<Tr> <Td> Vatican lira </Td> <Td> VAL </Td> <Td> 7003193627000000000 ♠ 1,936.27 </Td> <Td> 1998 - 12 - 31 </Td> <Td> 1999 - 01 - 01 </Td> </Tr> <P> The euro was established by the provisions in the 1992 Maastricht Treaty . To participate in the currency, member states are meant to meet strict criteria, such as a budget deficit of less than 3% of their GDP, a debt ratio of less than 60% of GDP (both of which were ultimately widely flouted after introduction), low inflation, and interest rates close to the EU average . In the Maastricht Treaty, the United Kingdom and Denmark were granted exemptions per their request from moving to the stage of monetary union which resulted in the introduction of the euro . (For macroeconomic theory, see below .) </P> <P> The name "euro" was officially adopted in Madrid on 16 December 1995 . Belgian Esperantist Germain Pirlot, a former teacher of French and history is credited with naming the new currency by sending a letter to then President of the European Commission, Jacques Santer, suggesting the name "euro" on 4 August 1995 . </P> <P> Due to differences in national conventions for rounding and significant digits, all conversion between the national currencies had to be carried out using the process of triangulation via the euro . The definitive values of one euro in terms of the exchange rates at which the currency entered the euro are shown on the right . </P>

When was the euro introduced as legal currency on the world market