The Euro: From Conception to Circulation of a Common European Currency*1
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The Euro: From Conception to Circulation of a
Common European Currency*1
Donna Pirouz
Why are so many people against the euro and think that an
unwise decision with unfortunate consequences may have been
made, while others embrace it and look forward to its many
benefits and possibilities? In this paper I will describe how the
citizens of the twelve member countries of Euroland have been
affected by the emergence of a new currency, the euro.2 Due to
availability of source material, I have limited my discussion to
France and Germany. Likewise, my descriptive analysis will
focus on the production of the euro as well as some cultural
implications of the currency’s introduction; political and
economic issues and implications related to the euro will not be
discussed, since these are beyond my expertise. Hopefully, this
paper will help elucidate several reasons for the euphoria as well
as fear associated with the launch of the new currency, which is,
indeed, a very significant step in building a united Europe.
I will begin with a brief history of the European Union
and the conception of the euro. Secondly, I will explain the
production and description of the banknotes and coins, giving
attention to features of the currency designed to express and
promote European unity, design features for the visually
impaired, and some security measures taken to prevent
counterfeit. Thirdly, I will take up the process of introducing the
new currency, with an emphasis on the full-scale introduction of
the euro on January 1, 2002.
_________
*This essay is a revision of a faculty colloquium presentation
delivered September 26, 2002.120 The Campbellsville Review
The European Union and the Euro
The European Union began in 1950, when Robert Schuman,
former President of the French Republic, proposed the creation
of an economic community comprised of the origin of the
Europe of Six (Belgium, France, West Germany, Italy,
Luxembourg and the Netherlands). In 1957, the Europe of Six
created the European Economic Community. In 1973, the
Europe of Six became the Europe of Nine with the admission of
Denmark, Ireland and the United Kingdom. In 1981, Greece
became the community’s 10th member; in 1986, Spain and
Portugal were admitted to the European Economic Community
(EEC). In 1993, the European Union (EU) was created,
comprised of the members of the EEC. Austria, Finland and
Sweden were admitted to the European Union in 1995.
Efforts to create a common European currency began
over 35 years ago. Pierre Werner, former Luxembourg Prime
Minister, laid the groundwork for a single currency in 1970. In
1978, Valéry Giscard d’Estaing, President of France, and
Helmut Schmidt, German Chancellor, continued the impetus for
a common currency (Journal Français 28).2 The European
Council in Copenhagen accepted the principle of a European
monetary system based on stable but adjustable exchange rates,
and, in 1979, the European Currency Unit (ECU), to later
become the euro, was born. It represented an average of the
participating currencies. In the late 1980s and early 1990s,
François Mitterand, President of France, pushed quite hard for
the euro. At the time, Helmut Kohl, German Chancellor, also
did much to persuade the German people to accept a new
currency. François Jacques Delors, President of the European
Commission (1985-1995) and Theodor Waigel, German
Minister of Finance (1989-1998) also strongly encouraged a
single currency (Journal Français 28). The efforts of the elected
governments of the member states of the European Union to
create and develop a new currency reached a crescendo in
December 1995. At a meeting that month, the European Council
adopted the name “euro” was adopted, as suggested by Waigel,The Euro 121
who refused the name “ecu,” saying it was “way too bizarre for
German ears” (Journal Français 28).
An important step toward the introduction of the euro
was the establishment of the European Central Bank (ECB) in
1998. Based in Frankfurt am Main in Germany, the Bank “aims
to maintain price stability and to conduct a single monetary
policy across the euro area.” It was “responsible for managing
the development and introduction of the euro.” The ECB
worked with the national central banks and together they are
known as the Eurosystem (www.euro.ecb.int; accessed 19
December 2001).
