British Prime Minister Winston Churchill u Zurich calls for the establishment of the United European countries


Founded Council of Europe


Shuman’s declaration – The French Minister of Foreign Affairs Robert Shuman proposed the integration of industries of coal and steel of the Republic of France and Federal Republic of Germany on May 9, opened to all democratic countries of Europe governed by the European Institution.  The plan was approved by the Parliament of the Council of Europe.


France, Germany, Italy, Belgium, Netherlands and Luxemburg signed the Paris Treaty on the establishment of the European coal and steel community (ECSC).


The first “European tax” for ECSC.


The European Economic Community (EEC) and European Atomic Energy Community (EURATOM) were founded upon the signing of the Treaty of Rome of the mentioned countries. 


Austria, Denmark, Norway, Portugal, Sweden, Switzerland and Great Britain reached the agreement on free trade (EFTA).


The commencement of the single EEC agricultural policy. Customs between members were reduced for 50%.


Three European communities joined into the united Economic Community (EC) with common bodies.


Customs Union within EC was established 18 months before the deadline anticipated by the Treaty of Rome.


EC obtains balance for its own functioning from customs on agricultural products and 1 percent of value added tax that is collected on single basis in member countries.


WERNER’S PLAN – The project of the Luxemburg Prime Minister Pierre Werner, according to which the European Economic and Currency Union should be gradually realized by 1980, was accepted.


Denmark, Ireland and United Kingdom joined the EC.


ECU (European Currency Unit) – SINGLE EUROPEAN CURRENCY UNIT, composed as the calculated basket of European currencies, whose mutual relations  (exchange rate and a share in the basket adequate to the economic strength of the country) have changed in the meantime a number of times. According to the exchange rate as of 12/31/1998 the relation of participating currencies were set to euro, that replaced ECU, in relation 1 : 1.


European monetary system (EMS) was introduced consisting of eight members of the EC (all except Great Britain). The base is exchange rate mechanism, with the initial relation of currencies to ECU.  Mutual exchange rates of currencies of those countries may fluctuate in the range to +/– 2,25 percent, while determined intervention and loan arrangements would protect from higher exchange rates changes.  Some countries were exceptionally allowed, in the reconciliation period, deviation to +/-6%.  Due to high currency problems (in which Italian lira and  in the meantime included British pound  fell out of the exchange rate mechanism)  this  range had to be expanded to +/– 15 percent in 1993.


Greece joined the EC.


Spain and Portugal joined the EC so that the number of Member States has increased to 12. A few months afterwards, the European flag with 12 stars had fluttered publicly for the first time.


Spain also joined the European Monetary System.


DELORS’ REPORT – The President of the European Commission Jacques Delors proposed a “white book” on specific measures for the establishment of the integrated European market, based on which the establishment of the European Economic and Monetary Union (EMU) was determined to be carried out in three stages.


The fall of the Berlin wall.


EC and EFTA formally started negotiations on establishment of European Economic Area (EEA)


The Stage ONE of EMU establishment was launched: dismantling of all internal barriers to the free movement of capital and reconciliation of the economic, currency and fiscal policy in the EU.


Unification of Germany.


Maastricht Treaty was ratified – The most significant criteria for the access to the European Economic and Monetary Union are as follows:

  • Inflation rate that does not exceed 1.5 percent more than the average inflation rate of three countries with the lowest inflation in the EU; 

  • Calculated deficit may not exceed 3 percent of GDP; 

  • Public debt cannot be more than 60% of GDP (later reconciliation: or it has to be reduced according to that level if it is above it) 

  • Exchange rate fluctuation during two years period of time should not go beyond the range determined in the European exchange rate mechanism; 

  • Long- term interest rates (12-months average) should not exceed more than 2% of the average of three member counties with the highest price stability.

4. 4. 1992.

Portuguese escudo enters EMS.

1. 1. 1993.

Beginning of activities of the INTEGRATED MARKET.

1. 11. 1993.

Maastricht Treaty enforced and consequently the EU grew into the European Union (EU).

1. 1. 1994.

The Stage Two of the currency union was launched – establishment of the EUROPEAN MONETARY INSTITUTE, the forerunner of the European Central Bank. The sovereignty of National Central Banks was increased, while the financing of the excessive deficit from monetary sources has been prohibited.

1. 1. 1995.

Austria, Finland and Sweden joined the EU. (Regardless of the successfully terminated negotiations, Norwegians declined the access to the EU in referendum.)

15/16. 12.1995

In Madrid the European Council (which comprises of Heads of States or Governments of each of the EU Member States) adopted the name of the future single currency -the euro.

14. 10. 1996.

Finnish mark joins the EMS, and a month later the Italian lira enters the EMS again.

16. 3. 1998.

Greek drachma joins the EMS.

2/3. 5. 1998.

The European Council determined which countries have fulfilled the criteria to access the EMU and for the introduction of the euro.

1. 6. 1998.

The European Central Bank (ECB) starts operating, and together with the National Central Banks of the EU countries make the European system of Central Banks. The basic goal of activities: price stability.

31. 12. 1998.

THE IRREVOCABLE FIXING OF THE EXCHANGE RATE of the national currencies of EMU members to Euro.

1. 1. 1999.

The third stage of EMU was initiated after the introduction of euro as NON CASH MONEY in 11 countries: Austria, Belgium, Finland, France, Ireland, Italy, Luxemburg, Netherlands, Germany, Portugal and Spain. The accounts can be shown in euro or the national currency (the matter of choice of the owner), while prices should be at the same time presented both in the national value and euro.

1. 1. 2001

Greece also joins the EMU.

1. 1. 2002.

THE EURO BANKNOTES AND COINS were put in circulation – the final introduction of the single European currency of 12 Member States of the European Currency Union is realized. About 300 million Europeans have single money.