Reserve currency economy, the German Deutsche Mark gained the status of the second most important reserve currency after the US dollar. When the euro was introduced on 1 January 1999, replacing the Mark, French franc and ten other European currencies, it inherited the status of a major reserve currency from the Mark. Since then, its contribution to official reserves has risen continually as banks seek to diversify their reserves, and trade in the eurozone continues to expand. Former U.S. Federal Reserve Chairman Alan Greenspan said in September 2007 that the euro could replace the U.S. dollar as the world's primary reserve currency.
European Currency Unit A common theme on the coins was usually celebrating European unity, such as celebrating membership of the European Union. In 1989, the government of the Netherlands issued a series of ECU coins from ₠2½ to ₠200, which could be spent in shops in The Hague, during the European Capital of Culture festival. Gibraltar issued commemorative coins from 1993 through 1996. European Currency Unit The European Currency Unit (₠ or ECU, ) was a basket of the currencies of the European Community member states, used as the unit of account of the European Community before being replaced by the euro on