A key reason the EU selected the name “euro” for the
new, common currency was due to the fact that the name
sounded very similar to and could be easily pronounced within
all the languages of Euroland. With its official abbreviation as
EUR, the euro’s logo is a blue square emblazoned with a yellow
euro symbol, “which was inspired by the Greek letter ‘epsilon’
(€), harking back to classical times and the cradle of European
civilization. The symbol also refers to the first letter of the word
‘Europe.’ The two parallel lines indicate the stability of the
euro” (European Central Bank)3. Like the French franc, which,
since 1976, has had no reference to gold, the euro is not backed
by gold, but by the monetary policy and vaunted stability of the
European Central Bank in Frankfurt (www.germany-info.org;
accessed 17 December 2001).
The benefits of using a common currency are many.
First of all, companies throughout Europe would not have to
deal in the messiness of handling different currencies. Secondly,
companies would have a more reliable means of calculating
trade and investments. Thirdly, cross-border investments will
likely increase as the euro lifts barriers to free trade in goods,
services, labs and capital. Fourthly, price comparisons will be
easier and consumers will profit from greater competition and
price transparency throughout the euro area (Germany; 8
December 01). And lastly, everyone, including tourists, will
have an easier time as they travel from one Euroland member122 The Campbellsville Review
state to another, not having to lose money from the exchange of
one currency to another.
Production of the Euro
Production of the eight different euro coins began in May 1998,
while production of the seven different banknotes began in July
1999. Twelve printing works, two in Germany, none in
Luxembourg and one in each of the other countries, produces the
currency. The German printing works manufacture the greatest
number of bills and coins: 17.1 billion coins and 4.34 billion
bills. More fifty- and twenty- EUR bills were printed than any
other bills and more one- and ten-cent coins were produced than
any other coins (ECB), because these bills and coins were
thought to be used most frequently to make change. Banknotes
look the same throughout the euro area, indicating a common
European identity. By comparison, coins have one side common
to all twelve countries (like the banknotes) symbolizing a
common European identity and a reverse side specific to each
country, symbolizing the particularity and distinctness of each
country. Thus, the coins symbolize diversity in unity (Germany
2003 Calendar; week 22, 03).
Banknotes. The Austrian artist Robert Kalina of the
Austrian National Bank designed the banknotes. The banknotes
have a map of Europe on the back and the European flag on the
front. If a specific country decided to put a distinguishing
national symbol on the bills, such a symbol would replace the
European flag (http://www.euro.gouv.fr; 20 December 01
accessed). The front side of the notes includes windows, arches,
and gateways which symbolize the European spirit of openness,
cooperation and economic opportunity (European Journal). The
twelve stars of the European Union represent the dynamism and
harmony between European nations. On the backside of the
bills are bridges symbolizing close cooperation, communication
and connection between Europe and the rest of the world as well
as strong ties among the European countries themselves.The Euro 123
Kalina was very particular and precise when it came to
his drawings. The architecture on both sides of the bills
represents different architectural styles throughout the centuries-
-the lower the value of the bill, the older the architectural style.
The five-note bill represents the Classical style (from the first to
the fourth centuries); the ten-note bill represents the
Romanesque style (ninth to twelfth centuries); the twenty-note
bill represents the Gothic style (twelfth to fifteenth centuries);
the fifty-note bill represents the Renaissance style (sixteenth
century); the 100-note bill represents Baroque and Rococo
(seventeenth and eighteenth centuries); the 200-note bill
represents Iron and Glass (nineteenth century) and the 500-note
bill represents High-Rise Buildings and Suspension Bridges
(modern twentieth century architecture). Careful thought also
went into the design of the bridges on the notes. Bridges had to
look real and stable. Poorly constructed bridges might lead one
to think that the countries they represented were not stable and
couldn’t be trusted.
Besides the map, flags, architectural styles, and bridges,
one can also find other features on the bank notes. The name
“euro” appears in both the Latin (“EURO”) and Greek
(“EYPΩ”) characters on the bank notes, since both alphabets are
in current use in the European Union. One can also find the
initials of the European Central Bank in five linguistic variants,
covering the eleven official languages of the European
Community. And, as one would expect, the signature of the
President of the European Central Bank next to the initials of the
bank (euro.gouv.fr).
