December 10, 1991 |
Distracted by events in the Soviet Union, the 12 member-nations of the European Community neared agreement yesterday on a historic economic treaty. The heads of government appeared likely to set the conditions for creation of a single European currency within six years. But movement on a political treaty was more difficult. And British objections to elements in both documents appeared only marginally closer to resolution. The Dutch, who are running the meeting, promised a set of new political proposals today, including one that would drop the word federal from the description of the community's aims, addressing one key British complaint.
August 3, 1993 |
Yesterday the dream of European economic union, as symbolized by the goal of a single currency, was pronounced all but dead. Europe had been trying for years to glue most of its currencies together, with scant fluctuation in their values, in preparation for the move toward a single currency by 1999. But early yesterday, at an emergency meeting in Brussels, the central bankers and finance ministers of the European Community's member nations decided to dramatically widen the margin within which their currencies could fluctuate.
May 25, 2012 |
BRUSSELS — Europe's leaders gathered in Brussels under pressure to soften their tough-love approach to the weaker economies among them. With Greece locked in political chaos, much bigger Spain warned that it couldn't stay afloat without help. Stock markets around the world tanked Wednesday over fears that European leaders won't have the political will to act. The summit will have to fight multiple fires: political uncertainty in Greece that could see it renege on commitments made to secure rescue loans; rising borrowing costs in Spain and Italy that could force them to seek bailouts; and sluggish growth across the region made worse by budget cuts meant to reassure markets about high debt.
December 8, 1991 |
This week, the quaint walled Dutch city of Maastricht gets its chance to win a place in European history. There, the leaders of the 12-nation European Community will assemble for a two-day summit that has the potential to reshape the continent in the next decade. They are meeting tomorrow and Tuesday to complete two treaties that will deepen the ties among the member nations and the 340 million people who live in them. The heads of government assembling in Maastricht seem certain to approve an economic treaty and likely to produce a political one, although that document has been progressively weakened, draft by draft, in the pursuit of consensus.
November 21, 1991 |
Almost precisely a year after her ouster as prime minister, Margaret Thatcher made one of her rare reappearances at the House of Commons yesterday, and made her successor wish she had stayed away. She came to talk about two new treaties, due to be accepted or rejected by European leaders next month, that would strengthen the ties among the 12 member-nations of the European Community. She began by declaring her support for the negotiating position of the current prime minister, John Major.
September 17, 1992 |
The crisis in the European monetary system, epitomized by the plunging British pound, has put the cause of European unity in grave jeopardy. And it could scarcely have come at a more critical moment. In just three days, voters in France are scheduled to deliver their verdict on a pact that would convert the 12-nation European Community into a true economic and political union, complete with a single European currency. The present monetary system, known as the Exchange Rate Mechanism, was designed as a steppingstone to a single currency.
November 2, 2001 |
Its neighbors almost always overshadow little San Marino, but the landlocked republic keeps pace in postal promotions. With the changeover to the euro currency scheduled Jan. 1 for the public in the European Union nations, San Marino recently issued two commemoratives reminding its citizens of new coins and banknotes with a clever design. The 1,200-lira stamp depicts a circle of soon-to-be retired coins of some members - San Marino (two coins), Finland, Germany, Italy, Spain (two coins)
February 20, 2013 |
European Central Bank president Mario Draghi said he urged finance chiefs from the Group of 20 nations to be prudent when talking about currency movements. During a G-20 meeting in Moscow last week, "I urged all parties to very, very strong verbal discipline" because "the less we talk about it, the better it is," Draghi told European lawmakers in Brussels on Monday. "Exchange rates should reflect fundamentals" and "looking at the real and nominal exchange rates of the euro, it is by and large around its long-term averages," he added.
January 6, 1999 |
In 1751, Voltaire described Europe as "a kind of great republic, divided into several states, some monarchical, the others mixed but all corresponding with one another. They have all the same religious foundation, even if divided into several confessions. They all have the same principles of public law and politics unknown in other parts of the world. " On Dec. 31, European Union central bankers sent their currency rates against the dollar to the central bank of Belgium. The Big Bang of currency union was underway.
January 5, 2002
It's auf Wiedersehen to the deutsche mark, au revoir to the franc, adios to the peseta, arrivaderci to the lira, hyv?sti to the markka, yeia sas to the drachma. As of Tuesday, all these honored (and in some cases beloved) currencies were tucked into the bed of oblivion. Hello to the euro, a single currency shared among 12 nations in Europe. All but three (England, Sweden and Denmark) of the European Union's members signed on to a dream 10 years old (since the Maastricht Treaty of 1991)