 Complete the following phrase:  The name euro was officially adopted on 16 December 1995 in Madrid. The euro was introduced to world ficial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit ECU at a ratio of 1:1 US1.1743. Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, and by March 2002 it had completely replaced the former currencies. While the euro dropped subsequently to US0.83 within two years 26 October 2000, it has traded above the U.S. dollar since the end of 2002, peaking at US1.60 on 18 July 2008 and since then returning near to its original issue rate. In late 2009, the euro became immersed in the 