Kalina was also open to suggestions as he designed the
bank notes. When criticism was voiced concerning the absence
of islands and departments belonging to the various European
countries, Kalina added the Shetland Islands (Great Britain), the
Azores (Portugal), the Canary Islands (Spain), the four overseas
French departments (French Guyana, Guadeloupe, Martinique,
and Réunion), etc. (European Journal).
There are also various features to help the visually
impaired. The bills are in different sizes, according to their124 The Campbellsville Review
value. They have dominant colors, with contrasting colors for
pairs of banknotes in sequence. For example, the EUR Ten
banknote is red and the EUR Twenty is blue. Values are printed
in large numerals. The bills are printed in relief [can be
perceived by touch] using a special printing method known as
intaglio. The EUR 200 and EUR 500 bills have tactile marks
printed in intaglio and positioned along their edges (ecb).
Coins. Luc Luycx of the Royal Belgium Mint designed
the euro coins. One side of the coin features one of three
designs common to all twelve euro area countries showing
different maps of the European Union against a background of
parallel lines linking the twelve stars of the European Union
flag. The one-, two- and five-cent coins depict Europe’s place in
the world as a tiny globe with the outlines of the European
continent; the ten-, twenty- and fifty-cent coins depict Europe as
a group of individual nations; the EUR One and EUR Two coins
represent a united Europe without frontiers (ecb). Luycx
consciously included the United Kingdom, Denmark, and
Sweden in his design and also left some scope to include
prospective European Union member states at a later stage
(Deutsche Welle; accessed 10 January 2002). The reverse side
of the coins shows individual designs relating to the respective
member state, surrounded by twelve stars. For example, on
Germany’s EUR One and EUR Two coins the eagle, the symbol
of German sovereignty, is featured; on France’s ten-, twenty-
and fifty- cent coins is the sower, representing France, which
stays true to itself while integrating into Europe; and Italy’s
EUR One coin features Leonardo da Vinci’s famous drawing
illustrating the ideal proportions of the human body.
The composition of the coins differs according to their
value. The small denominations (one, two, and five cents) are
made of copper-covered steel. The medium denominations (ten,
twenty, and fifty cents) are made from a copper-aluminum alloy,
known as Nordic gold. The most difficult coins to produce are
the large One and Two euros, which have two three-layered
rings containing a nickel-brass and a copper alloy
(http://expressindia.com; accessed 18 September 2002). It isThe Euro 125
rather interesting that the nickel used in the EUR One and EUR
Two coins is “100 times greater than the European Union
directive’s upper limit,” which can cause eczema (dermatitis) for
those who are allergic to nickel (Deutsche Welle; 10 January 02
accessed). University of Zurich researchers conducted a study in
which “they coated euros in artificial sweat and found the coins
released 240 to 320 times the amount of nickel permitted under
European Union regulations - and more than pure nickel itself.”
The combination of nickel-brass and a copper alloy “encourages
corrosion as metal ions flow from one alloy to the other”
(Courier Journal).
For the visually impaired, the coins can be distinguished
by shape, color, edge, weight, and thickness. The heaviest have
the highest value, except for the EUR One coin, which weighs
less than the fifty-cent coin. The fifty-cent coin is the thickest
and the EUR One coin is thicker than the EUR Two coin. In
descending value, the other coins are gradually thinner and
lighter in weight. The values are prominently displayed on the
common side, and milled edges, as well as familiar national
motifs engraved on the reverse side, help one to recognize the
different values (ecb).
Several security measures were taken to prevent
counterfeiting of the new currency.4 The actual euro bills are
printed on fiduciary paper (paper that can’t be redeemed in gold
or silver) with a cotton fiber base, which gives them a particular
texture. The print on the banknote is raised. The banknotes’
watermark reveals an image and the monetary value of the bill.
