Map created by Maps.InterludeThe map above shows what countries each European country used before it adopted the Euro. Below you can find a full list of currency names and the rate at which they were fixed to the Euro:CurrencyCodeExchange Rate To EuroMaltese liraMTL0.4293Cypriot poundCYP0.585274Latvian latsLVL0.702804Irish poundIEP0.787564German markDEM1.95583Bulgarian levBGN1.95583Dutch guilderNLG2.20371Lithuanian litasLTL3.4528Finnish markkaFIM5.94573French francFRF6.55957Croatian kunaHRK7.5345Austrian schillingATS13.7603Estonian kroonEEK15.6466Slovak korunaSKK30.126Belgian francBEF40.3399Luxembourg francLUF40.3399Spanish pesetaESP166.386Portuguese escudoPTE200.482Slovenian tolarSIT239.64Greek drachmaGRD340.75Italian liraITL1,936.27In addition to the 21 countries listed above, the following places also use the EURO:Microstates:AndorraMonacoSan MarinoVatican CityUnilateral (unofficial) Adopters:KosovoMontenegroFranceFrench GuianaGuadeloupeMartiniqueMayotteRéunionSaint MartinFrench Southern and Antarctic LandsSaint Barthélemy Saint BarthélemySaint Pierre and MiquelonPortugal:AzoresMadeiraSpainCanary IslandsCeutaMelillaFinlandÅlandGreeceMount AthosBritish Overseas Territory:Akrotiri and DhekeliaA Short History of the EURO:Why the Euro Was Created?Economic Integration & StabilityThe euro is the centrepiece of European integration, born out of the Maastricht Treaty (1992) and launched in 1999 (physical notes/coins in 2002).Goal: deepen the European Union’s single market by eliminating exchange-rate risks, transaction costs, and currency fluctuations within Europe.Political UnityA step toward greater European unity, strengthening ties between EU members and reducing the risk of future conflicts.Seen as part of a long-term project of political integration after World War II and the Cold War.Global InfluenceDesigned to make the EU an economic powerhouse with a global currency rivaling the U.S. dollar.Increased bargaining power in trade and finance.Why Countries Gave Up Their CurrenciesEconomic IncentivesLower transaction costs for businesses and travellers within the eurozone.Elimination of exchange-rate volatility, which facilitated cross-border investment and trade.Access to deeper, more integrated capital markets.Stability & CredibilitySmaller or historically weaker-currency countries (e.g., Italy, Spain, Greece) gained credibility by joining a currency anchored by the Bundesbank-style monetary discipline of the European Central Bank (ECB).Countries with histories of inflation could “import” stability.Political CommitmentA symbol of shared European identity. For many, adopting the euro meant visibly committing to the European project.SuccessesTrade & IntegrationThe euro eliminated intra-EU currency conversion costs, boosting trade and investment flows.Price transparency encouraged competition and efficiency.Global RoleSecond most widely used currency after the U.S. dollar in reserves, trade invoicing, and international debt issuance.The euro became a symbol of Europe’s economic power.Low Inflation & Stability (initially)The ECB maintained relatively low inflation rates, especially in the early years, compared to historical national averages.Political SymbolismThe euro remains one of the most tangible symbols of European unity, used daily by ~350 million people.Failures / CriticismsLoss of SovereigntyMember states cannot devalue their currency or independently set monetary policy to respond to local conditions.This made countries vulnerable during downturns (e.g., Greece could not devalue its way out of crisis).Eurozone Crisis (2009–2014)Structural weaknesses exposed:Shared currency without a shared fiscal policy.Countries like Greece, Portugal, and Spain accumulated large debts without the ability to print money or adjust exchange rates.Resulted in harsh austerity, bailouts, and social unrest.Uneven BenefitsCore countries (Germany, Netherlands, etc.) benefited from lower borrowing costs and a competitive exchange rate.Periphery countries sometimes suffered competitiveness losses because they couldn’t adjust their currencies.Incomplete Political UnionThe euro created pressures for deeper integration (banking union, fiscal oversight) but without full political consensus, leaving ongoing vulnerabilities.What do you think, has the EURO been a success or not?