Finland · 10 years of euro cash

The euro was created as part of the European Economic and Monetary Union. Its foundations were laid in the Treaty of Maastricht, which entered into force in 1993. The aim was a common monetary policy for those EU member states that met certain economic and legal requirements. Responsibility for monetary policy was assigned to the European System of Central Banks under the leadership of the European Central Bank.

The euro was already introduced as a currency on 1 January 1999. Initially, however, it existed only as book money, for example for transfers, bank accounts and trading on the financial markets. The exchange rates of the participating national currencies were fixed irrevocably. Banknotes and coins in Deutsche Mark, francs, lire and other former currencies remained in everyday use during this transitional phase.

Euro banknotes and euro coins did not enter circulation until 1 January 2002. Therefore, the 2012 anniversary refers to the introduction of cash and not to the creation of the currency in 1999. The changeover was an extensive logistical task: cash had to be produced and distributed, vending machines and cash register systems had to be adapted, and prices often had to be displayed in both the old and new currencies during the transitional period. After short periods of parallel circulation, the former national banknotes and coins in the participating countries ceased to be legal tender.

The introduction of common cash made the monetary union immediately visible to the population. At the same time, it simplified payments and price comparisons across national borders. However, not all member states of the European Union participated in the euro. The euro area also changed through later accessions; shortly before the anniversary, Estonia had adopted the common currency in 2011.

The anniversary provided an opportunity for a joint issue because circulation coins bear both uniform European and different national design elements. A common commemorative design could therefore represent the cross-border function of cash, while the respective country designation identified the individual issuing countries. Such joint issues are approved only for selected Europe-wide occasions.