The Park Place Economist


The date is 1 January 1999, and for the first time in history the nations of Europe will combine their economic might to form a monetary union of unparalleled size, diversity, and power. Starting in 1952 with the European Coal and Steel Community (ECSC) and then progressing towards the recently signed Treaty of Amsterdam, the process of European economic unity has produced two stunning results: constant economic growth and lasting European peace. With the introduction of the euro as legal tender in 2002, the final piece of the EU puzzle is in place. The new era of the EU is set to begin characterized by increased economic development and cooperation within the continent.