On January 1st of 2019, the single European currency, as well as the most liquid EUR/USD currency pair, celebrates its 20th anniversary. The euro was issued for non-cash payments on January 1, 1999, for cash on January 1, 2002. During the first two months after that, the euro and national currencies of the first eurozone countries were used by citizens in parallel, but then the countries completely abandoned the national currencies in favor of the euro. Currently, the euro is the single currency for more than 340 million citizens.
For 20 years, the euro has gone through many trials. The most memorable today is the crisis of sovereign debts of the countries of southern Europe, especially Greece. The main obstacle to the development of the euro is the existence of national governments of countries belonging to the euro area, and, as a result, the presence of many differences. However, the European Central Bank (ECB) quite successfully cope with the regulation of the European economy and with a high probability in 2019 will begin raising rates.
