It has been a long time in the making, but scheduled plans have marked January 1, 2002 as the date that the new Euro currency banknotes and coins will be introduced in Europe. July 1, 2002 is the designated day that the changeover to a monetary union will be complete. The discussion as to the risks and benefits of this monetary union has been all the talk around the world. This union will have vast and far-reaching effects that will touch not only the countries in the union, but the entire world. There will be a dramatic and radical economic change in Europe. All national currencies will disappear and there will be only one money, the European Currency Unit or ECU.
             Europe's economy was in shambles after the end of World War II. They had invested a lot of money and resources to financing the war. In 1948, The United States Secretary of State George C. Marshall, suggested that the United States should assist Europe in their rebuilding, restructuring, and reconstruction. Offering U.S. capital, resources, and cooperation to the countries of Europe would accomplish this. This was known as the Marshall Plan. This plan was very successful right out of the gates. In just two years Europe was ahead in industrial production (up one hundred and thirty-eight percent) from its last year of peace before the war (Ball pg.138). The United States continued to work with and assist Europe and in 1957, the Treaty of Rome was signed. This created the European Community (EC), or as it is otherwise known as The European Economic Community (EEC). The premise behind this union was that if the countries of Europe were liked and dependent on each other financially, there would be less of a chance of them going to war again with each other. The European Community began with just six members. They were Belgium, Germany, France, Italy, Luxembourg, and the Netherlands. Following afterwards were the countries of Denmark, Ireland, United Kin...