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Euro's Journey: From Maastricht to Stability Reforms Ahead

9/22/2025

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Summary

Story summary

The Maastricht Treaty (1991) established euro-adoption criteria and launched monetary union.
The European Central Bank (ECB) was founded in 1998; euro began in 1999 as accounting currency, with 2002 cash transition, and a 750-billion-euro recovery fund in 2020.
The debt crisis (2009-2012) spurred the European Stability Mechanism; Draghi's 2012 pledge stabilized the euro; Lagarde called for reforms in 2025.

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Story summary

The Maastricht Treaty (1991) established euro-adoption criteria and launched monetary union.
The European Central Bank (ECB) was founded in 1998; euro began in 1999 as accounting currency, with 2002 cash transition, and a 750-billion-euro recovery fund in 2020.
The debt crisis (2009-2012) spurred the European Stability Mechanism; Draghi's 2012 pledge stabilized the euro; Lagarde called for reforms in 2025.