1 January 1999
This has led to the formation of the European bank and the Euro. The Euro is created to be a rival currency to the dollar. The European Union remains a super national arrangement. Each of the countries retains its sovereignty so there is no basis for comparison between the EU and the United States in any way. To cut it short, economic reasons formed the backbone for the creation of the European Union. All member nations obey a set of rules to unite the market. It does not go ahead to make Europe and its people united with easily accessible borders and free movement of both people and goods. The name euro was officially adopted on 16 December 1995. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743). The share of the euro as a reserve currency has increased from 18% in 1999 to 27% in 2008. Over this period the share of the U.S. dollar fell from 71% to 64% and the Yen fell from 6.4% to 3.3%. It began in 1951 with European Coal and Steel Community which created a common market for coal and steel amongst 6 member-states (West Germany, France, Italy, Belgium, Netherlands and Luxembourg). The next step was a customs union-the European Economic Union (1957) - with tax harmonization in some areas. The Warsaw Pact link eight Cold War countries in Central and  Eastern Europe. It was formed on May 14, 1955 between the USSR,  Albania, Bulgaria, Czechoslovakia, Germany, Hu … ngary, Poland, and  Romania. The European Union (abbreviation: EU) is a confederation of 28 member countries in Europe, started in 1957 as the European Economic Community (EEC). It has created a common economic area with Europe-wide laws allowing people to move and trade in other EU countries almost the same as they do in their own.  The principle was at the heart of the European Coal and Steel Community (ECSC) in the Treaty of Paris (1951) , following the  Schuman Declaration  and the later the Treaties of Rome establishing the European Economic Community (EEC) and the European Atomic Energy Community (EAEC). With statements such as Winston Churchill 's 1946 call for a  United States of Europe  becoming louder, the Council of Europe was established in 1949 as the first pan-European organisation. The euro. The euro is the single currency shared by 19 of the European Union's Member States, which together make up the euro area. The introduction of the euro in 1999 was a major step in European integration. It has also been one of its major successes: more than 337.5 million EU citizens in 19 countries now use it as their currency and enjoy its benefits. The euro is not the currency of all EU Member States European Economic Community. European Economic Community (EEC), organization established (1958) by a treaty signed in 1957 by Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany (now Germany); it was known informally as the Common Market.  New Allies joined the Alliance: Greece and Turkey in 1952, and West Germany in 1955. European political integration took its first hesitant steps. In reaction to West Germany’s NATO accession, the Soviet Union and its Eastern European client states formed the Warsaw Pact in 1955. Europe settled into an uneasy stand-off, symbolized by the construction of the Berlin Wall in 1961.  Confidence votes 208. Some of the reasons for the establishment of the European Union (EU). Already in the 1920s some politicians (such as Briand and Stresemann) tried to achieve reconciliation between France and Germany as the basis for establishing a durable peace in Europe. The Warsaw Pact link eight Cold War countries in Central and  Eastern Europe. It was formed on May 14, 1955 between the USSR,  Albania, Bulgaria, Czechoslovakia, Germany, Hu … ngary, Poland, and  Romania. Fifteen member states currently comprise the European Union: Austria, Belgium, Denmark, Germany, Greece, Finland, France, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom of Great Britain and Northern Ireland. These member nations participate in the EU to varying degrees. In 2005 the members of the European Union included: Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
http://www.instantanswer.org/why-was-the-european-union-formed_1853.html https://en.wikipedia.org/wiki/Euro http://www.answers.com/Q/Why_was_the_European_Union_formed https://simple.wikipedia.org/wiki/European_Union https://en.wikipedia.org/wiki/History_of_the_European_Union http://ec.europa.eu/economy_finance/euro/index_en.htm http://www.infoplease.com/encyclopedia/history/european-economic-community.html http://www.nato.int/history/nato-history.html http://www.answers.com/Q/Why_was_the_European_Union_formed http://www.encyclopedia.com/topic/European_Union.aspx
When was the EURO formed