Eurozone/Timelines

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A timeline (or several) relating to Eurozone.
  • 1970: The Werner Report
  • 1972: The snake
  • 1973: European Monetary Cooperation Fund
  • 1974: Council Decision on the attainment of a high degree of convergence in the Community
  • 1975: Launch of the European Currency Unit
  • 1978: European Council resolution
  • 1979: Launch of the European Monetary System
  • 1986: The Single European Act is signed
  • 1989: The Delors Committee report calls for the establishment of the European Monetary Union through
The Madrid Summit of the European Council agrees that Stage 1 (the completion of the internal market and the removal of all obstacles to financial integration) will start on July 1st 1990.
  • 1990: The Rome Summit of the European Council agrees that Stage 2 of EMU will begin on 1st January 1994
  • 1992: Signing of the Maastricht Treaty
  • 1999: Stage 3 begins. The exchange rates of the participating nations are fixed and the euro begins to trade on financial markets
  • 2002: Euro notes and coins enter into circulation in all participating Member States.
  • 2008: Financial crisis.
The spread between the three-month EURIBOR and the overnight indexed swap rate rises to over 200 basis points.
The European Central Bank starts a series of reductions of its main refinancing rate
The EU Commission proposes new European Central Bank powers for banking supervision as part of a banking union[4]