The Euro at a Glance

Sunday, December 28, 2008

A glance looking at the euro's history as it celebrates its 10th anniversary

Since the euro's introduction on Jan. 1, 1999, the European Central Bank and the European Union have touted its effects in lowering inflation, boosting job growth and increasing European unity and integration.

-- The euro zone currently encompasses 15 countries with a combined population of 320 million and a 16.4 percent share of world gross domestic product. That compares with the U.S., with a population of approximately 302 million and global GDP of 21.6 percent and China, which has a population of 1.3 billion and global share of GDP of 10.9 percent.

-- Since the euro was adopted, inflation has been lower in the euro zone, dropping to around 2 percent, below the average 3.5 percent in the 1990s and far lower than the average inflation of 9.3 percent in the 1970s and 7.5 percent in the 1980s.

-- More than 16 million new jobs have been created since 1999 and the unemployment rate has fallen from 9 percent in 1999 to an estimated 7 percent in 2008.

-- The euro's adoption has led to closer trade ties between the euro zone countries, too. The EU estimates that trade flow in the euro zone has increased between 5 percent and 15 percent and foreign investment has gained as much as 15 percent to 35 percent.

-- The euro reached 25 percent of countries' foreign reserves by the end of 2007, putting it second only to the U.S. dollar.

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