Broadly, the euro has had four main phases. Its beginning and adjustment (1999-2003), then the conduct of monetary policy until the financial crisis (2003-2007), then the global financial crisis and the great recession (2008-2013), and the current phase of ultra-low inflation and quantitative easing (2014-today).
The Maastricht Treaty, signed in 1992, gives the legal framework for the euro, the conditions required to join the euro, and introduced the stability mechanisms and rules designed to keep...
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