As a result of the Maastricht Treaty of 1991, 12 EU nations adopted a single currency, the euro, as a continent-wide medium of exchange.

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The Maastricht Treaty, signed in 1992, laid the groundwork for the creation of the euro, but the currency was not adopted immediately by 12 EU nations. The euro was officially introduced to world financial markets as an accounting currency on 1 January 1999, and it was later introduced in physical form (banknotes and coins) on 1 January 2002. Not all EU members adopted the euro at its inception.

As a Result of the Maastricht Treaty of 1991, 12