4.3: Glossary Personalities.
- 4.4: Technical Glossary.
- 4.5: Chronology.
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Chronology

Before the Euro

Critical steps after the second World War toward Economic and Monetary Union in Europe I

Dates

Treaties, Plans, Agreements

European Institutions

Currencies

1944

Bretton Woods Agreements

United-States dollar (USD) world reference currency

1948

Creation of the European Organisation

of Economic Coopération (OECE)

1948-1949

Conference of The Hague and Congress of Westminster

1950

Speech of R. Schuman called of the « Salon de l'Horloge » (9 mai)

Creation of the European Union of Payments (EUP)

European Unit of Account (EUA)

1 EUA = 1 USD

1952

Creation of the European Coal and Steel Community (CECA )

1956

Spaak/Uri report : 1st time a European text refers to « single currency »

1957-1958

Treaty of Rome : Creation of the European Economic Community (EEC) (Belgium, France, Italy, Luxemburg, Netherlands, Germany)

Became effective : 1958

Entrée en vigueur : 1958

European Monetary Agreement (EMA)

Replaces the EUP.

1962

First Monetary expression in the Community

Unit of Account (UA)

1 AU = 1 EUA

1964

Creation of the Governors’ Council

1970

Werner Plan: first full scale plan for the creation of monetary union in Europe

1971

The United-States put an end to the convertibility of the USD

Smithsonian Institute Agreement (Washington, DC)

Launching of the « tunnel » among international currencies

1972

Basel Agreement

« Snake (among European currencies) within the tunnel »

1973

First Petroleum shock.

Floating international currencies

The United-Kingdom, Irland and Denmark join the EEC.

Creation of the European Fund of Monetary Cooperation (Fecom,

replaces the Governors’ Council)

« Snake in the tunnel »

1975

Fourcade, Tindemans and Marjolin reports

Creation of the basket European Unit of Account (EUA).

1 EUA = 1 Special Drawing Right (SDR)

1976

Opening by the Commission of the first accounts in basket EUA.

Snake restricted to stable European currencies.

Awaiting the Euro

Critical steps after the second World War toward Economic and Monetary Union in Europe II

Dates

Treaties, Plans, Agreements

European Institutions

Currencies

1978-

1979

Aachen Summit : :

Creation of the European Monetary System (EMS)

Creation de la European Currency Unit (official ECU )

1 official ECU = 1 EUA basket

1981

Launching by SOFTE and the Europan Investment Bank (EIB) of the first bond in ecu. Greece becomes the 10th member of EEC.

Creation of the private ecu on the capital markets. At the start : de 1 ecu = 1 ECU

1985

Genscher-Colombo plan: the European Council in Milan asks the revision of the Treaty of Rome. The Council in Luxembourg adopts The Single European Act.

1986

Entry of Spain and Portugal in the EEC.

1987

The Single European Act comes into force.

1989

Delors Plan: passage to the single currency through a parallel ECU.

1990

Phase I of the passage toward Economic and Monetary Union (EMU)

Free circulation of capital.

1992

Signature of the Union Treaty of Maastricht. The Single Market becomes effective. First referendum relative to the Union Treaty in France and Denmark.

1993

Second referendum in Denmark

Ratification of the Union Treaty.

1994

Second Phase of EMU.

Creation of the European Monetary Institute (EMI) replaces FECOM.

1995

Austria, Finland and Sweden enter the European Union.
Madrid Summit : confirmation of the processus leading to EMU

The European currency will be called the euro.

1996

Dublin Summit : framing the legal basis of the euro.

The euro will replace the ECU at the rate of 1 to 1.

The euro today

Critical steps after the second World War toward Economic and Monetary Union in Europe III

Dates		Treaties, Plans, Agreements	European Institutions	Currencies
1997	Reference date to measure the levels achieved in terms of convergence criteria to verify the capacity to for Member States to enter EMU.
1998	May : phase III-A, Choice of countries to enter EMU in 1999.		Nomination of the first Président of the European Central Bank : Willem Duisenberg		Cross-parities among national currencies to participate in the euro are fixed.
1999	Phase III-B The euro is introduced in the first set of countries.		The European Central Bank replaces the EMI.		Parities between national currencies definitively fixed with the euro, which becomes an accounting currency in its own right with 1 ECU = 1 euro
2002	January: phase III-C				National currencies are progressively replaced by the euro which becomes also fiduciary currency.
2002	According to the Treaty : June at the latest. Replacement of all national currencies had effectively taken place by Februray 28 2002. In actual fact, national currencies had almost completely disappeared a few weeks after January 1 2002				National currencies totally replaced by the euro.