The Treaty on European Union (Maastricht Treaty) was signed, setting out the legal framework and convergence criteria for Economic and Monetary Union (EMU) and a future single currency—foundational context for Financial Times euro-creation coverage.
The Maastricht Treaty entered into force, formally establishing the European Union and advancing the institutional path toward EMU and a common currency—an inflection point closely tracked by financial journalism.
The European Monetary Institute (EMI) began work as the key Stage 2 EMU institution and forerunner to the European Central Bank, coordinating central banks and technical preparations that business press (including the Financial Times) monitored for market impact.
EU leaders agreed the single currency would be called the “euro” and confirmed the Stage 3 start date of 1 January 1999—an essential branding and timetable milestone for subsequent reporting and market planning.
The Amsterdam European Council agreed key resolutions and related texts to support a “smooth passage” to, and functioning of, EMU’s third stage—part of the policy scaffolding financial newspapers covered in the run-up to 1999.
The European Commission’s convergence assessment recommended 11 Member States as meeting conditions to adopt the euro from 1 January 1999, sharpening expectations that markets and the Financial Times would analyze ahead of the final political decision.
EU leaders drew up the list of 11 countries meeting conditions for the euro’s launch on 1 January 1999, removing major uncertainty about the initial euro area—an event heavily covered by financial media.
The European Central Bank (ECB) was established, replacing the EMI and becoming the core institution for the forthcoming single monetary policy—central to financial-sector coverage of euro readiness.
The euro began as a non-cash currency for accounting and electronic payments; participating national currency exchange rates were locked, creating a single monetary-policy area—an immediate focus of market reporting.
EU leaders approved Greece’s entry, with adoption scheduled for 1 January 2001 and a later fixing of the drachma conversion rate—an expansion milestone that financial newspapers tracked for credibility and convergence implications.
Greece joined the euro area on 1 January 2001, adopting the euro for non-cash transactions (with physical notes/coins to follow in 2002), broadening the euro project during the final changeover phase.
Euro banknotes and coins entered circulation, beginning the large-scale cash changeover that made the euro the everyday currency across participating states—an operational and consumer-facing climax of the 1992–2002 creation process.
By the end of February 2002, the cash changeover was completed and euro banknotes/coins became the sole legal tender in the participating countries, concluding the practical transition from legacy currencies.
Financial Times and reporting on the creation of the Euro (1992-2002)