The notes also contain a security thread and a see-through
register. On the front side (to the right) there is a metallic,
holographic (three-dimensional) stripe on the five, ten and
twenty euros; a hologram foil patch of a shifting image of the
euro and the number identifying the monetary value of the bill
can be found on higher value banknotes. On the backside, the
five, ten and twenty euro bills have a shiny iridescent
(displaying changing colors) stripe; on higher value banknotes
color-shifting ink has been used (ECB).5 To further prevent
forgery, the EUR One and EUR Two coins use sophisticated bi-126 The Campbellsville Review
metal technology and the EUR Two coin has lettering around the
edge. The number “2” is followed by two stars which are
followed by an upside-down “2”, which is followed by two stars
and then the same lettering begins again until a complete circle
has been made (Deutsche Welle; accessed 10 January 2002).
Introduction of the Euro
A number of steps were taken to introduce the new currency into
Euroland. On December 31, 1998, at 2:00 p.m., the conversion
rate for the euro for each participating country was irrevocably
fixed.6 It was the only rate to be used for conversion between
the euro and the national currency, or for conversion between
the national currency units. Concurrently, Euro area member
states began implementing a common monetary policy. The euro
was recognized as the primary legal currency among the member
states, with national currencies subordinate to the euro.
In addition to the members of Euroland, several other
countries, largely for financial and economic reasons, decided to
use the euro. Kosovo and Montenegro chose to use the new
currency since each country adopted the German mark in
September and November 1999, respectively. However, unlike
the proper members of the euro zone, they have no right to print
and mint the euro. Kosovo and Montenegro must also buy
euros, which they can do from Germany and Austria (Deutsche
Welle; 21 December 2001). Vatican City, an independent state
inside Rome, Italy, also chose to the euro as its official currency,
and was given permission to produce and mint euro coins
engraved with the left profile of the Pope. The words “Citta del
Vaticano” (Vatican City) and twelve stars symbolizing the
countries of the euro zone surround the Pontiff’s profile (Le
Figaro; 1 November 2001). Finally, Monaco, a [sovereign]
principality in southeastern France, which had used French
currency, and San Marino, a small republic in eastern Italy,
which had used Italian currency, decided to use the new
currency with special images.The Euro 127
January 1, 1999, to December 31, 2001, marked a
transition period toward full use of the euro as a legal currency.
During this two-year period, individual persons, businesses, or
institutions could pay or be paid in national currencies or in
euros as long as payment was made by check or bank card. Cash
transactions were prohibited.
Not everyone Euroland was pleased with the adoption of
a new currency. Many persons were hesitant to give up use of
their national currency. National currencies symbolized national
identity and pride. For example, the German mark had come to
symbolize Germany’s financial and economic recovery from
World War II. Many citizens within Euroland were also worried
that a sudden increase in prices of consumer goods would
accompany the introduction of the euro. Finally, many senior
adults were very apprehensive about using the new currency.
Anxieties over how to convert national currencies to euros as
well as fears about possible fraudulent conversions of “old”
currency to the new one were common among the elderly. (Le
Figaro; 17 December 2001).
To counter such anxieties and worries several strategies
were employed. First of all, efforts were made to introduce
children to the euro. It was thought that young children could
help introduce parents to the euro and, hopefully, lessen
hesitancy about the new currency. To this end, many games,
such as Europoly (a European version of Monopoly) were
created and marketed to children between the ages of five and
twelve. Another strategy involved the marketing of monuments
of European capitals. Such items were sold using the euro in
order to encourage use of the new currency (Journal Français
3). Finally, various ways to educated people how to recognize
forgeries of the banknotes and coins were introduced. For
example, “German police . . . introduced a special internet
website with an interactive computer game. In ‘The Funny
Money Advisor,’ players [had] to recognize four differences
between real euro notes and forgeries.” (Deutsche Welle; 3
January 2002).128 The Campbellsville Review
In mid-December 2001, banks, post offices, and, in
some countries, retail outlets received starter kits designed to
familiarize employees and the general public with the new euro
coins.7 On January 1, 2002, the euro banknotes and coins were
introduced in the twelve member states of the European Union.
