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The Formation of the European Monetary Union

The Formation of the European Monetary Union. 1950 Schuman plan to create a Common European Market 1951 Creation of a common for market for steel and coal 1957 Treaties of Rome create Common European Market 1968 Completion of customs union

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The Formation of the European Monetary Union

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  1. The Formation of the European Monetary Union • 1950Schuman plan to create a Common European Market • 1951Creation of a common for market for steel and coal • 1957Treaties of Rome create Common European Market • 1968Completion of customs union • 1969Plan to create European Economic and Monetary Union

  2. 1970 Werner Plan to install a common currency 1972 European serpent system of exchange rates  1979  European Monetary System I and creation of the ECU (European Currency Unit) 1988 Delors Commission announces plans to create a European central bank and adopt a common currency  1991 Maastricht Treaty as a preliminary European Constitution (to become effective in 1993) 1993 Unified European market

  3. 1998 Establishment of European Central Bank 1999 Launch of a common currency within the financial system 2002  Launch of the Euro as physical currency and common legal tender 2003-08 Consolidation. Strong rise of Euro value against dollar 2007-2009 International Financial Crisis 2010 Euro crisis – Budget crises of the PIGS – Portugal, Ireland, Greece and Spain

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