Spain · 10 years of euro cash

The euro emerged as part of the European Economic and Monetary Union. Its legal basis was established by the Treaty of Maastricht, which also laid down the conditions for participation. These included requirements concerning price stability, public debt, budget deficits, interest rates and exchange-rate stability. The common currency was intended to eliminate exchange-rate risks within the internal market and facilitate cross-border payments and price comparisons.

The euro was introduced as book money in eleven EU member states initially, on 1 January 1999. From that point onward, transfers, government debt and transactions on the financial markets, for example, were conducted in euros. The exchange rates of the participating national currencies were irrevocably fixed. Greece joined the euro area in 2001. It was not until the beginning of 2002 that euro banknotes and coins entered general circulation in twelve states. During a short transitional phase, the previous national means of payment could still be used in many places; subsequently, they ceased to function in everyday cash transactions.

Monetary policy for the euro area is conducted by the Eurosystem, which consists of the European Central Bank and the national central banks of the participating states. Fiscal and tax policy, by contrast, remained largely a national responsibility. This coexistence also shaped the European sovereign debt crisis, during which financial assistance, budgetary control and closer coordination of economic policy were discussed in 2012. The commemorative issue thus appeared during a period of intense political debate about the functioning of the monetary union.

Joint 2-euro issues are used for occasions that concern several or all states of the euro area. The anniversary of the introduction of euro cash was suitable for this purpose because the changeover had taken place almost simultaneously and represented a directly perceptible step in European integration in everyday life. For this issue, the common design was also selected through a design competition and a public online vote; only country designations, mint marks and individual technical details differed according to the issuing country.