By Mark Nestmann • July 7, 2015
A little over two decades ago, the elites of Europe met in Maastricht, the Netherlands, to realize a long-held dream. It was to create a common currency that could be used throughout Europe, and possibly, the world.
The “euro” arrived, with great fanfare, in 1999, as a trading-only electronic currency. Three years later, the “eurozone” officially came into being. 11 national currencies were abolished and exchanged for euros at a fixed exchange rate.
Over the next decade, a growing number of European countries clamored to get on board. The eurozone eventually grew to 19 members.
Like so many other grand plans, the intentions of the European elites were good, albeit self-serving. The European Union (EU) itself was cobbled together after World War II to help prevent the rise of super-nationalists like Adolph Hitler. The euro was another step along the way. As former German Chancellor Helmut Kohl often said: “We seek a European Germany, not a German Europe.”
And the promised benefits were impressive:
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