Norway stays out following a referendum. Preparations for the euro begin. Norway stays out again following a referendum. European Central Bank is created, and leaders are appointed. Eleven countries meet the convergence criteria to qualify for the euro.
Countries begin issuing public debt in euro.
Transition period for the euro ends. ECB issues euro notes and coins, as national currencies are phased out. That 11 European countries would give up their own national currencies in favor of a single currency and leave interest rate decisions up to the new central bank is unprecedented, says Mike Knetter, a Tuck associate professor specializing in international economics. There have been other currency unions in the past, but never quite on this scale. Under the terms of the 1992 Maastricht Treaty, which laid out the terms and timetable for monetary union, countries had to meet strict targets on budget deficits, inflation, and interest rates.