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The Euro originated from different treaties and several changes in the governing of Europes economy All the treaties were prepared and signed by the members of the European council The European council consisted of the Heads of State or Government of each member states of the European union The European Economic Council ECC was created by 1957 through the Treaty of Rome The treaty was signed by Belgium France West Germany Italy Luxembourg and the Netherlands The aim of this union was that if countries were dependant on each other financially they would be least likely to go to war Eventually the EU was formed It was set up in order for prime ministers of different countries to meet up and decide on policies that would be enforced by commissioners A European government was created in order to govern the union It had the power to throw out all of the commissioners or refuse to accept the EU budget However it could only veto the whole budget and not parts of the budget This hence limited its power over the European union The EU has now become the second largest import and export market in the world However many people amongst the EU felt that in order for the union to become truly strong a monetary union was needed The American strength and environment was envied by many Europeans that wished Europe to be similar to the USA Europe begun monetary unification in 1950 when the European Payment was established It was created in order to provide a framework for achieving currency convertibility The finance minister of Luxembourg was appointed to in 1969 to create plan for the monetary union to be completed by 1980 However economical difficulties such as high inflation meant that the plan was not carried out In 1970 the publication of the Werner Report showed that the report was not in favour of a single European currency of a European Central
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