5 ms·
No, in DM the damage was actually way over 4 billion. I made it clearer above.
by lqet 4y ago
No, in DM the damage was actually way over 4 billion. I made it clearer above.
- sva_ 4y agoAh, fair enough. It is a little confusing taking the changing currency, and then potentially also inflation into account. Interesting story overall though.
- jsemrau 4y agoThe EURO was introduced on January 1st 1999
- sva_ 4y ago2002 for Germany mate.
- zinekeller 4y agoEuro as a currency and unit of accounting was introduced in 1999, including in Germany. Euro notes and coins were released in 2002.
- sva_ 4y agoI googled this, and it seems like you're right! I had the false memory (since I was a child at the time), that the DM-EUR exchange rate was determined when the EUR came out. But I still do vividly remember the number 1.95583, which was the exchange for DM:EUR. Kinda weird how they celebrated it, but I think Nutella burnt it into my brain :)
- rob74 4y agoTechnically you are right, but I would argue that the date when the Euro actually started to be used as a currency by people was much more significant than the introduction as an abstract financial term (especially considering that this "abstract Euro" was actually only another name for the ECU - https://en.wikipedia.org/wiki/European_Currency_Unit https://en.wikipedia.org/wiki/European_Currency_Unit - which had been in use since 1979, with initially 8 and then 12 currencies pegged to it).
- zinekeller 4y agoNot really. Pre-1999 ECU it's on a crawl peg to multiple currencies, post-1999 euro it's a reverse hard peg (since while ECU is pegged to its currencies and some more including British Pound and US Dollar, post-1999 the currencies that were in ECU (except for Greek drachma) are now pegged in euro) and are being used by some pan-European companies (for example Airbus) to denote their accounting. Technically some of the currencies that are on EMU still exists until this day (although you'll get confused faces when you used old notes, only the central banks that issued them are the ones currently redeeming them). (edit: didn't noticed that drachma autocorrected to dharma)