History of the euro succeeding the EMCF, under Maastricht. It was created as the forerunner to the European Central Bank. It met for the first time on 12 January under its first president, Alexandre Lamfalussy. After much disagreement, in December 1995 the name "euro" was adopted for the new currency (replacing the name "Ecu" used for the previous accounting currency), on the suggestion of then-German finance minister Theo Waigel. They also agreed on the date 1 January 1999 for its launch. On 17 June 1997 the European Council decided in Amsterdam to adopt the Stability and Growth Pact, designed to ensure budgetary discipline after
Euro daily by some 343 million Europeans . Outside Europe, a number of overseas territories of EU members also use the euro as their currency. Additionally, 240 million people worldwide use currencies pegged to the euro. The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. , with more than €1.2 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world, having surpassed the U.S. dollar. The name "euro" was officially adopted on 16 December 1995