Euro Hits 10-Year Mark
Introduced with great fanfare after the stroke of midnight on 1 January 2002, the euro, Europe’s common currency, is still in the headlines after 10 years but the word “crisis” is part and parcel of any story.
While the euro is still worth more against the dollar today than at its introduction ($1.29 versus $1.18), it closed at ¥99.47, a 10-year low against the yen.
In addition, from a 2011 high of ¥123.33 and $1.4940, the euro fell 19% and 14% respectively, closing at ¥99.47 and $1.2944. Heavy selling of the euro against the yen left the dollar at a one-month low of ¥76.90.
The anniversary may go virtually unnoticed; the only official act of celebration is the quiet introduction of a two-euro commemorative coin.