Germany · 10 years of EMU

The Economic and Monetary Union emerged gradually from European integration. A central foundation was the Treaty of Maastricht, which entered into force in 1993. It paved the way for a common currency and established requirements for participation. These so-called convergence criteria include provisions on price stability, the budgetary situation, long-term interest rates and exchange-rate stability.

With the beginning of the third stage of monetary union, the exchange rates of the participating national currencies were irrevocably fixed. The euro initially served as a book money, means of payment and unit of account, for example in cashless payment transactions and on the financial markets. Banknotes and coins did not enter circulation until the beginning of 2002. Until then, people continued to pay in everyday life with D-Mark, francs, lire or pesetas, among other currencies; however, their value against the euro had already been fixed.

The Eurosystem is responsible for the common monetary policy. It consists of the European Central Bank and the national central banks of the states that have introduced the euro. The national governments, by contrast, largely retain responsibility for their budgetary and economic policies. This combination of a centralised monetary policy with financial policies that continue to be managed at national level characterises the structure of the monetary union.

The joint issue also fell during a period of expansion of the euro area. After the original participating states, further EU countries had adopted the common currency; Slovakia joined the euro area at the beginning of the year of issue. Not all Member States of the European Union belonged, or belong, to it, as participation requires legal and economic conditions to be met.

A uniform commemorative design was appropriate because the subject being commemorated was not a national anniversary but a joint European project. At the same time, the issues remained recognisable as coins struck by the individual states through their country designations, mint marks and different edge inscriptions. The coins thus combined the common monetary policy with the continuing responsibility of the Member States for the national sides of their circulation coins.