Currency board the Deutsche Mark from 1992 to 1999 when it switched to fixing to the Euro at par. The peg to the Euro was upheld until January 2011 with Estonia's adoption of the Euro. This policy is seen as a mainstay of that country's subsequent economic success (see Economy of Estonia for a detailed description of the Estonian currency board). Argentina abandoned its currency board in January 2002 after a severe recession. To some, this emphasised the fact that currency boards are not irrevocable, and hence may be abandoned in the face of speculation by foreign exchange traders. However, Argentina's system
Andorra and the euro Andorra and the euro Andorra has a monetary agreement with the EU allowing it to make the euro its official currency, and permitting it to issue euro coins from 1 July 2013. They planned to issue their first coins by March or April 2014. On 23 December coins were delivered for pre-booked customers at the Government Administration Building, and actual circulation began on 15 January 2015. Andorra did not have an official currency before adopting the euro, and unlike its two larger neighbours, France and Spain, which surround it, it is not a member of the EU. However it "de