European Monetary Union: From National Floats to the Euro (1992-1999)

1. Maastricht Treaty signed, setting EMU path

   Feb 7, 1992Labels: Maastricht Treaty, European Community

   • Britannica
   • ECB Explainer

2. Black Wednesday forces UK out of ERM

   Sep 16, 1992Labels: Black Wednesday, United Kingdom

   • Guardian
   • Econ Observatory

3. ERM bands widened, allowing much looser floats

   Aug 1, 1993Labels: ERM bands, European finance

   • Washington Post
   • NY Fed

4. Maastricht Treaty enters into force

   Nov 1, 1993Labels: Maastricht Treaty, European Union

   • Britannica
   • ECB EMU

5. Stage Two begins with European Monetary Institute

   Jan 1, 1994Labels: European Monetary, Stage Two

   • ECB EMU
   • ECB Explainer

6. Madrid Council adopts euro changeover scenario

   Dec 16, 1995Labels: Madrid Council, Euro changeover

   • EU Council Text
   • EU Commission

7. Euro legal framework set by EU regulation

   Jun 17, 1997Labels: EU regulation, Euro legal

   • EUR Lex Summary
   • EUR Lex

8. Stability and Growth Pact agreed to police budgets

   Jun 17, 1997Labels: Stability and, EU leaders

   • EUR Lex
   • EUR Lex Summary

9. Amsterdam Treaty signed, updating EU framework

   Oct 2, 1997Labels: Amsterdam Treaty, Member states

   • EU Parliament
   • Britannica

10. Commission recommends 11 states for euro launch

    Mar 25, 1998Labels: European Commission, Convergence report

    • CORDIS
    • Britannica

11. Brussels European Council selects first euro members

    May 3, 1998Labels: Brussels European, First euro

    • CVCE
    • CORDIS

12. European Central Bank established, replacing EMI

    Jun 1, 1998Labels: European Central, EMI

    • ECB 25 Years
    • EC Speech Repo

13. Euro begins; conversion rates fixed irrevocably

    Jan 1, 1999Labels: Euro introduction, Stage Three

    • ECB EMU
    • EC Bkgd

14. Amsterdam Treaty enters into force post-euro launch

    May 1, 1999Labels: Amsterdam Treaty, EU framework

    • EU Parliament
    • Britannica