Luxembourg · 10 years WWU

Economic and Monetary Union goes back to the Maastricht Treaty (Vertrag von Maastricht), which was signed in 1992 and provided for a gradual transition to a common European currency. Participation required meeting the so-called convergence criteria. These concerned, among other things, price stability, government deficit, public debt, exchange-rate stability and long-term interest rates. With Monetary Union, the participating states transferred substantial parts of their monetary policy to the European System of Central Banks. Since then, the European Central Bank has laid down, in particular, the monetary policy guidelines for the euro area.

The euro was initially not a cash currency. Eleven EU states took part at the beginning; Greece joined in 2001. Exchange rates for the former national currencies were irrevocably fixed, and accounts and financial transactions could be converted to euros. Banknotes and coins did not enter everyday circulation until the beginning of 2002. During a transitional period, the old cash currencies were withdrawn. This distinction explains why the anniversary referred to 1999 rather than to the introduction of cash in 2002.

Monetary Union was intended to eliminate exchange-rate risks and conversion costs within the common market and to facilitate price comparisons across national borders. At the same time, it created close institutional ties between countries whose economic, budgetary and fiscal policies remained largely organized at national level. This tension repeatedly gave rise to political debates about budgetary discipline, economic coordination and shared responsibility.

The 2009 issue was a joint issue of the states that were members of the euro area at the time. Unlike the usual national commemorative designs, a uniform design was intended to make the cross-border character of the occasion visible. Citizens and residents of the European Union were able to choose among several designs in an online vote. The fact that the commemoration appeared on a circulating coin was directly connected to the subject of the anniversary: the common currency was to be represented not only institutionally but also as a means of payment used every day.