Question

Explain the co-relationship between the following:

European Union and Euro

Answer 1

1. The ‘Maastricht’ Treaty was signed on 7th February 1992 to create the European Union (EU).
2. Thereafter there was expansion of sphere of cooperation.
3. Need was felt for a common currency and Euro was devised in 1999.
4. 19 out of28 countries of the European Union accepted Euro as their official currency.