The tiny island of la Réunion, an overseas department of France,
was the first European territory to change to the euro. The first
purchase with a euro coin was a kilo of “lychées” (nuts) (Le
Figaro; 1 January 2002). After la Réunion experienced the
currency changeover, Greece and Finland followed. One hour
later, Italy, Germany, France, Belgium, Spain, Austria, Ireland,
Portugal, Luxembourg, and the Netherlands celebrated the
change (Deutsche Welle; 2 January 2002). In France, Laurent
Fabius, the Minister of Economy and Finances, wished the
French people a “bonne (good) et eurose (instead of ‘heureuse’
[happy]) année (year)” (Le Figaro; 1 January 2002). Since
January 1 was a holiday, the new currency could only be
withdrawn from the Automated Teller Machines (ATMs), which
began dispensing euro banknotes at midnight, Monday,
December 31, 2001. “Aside from bars and clubs, much of
Europe was closed on January 1, 2002, reserving the euro’s
major test for January 2” (Deutsche Welle; 2 January 2002). In
fact, on January 2, many Germans and Dutch people stood
outside in temperature near ten degrees below zero to exchange
marks and gilders for euros (Deutsche Welle; 9 January 2002).
Fanfare and celebration marked the introduction of the
euro. In the very heart of the financial center (Willy Brandt
Square) in Frankfurt, Germany, a large celebration took place on
the eve of the currency’s full-use introduction in the European
Union. “A massive screen [showed] New Year’s Eve television
shows from all the twelve Euroland countries.” Musicians from
the twelve countries of the EU were spread out over twenty
stories of the skyscraper, the half-constructed Galileo Turm, and
played together. The official euro song, “With Open Arms,” a
mix of classical and rap music, was sung live for the first time.
“The song bids goodbye to the national currencies of Europe and
heralds the birth of a single common currency. As the clockThe Euro 129
struck midnight and the euro [was] born, the curtain [was] raised
on [an] imposing 15-meter-high official euro sculpture. . . . The
twelve stars swirling freely around the euro sign opposite the
European Central Bank building, stand for the members of the
currency’s union and symbolize the preserving of a national
identity in spite of the union” (Deutsche Welle; 30 December
2001).
During the changeover period from January 1, 2002, to
February 28 (February 18 in France),8 euro countries could pay
in either their national currencies or in euros. Germany was the
exception to this policy--retailers were not legally bound to
accept national currencies alongside the euro (Deutsche Welle;
31 December 2001). However, in all countries, customers
would receive change only in euros.
What were the countries to do with national currencies?
The old money was to be recycled, if possible. French bills (and
perhaps bills in the other countries) cannot be recycled because
they contain noxious chemical matter. The coins, however, can
be melted and their metal recycled to make new coins (euros or
foreign currency), electronic chips, etc. The nickel can be resold
in the raw material market (Dewey 1187).
Within the first six months of full use of the new
currency, the euro received its first honor, a sign of success. On
May 9, 2002, the European Central Bank president, Wim
Duisenberg, accepted the 2002 Charlemagne Prize on behalf of
the euro.9 The award is presented each year to a person or
institution contributing significantly to Europe and European
integration. The fact that the award was bestowed upon the euro
signified the importance of the euro, which, as explained by the
commission spokesman, “will be far more than the common
method of payment in Europe….It will contribute to a common
European identity, stabilize the community and so encourage
peace” (Germany; 14 December 2001).130 The Campbellsville Review
Conclusion
Much thought was put into the creation of the euro. Despite
fears of losing national sovereignty and the negative impact of
the new currency upon national pride, Euroland countries need
not worry about losing their identity. In the opinion of this
author, the euro should make the European Union stronger,
drawing the countries even closer together and enabling them to
economically compete more successfully with other countries,
such as the United States and Japan. Ongoing problems and
concerns persist, such as dealing with forgeries and
counterfeiters as well as the strength or weakness of the euro
against other currencies, such as the US dollar. However, this
author predicates that those individuals, institutions, and even,
sovereign states, which harbor a deep pessimism, or outright
opposition, against the euro will likely change their perspective
as they become more confident through the use of the new
currency. Hopefully, they will be able to look back with
nostalgia at their old money and look to the future with pride in
the new currency. The leaders of France and Germany
wonderfully captured such a “let’s-not-look-back-but-only-
toward-the-future” optimism and faith regarding the importance
of the euro: French Prime Minister of France, Lionel Jospin,
declared “…adieu le franc, vive l’euro.” (“…goodbye to the
franc, long live the euro.”) (Le Figaro; 30 December 2001); and
German Chancellor Gerhard Schröder quoted a line from a
Beatles’ song: “‘I don’t know why you say goodbye, I say
hello’” (Deutsche Welle; 31 December 2001).
