JANUARY 1, 1999 – EURO INTRODUCED

1999 – EURO INTRODUCED
The Euro replaced the national currencies of the majority of European Union nations. It was first introduced as an accounting currency (e.g. travelers cheques, electronic transfers). Coins and paper notes began circulating euros three years later. The flow of euros is controlled by the European Central Bank, similar to the flow of dollars controlled by the Federal Reserve Bank in the U.S. In both cases, however, the “central” banks are largely private entities. The euro came under harsh criticism in 2012 as many people in many nations began to understand that the loss of national currencies equated to a loss of national sovereignty, despite the face that national currencies were issued by the private national banks of individual nations. The relative public influence over a nation’s money supply is still greater having its own currency vs a continent-wide currency controlled by a private continent-wide central bank.