Treaty of economic and monetary union concluded at Maastricht, Netherlands. It also sets provisions for eventual political integration including common internal, judicial, foreign and security policy. The grouping is now called the European Union. All border formalities end for goods, services and capital. Austria, Belgium, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Portugal, Spain.
Production begins of euro banknotes and coins.
All debts and investments are denomina-ted in both euros and national currencies. The European Central Bank begins using euros for its monetary operations and public debt. National authorities in EU countries begin selling bonds and other deficit-financing notes in euros only. Some companies are expected to change their transactions to euros, although banknotes will not be issued yet. Euro banknotes and coins start circulation.