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The launch of the euro

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Abstract

The introduction on January 1, 1999, of the euro--the single currency adopted by eleven of the fifteen countries of the European Union--marked the beginning of the final stage of Economic and Monetary Union and the start of a new era in Europe. The creation of a single currency and a single monetary policy has provided both extraordinary challenges and exceptional opportunities within Europe. This article reviews the organization, objectives, and targets of the euro area's new central bank and discusses some of the early challenges it has faced in setting and implementing monetary policy with the new common currency. It discusses the initial functioning of the payment system and the interbank market and reviews the effects to date of the single currency on European bond and equity markets, on the banking system, and in euro-area transactions.

Suggested Citation

  • Carol C. Bertaut & Murat F. Iyigun, 1999. "The launch of the euro," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 85(Oct), pages 655-666, October.
    • Handle: RePEc:fip:fedgrb:y:1999:i:oct:p:655-666:n:v.85no.10
    DOI: 10.17016/bulletin.1999.85-10
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    File URL: http://www.federalreserve.gov/pubs/bulletin/1999/1099lead.pdf
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    More about this item

    Keywords

    Euro; European Monetary System (Organization); European currency unit;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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