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The Formation of the European Monetary Union. 1950 Schuman plan to create a Common European Market 1951 Creation of a common for market for steel and coal 1957 Treaties of Rome create Common European Market 1968 Completion of customs union

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the formation of the european monetary union
The Formation of the European Monetary Union
  • 1950Schuman plan to create a Common European Market
  • 1951Creation of a common for market for steel and coal
  • 1957Treaties of Rome create Common European Market
  • 1968Completion of customs union
  • 1969Plan to create European Economic and Monetary Union
slide2

1970

Werner Plan to install a common currency

1972

European serpent system of exchange rates

 1979

 European Monetary System I and creation of the ECU (European Currency Unit)

1988

Delors Commission announces plans to create a European central bank and adopt a common currency

 1991

Maastricht Treaty as a preliminary European Constitution (to become effective in 1993)

1993

Unified European market

slide3

1998

Establishment of European Central Bank

1999

Launch of a common currency within the financial system

2002 

Launch of the Euro as physical currency and common legal tender

2003-08

Consolidation. Strong rise of Euro value against dollar

2007-2009

International Financial Crisis

2010

Euro crisis – Budget crises of the PIGS – Portugal, Ireland, Greece and Spain