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This is Europe's most significant monetary reform since the Roman Empire. The Euro is the common currency of the Eurozone countries within the European Union. It was officially introduced on January 1st, 1999, but the concept dates back to the League of Nations in 1929. The idea of a common currency was revitalized after World War II and efforts were made during the Cold War to strengthen ties between noncommunist nations. The European Coal and Steel Community was established in 1951, linking Belgium, France, West Germany, Italy, Luxembourg, and The Netherlands.