When was the euro launched?

W: Today, we invite Mr. Sonderim to say something about the euro. Mr. Sonderim, could you tell us the origin of the euro?
M: Well, the 1992 Maastricht Treaty proposed a single currency for the European Union. The participating countries decided on the name "euro" at a summit in Madrid in 1995 and the currency was launched on January 1, 1999.
W: What is it worth?
M: When the euro was launched in 1999, one euro was worth 1.17 U. S. dollars or 71 British pence. However, the weakness of the eurozone economies compared with that of the United States, combined with the inexperience of the European Central Bank in dealing with the international markets, has meant that since its launch the value of the euro had declined significantly. In December 2001, one euro was worth little more than 89 cents or 63 pennies, a 20% drop on its initial value.
W: Do you think it will affect the daily life of ordinary people?
M: I suppose so. For example, one of the major headaches for participating countries has been the conversion of public telephones, vending machines, and shopping trolleys to accept euro coins.  Although a conversion process has been in full swing since before 1999, there are reports that some countries are not ready for the euro.
W: So what does it look like?
M: There are seven notes designed by the Austrian artist Robert Kalina. The designs show the "seven ages" of European development, with windows and gateways on the front, and bridges on the back. In addition, there are eight coins designed by the Belgian artist Luc Luycx. All euro coins are round, but have differences in composition, weight, thickness, and milling to ensure that the blind can easily distinguish between them. On the front there is a European design, common to all coins, and on the back a "national" design from the central bank of issue. Despite the "national identities", all coins can be spent through out the euro zone regardless of their origin.