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Prior to 2002, most European countries had their own independent currencies, such as the French Franc, Italian Lira, and Finnish Markka. This made trade and travel complicated with various exchange rates, commissions, and fees. There were vast disparities in the values of each currency, making it difficult to gauge spending. The idea of a shared common currency had been discussed for decades, and the Euro was introduced for non-cash transactions on January 1, 1999.
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