1. Creation of the Euro Area: Implications for Economic Statistics
- Author:
- Paul Schreyer
- Publication Date:
- 02-2002
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- A major event in early 2002 was the arrival of the euro banknotes and coins and the withdrawal of the existing twelve national currencies from circulation. The event has influenced every citizen in the euro area and is clearly a historic change. It heralds a new phase in forging an “ever closer union among the peoples of Europe”. In economic terms, however, the introduction in January 1999 of the single currency after determining the irrevocably fixed exchange rates of the national currencies with the euro was a more important event. It meant that decisions on monetary policy moved from national central banks to the Governing Council of the European Central Bank. This Statistics Brief highlights some of the consequences for economic statistics of the creation of the euro area.
- Topic:
- Economics and Political Economy
- Political Geography:
- Europe