European monetary union - Short chronology 1999 - 2008

1 January 1999

Stage Three of Economic and Monetary Union (EMU) begins with the introduction of the euro as the single currency in 11 EU member states.

1999 - 2001

External value of the euro is weak.

8 April 1999

ECB Governing Council lowers the key interest rate.

26 September 1999

Gold agreement signed between the ECB and 14 EU national central banks; renewed on 8 March 2004.

4 November 1999 - 6 October 2000

ECB Governing Council raises the key interest rate in several stages.

23-24 March 2000

European Council adopts the “Lisbon strategy”.

1 January 2001

Greece introduces the euro.

11 May 2001 -6 June 2003

ECB Governing Council lowers the key interest rate in several stages, notably on 17 September 2001 in response to the September 11 terrorist attacks in the United States.

1 January 2002

Problem-free introduction of euro as legal tender.

Spring 2002 - 2008

Euro appreciates against the dollar.

21 March 2003

European Council adopts a new voting system for the ECB Governing Council for the eventuality that the number of national central bank governors exceeds 15.

8 May 2003

ECB Governing Council confirms its two-pillar monetary policy strategy and clarifies the role played by money stock in interest rate policy decisions.

22-23 March 2005

European Council approves the ECOFIN Council’s proposal to make the Stability and Growth Pact more flexible.

1 December 2005 - 8 June 2007

ECB Governing Council raises the key interest rate in several stages.

1 January 2007

Slovenia introduces the euro.

Summer 2007 - January 2008

In response to the financial turbulence spilling over from the United States, the Eurosystem provides banks with additional liquidity without adjusting the key interest rate.

19 November 2007

The Eurosystem launches TARGET2, a joint system providing a uniform range of services for large-value payments; payments are settled via a single technical platform.

13 December 2007

The Treaty of Lisbon reforming the European Union is signed. The EU continues to aim for price stability; the provisions governing EMU remain largely unchanged.

1 January 2008

Malta and Cyprus introduce the edocuro.

28 January 2008

The European banking industry begins the step-by-step introduction of the Single Euro Payments Area (SEPA), with active operational support from the Bundesbank, among others.

8 October 2008 - 15 January 2009

ECB Governing Council lowers its key interest rate in four stages from 4.25% to 2.0%.