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SmallerLaunched across the continent in 1999, the euro became Europe's official currency for about 300 million residents in 12 nations on Jan. 1, 2002.
The single currency is a major step forward in unifying Europe, said Roy Doyon, a geography professor and an election specialist for the Organization for Security and Cooperation in Europe. He recently spent several weeks in southeastern Europe.
"The euro will facilitate commerce across the continent," he said. "The euro has a good future because it makes sense, it works and it is convenient for travelers."
In 1999, 11 members of the European Union, the continent's economic and political alliance, became single currency participants in the "eurozone" after satisfying a series of economic conditions. These countries include Belgium, Germany, France, Spain, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland.
Greece became the 12th member and joined the eurozone in 2001. Britain and Sweden are still considering membership. Denmark rejected membership in 2000.
Potential membership in the EU could expand by 30 to 35 nations in the next 20 years. That would make the euro the currency of choice for nearly a half billion people in a region stretching from Ireland to the Ural Mountains in central Russia.
Doyon believes it may take 10 to 15 years before the euro challenges the American dollar as the world's most important currency. Commodities such as oil and metals get dollar price tags worldwide. While most transactions in global trade and investment are invoiced in dollars, only 16 percent are in euros.
"The euro has to become much stronger," Doyon said. "Until recently, the German Deutschmark was the most important currency in Europe. That has quickly changed."
By Marc Ransford, Media Relations Manager
(NOTE TO EDITORS: For more information, contact Doyon at rdoyon@bsu.edu or (765) 285-3260.)
