IT The history of money

Primitive man don’t use money

They use the barten: they exchange animals, metals or

objects made of metals.

In Medieval time people start to use pieces of metal:

the coin

For many centuries coins remain a kind of barter

When the coins become day after day more important,

people make them with gold and silver

As a consequence of this fact the paper money is born

From this moment, each nation coin its currency but it is valid only in that nation and when

people move from one nation to another one they need to change their money in the currency

of the state they are going to visit

So, some nations think to start using the same

currency: at this point the real history of Euro currency

begins…

…and it is a very long way

Since the end of the sixties, one of the main aims of EU countries is the creation of the Economic

and Monetary Union (EMU).

In October 1962, Heads of State and Governments of the European Community meet in Paris and

establish a monetary union of the European countries

In 1979 the creation of the European Monetary System (EMS)

stabilises the exchange rates between European currencies

In 1988 Jaques Delors (President of the European Commission) suggests to

adopt a common monetary policy and to substitute the national currencies

with the euro

The first stage begins in July 1990. In December 1991, the European Council in Maastricht decides to adopt a single

currency in Europe

In 1995 the European Council in Madrid establishes the official name and the

schedule for single currency

The EU Members agree to adopt the euro from 1st of

January 1999

These countries are: Austria, Belgium, Finland, France, Germany, lreland, ltaly, Luxemburg, Holland, Portugal and Spain

The euro is officially introduced on 1st of January 1999

On 1st of January 2001 euro banknotes and coins appear in various countries, and after a “transitory phase” of two months the lira is

gradually replaced by the euro

But, from 1st of March 2002, the lira and the other 11 national currencies stop to be legal money

For a period both currencies are accepted and used

From this day, the euro officially becomes the only currency in 12 countries of Europe