End Notes
1
All quotations from French sources were translated by this
author.
2
At present, there are fifteen countries in the European Union.
In Euroland, officially known as the European Economic and Monetary
Union or Euro Zone, there are twelve member countries: Austria,The Euro 131
Belgium, Finland, France, Germany, Greece, Ireland, Italy,
Luxembourg, Netherlands, Portugal and Spain. In order to become a
member of Euroland, one must be a member state of the European
Union, manage the national accounts in accordance with strict criteria
for balanced budgets and national debt without foregoing continental
standards of social welfare, make a formal political decision to adopt
the new currency, the euro, and, finally, ask the European Union’s
permission to be a member of the euro zone (Deutsche Welle, 21
December 2001). “With a population of 303 million, the Euro Zone is
markedly larger than its closest competitors, the United States (276
million) and Japan (127 million)” (Germany Online).
3
Later versions of Microsoft Word have keyboard
combinations to create the euro symbol (€), such as Alt + 0128 on the
number pad at right on the keyboard.
4
In addition to the security measures incorporated in the
production of the banknotes and coins, Euroland countries also
employed a number of other methods to prevent counterfeit. For
example, in France, in order to dissuade counterfeiters, samples of the
euro given to the public prior to circulation on January 1, 2002, were
incomplete; they bore neither the colors nor the definitive designs nor
the security measures necessary to prevent counterfeiting (Dewey
1188).
5
The European Central Bank may add radio-frequency
identification tags to larger bills (Information Week).
6
To convert national currencies to euros, six decimal figures
had to be used, no more or no less (Dewey 1184). “The value of the
euro was determined by averaging the conversion rates of the currencies
of the twelve participating countries” (Germany Online). The rate for
the French franc, for example, was calculated as follows: At the time of
conversion, one French franc equaled one French franc. A certain
number of German marks equaled one French franc; a certain number
of Italian lira equaled one French franc, and so on for the other nine
countries. The numbers were then added together to get a final figure.
This figure divided by twelve resulted in the number of “francs” in one
euro. So, for France, one euro was equal to 6.55957 francs.
To convert from a national currency to euros, one would
divide the amount in the national currency by the number of national
units per euro. For example, 125 German marks divided by 1.95583
marks per euro equals 63.9114 euros. After the conversion, the value
would be rounded off to two decimal places (63.91 euros). To convert132 The Campbellsville Review
from euros to a national currency, one would multiply the number of
national units per euro by the number of euros. For example, ten euros
multiplied by 6.55957 francs per euro equals 65.5957 francs (rounded
off to 65.60 francs (Dewey 1184).
On January 1, 1999, the day after the establishment of the
conversion rate, one euro equaled $1.18. A year later, one euro equaled
$.88. The dollar continued to fluctuate in the year 2000 ($.82 in
October--a record low) and the following years. On July 15, 2002, one
euro equaled exactly one dollar.
7
France, Ireland and the Netherlands were the first countries to
receive them, followed by Austria, Belgium, Luxembourg, Finland,
Italy and Spain. Greece, Portugal and Germany were the last countries
to employ the kits (Deutsche Welle; 18 December 01).
8
France decided to shorten the dual time period in order to
have it coincide with the end of the national retail sales. It was a
perfect time to get rid of the biggest French bills before February 18
(News from France 02).
9
The award is named after Charlemagne, the 9th-century
emperor, who united Western Europe from his throne at Aachen,
Germany. Previous recipients include Henry Kissinger (1987), Tony
Blair (1999) and Bill Clinton (2000).
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