Eurozone/Timelines
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- 1970: The Werner Report
- 1972: The snake
- 1973: European Monetary Cooperation Fund
- 1974: Council Decision on the attainment of a high degree of convergence in the Community
- 1975: Launch of the European Currency Unit
- 1978: European Council resolution
- 1979: Launch of the European Monetary System
- 1986: The Single European Act is signed
- 1989: The Delors Committee report calls for the establishment of the European Monetary Union through
- The Madrid Summit of the European Council agrees that Stage 1 (the completion of the internal market and the removal of all obstacles to financial integration) will start on July 1st 1990.
- 1990: The Rome Summit of the European Council agrees that Stage 2 of EMU will begin on 1st January 1994
- 1992: Signing of the Maastricht Treaty
- 1999: Stage 3 begins. The exchange rates of the participating nations are Stage 3 begins. The exchange rates of the participating nations are fixed and the euro begins to trade on financial markets
- 2002: Euro notes and coins enter into circulation in all participating Member States.
- 2008: Financial crisis.
- The spread between the three-month EURIBOR and the overnight indexed swap rate rises to over 200 basis points.
- The European Central Bank starts a series of reductions of its main refinancing rate
- 2009: The bank reduces its main refinancing rate to 1 per cent, and introduces a quantitative easing as part a programme of "enhanced credit support"[1]
- 2010 Launch of the European Financial Stability Facility[2]
- 2011 The bank raises its main refinancing rate to 1.25 per cent in April and to 1.5 per cent in July