BeNeLux set

The euro emerged in the course of the European Economic and Monetary Union, whose legal foundations were laid down in the Treaty of Maastricht. The conditions for participation included requirements concerning price stability, government debt, budget deficits and interest rates. On 1 January 1999, the euro was introduced as book money in eleven member states. Exchange rates for the previous currencies were fixed irrevocably; transfers, financial transactions and government accounts could henceforth be handled in euros. Greece joined the monetary union in 2001.

The 2012 anniversary referred to the later step into everyday life: euro banknotes and coins had been in circulation since 1 January 2002. At that time, they replaced national means of payment in twelve states, such as the Deutsche Mark, the French franc, the Italian lira and the Austrian schilling. During a short transitional period, old and new means of payment could in some cases be used in parallel. The changeover affected cash holdings, prices, cash register and accounting systems, as well as bank ATMs.

The common currency combines centrally organised monetary policy with national elements. Monetary policy is decided by the Eurosystem, consisting of the European Central Bank and the central banks of the euro countries. Banknotes have a uniform design, while coins have a common European side and a country-specific side. Regardless of this national design, they are valid throughout the entire currency area.

By 2012, the euro area had grown to 17 states through several accessions. The anniversary coincided with the European sovereign debt crisis, during which financial assistance, budgetary control and the institutional design of the monetary union were the subject of debate. The issue therefore commemorated not only a changeover of cash, but also a joint political and economic project.

A Europe-wide design competition was held for the coin design. A panel of experts selected five proposals; a public online vote then made the decision. The uniform design on the otherwise nationally issued coin sides was intended to make the cross-border character of the anniversary visible.