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History of the Euro
The euro was launched on 1 January 1999 as an electronic currency and became legal tender on 1 January 2002, but attempts to create a single currency go back 20 years. This chart shows the value of the euro (before 1999 as a basket of the 11 legacy currencies) against the US dollar.
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Plaza Accord
In the 1980s the dollar strengthened dramatically. US interest rates were very high. The cause was a dispute between the Reagan administration and the US central bank over the size of the budget deficit. In 1986 the world's leading industrial countries agreed to act and lower the value of the dollar. The successful deal was struck at New York's Plaza hotel.
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