The official political decision and commitment of the EU Member States came nearly ten years ago, with the signing of the Maastricht Treaty on 7th February 1992. A long period of extensive preparations followed to ensure that the appropriate economic and monetary conditions were established and to complete the necessary institutional and technical adjustments for the establishment of Economic and Monetary Union in Europe.
The euro came into being as a currency in scriptural form in eleven EU countries on 1st January 1999. After joining EMU, Greece also adopted the euro as its currency on 1st January 2001.