Celebrating the euro and 20 years of change

In January 1999, the ‘third stage’ of Economic and Monetary Union officially started. Since then, the euro currency has survived crises and critiques, writes Daniel Gros.

Twenty years ago this month, the euro was born. For ordinary citizens, little changed until cash euros were introduced in 2002. But in January 1999, the “third stage” of Economic and Monetary Union officially started, with the exchange rates among the original 11 eurozone member states “irrevocably” fixed, and authority over their monetary policy transferred to the new European Central Bank (ECB).