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Economic Commentary

The Euro

The primary job of the modern central bank is to manufacture money. In January 1999, the new European Central Bank (ECB) began manufacturing a new money—the euro—by taking over the operations of 11 European nations’ monetary systems. The symbol for the euro is €, just as $ is the symbol for the dollar. By 2002, the euro will have replaced entirely the existing currencies of the 11 participating nations.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Stevens, Edward. 1999. “The Euro.” Federal Reserve Bank of Cleveland, Economic Commentary 1/1/1999.