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.