New Euro coins and notes introduced by the European Union

These are intended to replace the national coinages and banknotes.

European single currency created

By value over 90% of all transactions in the US are made electronically

Electronic money has replaced coins and notes.

Maastricht Treaty on European Union signed

Dissolution of the USSR

Reunification of East and West Germany

Japanese banks are the largest in the world; US has none in the top 20

In 1970 the 10 largest banks in the world were all American.

Collapse of communism in Eastern Europe

The Great Crash

Japanese trade surplus reaches US$ 87 billion

Much of Japan‘s export earnings during the 1980s are used in the form of direct and portfolio investments abroad, particularly in the US and also in Britain.

Savings and Loan Association crisis starts in the US

Mexcian debt crisis

European Monetary System created

OPEC oil shock

The price of oil is quadrupled transferring large sums to OPEC countries. The rate of growth of world trade is greatly reduced.

The Bretton Woods agreement breaks down

After a big drop in US gold reserves, the US suspends the convertibility of the dollar to gold. Two years later, it abandons the gold standard.

Britain decimalises its currency

Instead of 12 pence in a shilling and 20 shillings in a pound, the pound is divided into 100 new pence.

French currency reform

The old franc is replaced with a new heavy franc equivalent to 100 of the old.

The Treaty of Rome establishes the European Economic Community

Deutsche Bundesbank founded

The Korean War

Japanese economic miracle

Average annual growth in the 1950s is 9.2%, comfortably exceeding an ambitious plan for doubling the average income in a decade. In the 1960s growth is even higher, averaging 10.7% annually.noch grösser.