The euro fell below one-to-one parity with the dollar on January 27, 2000, initiating calls for foreign-exchange-market intervention. On a nominal effective basis, the euro has depreciated about 11% since its inauguration on January 1, 1999.
Suggested citation: "The Euro," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-03, pp. 18, 03.01.2000.