The process of changing the national currency for the euro in countries seeking entry to the third stage of economic and monetary union

Abstract

This article describes the process of establishing the European Union and the common economic and monetary area by referring to the most important milestones for integration between countries after World War II. Winston Churchill’s speech in the late summer of 1946, in which he presented a vision of The United States of Europe, is referred to. At the beginning of the 21st century the euro officially began to replace national currencies. The author explains the current currency convergence criteria and considers the economic concepts necessary to understand the issue. The article concludes with a description of the process of replacing national currencies in the three largest economies in the euro area – Germany, France and Italy. The article contains numerous references to the founding treaties, legal acts of the European Union and judgments of the Tribunals.