theo waigel

The Euro has come to be known as one of the most popular forms of currency on the entire planet. You can thank this man for playing a major role in that. Theo Waigel is a German politician who is also known as the Father of the Euro. While acting as the German Minister of Finance, Waigel was instrumental in introducing the world to it.

After the fall of communism, Theo Waigel oversaw the early economic integration of East Germany while he served in office as the Federal Minister of Finance. On May 19 1990, Theo and Walter Romberg of East Germany signed a state treaty to merge both sides’ economies and make the West German Mark the sole legal currency in both nations. Under the partnership of Waigel and Kohl, Germany’s central goal became that of adopting a common currency for the political and economic integration in Europe.

Theo had to convince the skeptics within the German public that the new form of currency would be as stable as the Deutsche Mark. In September 1995, Waigel proposed that any country that would adopt a single currency would reinforce rules on budget deficits and impose financial sanctions against deficit violators. The French government wanted to name the new currency the ECU for the European Currency Unit, but ultimately failed and at the European Council in Madrid the Euro was born.