On this day in 1999, for the first time since Charlemagne’s reign in the ninth century, Europe is united with a common currency when the “euro” debuts as a financial unit in corporate and investment markets. Eleven European Union (EU) nations (Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain), representing some 290 million people, launched the currency in the hopes of increasing European integration and economic growth. Closing at a robust 1.17 U.S. dollars on its first day, the euro promised to give the dollar a run for its money in the new global economy. Euro cash, decorated with architectural images, symbols of European unity and member-state motifs, went into circulation on January 1, 2002, replacing the Austrian schilling, Belgian franc, Finnish markka, French franc, German mark, Italian lira, Irish punt, Luxembourg franc, Netherlands guilder, Portugal escudo and Spanish peseta. A number of territories and non-EU nations including Monaco and Vatican City also adopted the euro.

Conversion to the euro wasn’t without controversy. Despite the practical benefits of a common currency that would make it easier to do business and travel throughout Europe, there were concerns that the changeover process would be costly and chaotic, encourage counterfeiting, lead to inflation and cause individual nations to loose control over their economic policies. Great Britain, Sweden and Demark opted not to use the euro. Greece, after initially being excluded for failing to meet all the required conditions, adopted the euro in January 2001, becoming the 12th member of the so-called eurozone.

The euro was established by the 1992 Maastricht Treaty on European Union, which spelled out specific economic requirements, including high degree of price stability and low inflation, which countries must meet before they can begin using the new money. The euro consists of 8 coins and 7 paper bills. The Frankfurt-based European Central Bank (ECB) manages the euro and sets interest rates and other monetary policies. In 2004, 10 more countries joined the EU—-Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia. Several of these countries plan to start using the euro in 2007, with the rest to follow in coming years.

HISTORY.COM
Date: 2009-01-04

On this day in 2001, Italy’s Leaning Tower of Pisa reopens after a team of experts spent 11 years and $27 million to fortify the tower without eliminating its famous lean.

In the 12th century, construction began on the bell tower for the cathedral of Pisa, a busy trade center on the Arno River in western Italy, some 50 miles from Florence. While construction was still in progress, the tower’s foundation began to sink into the soft, marshy ground, causing it to lean to one side. Its builders tried to compensate for the lean by making the top stories slightly taller on one side, but the extra masonry required only made the tower sink further. By the time it was completed in 1360, modern-day engineers say it was a miracle it didn’t fall down completely.

Though the cathedral itself and the adjoining baptistery also leaned slightly, it was the Torre Pendente di Pisa, or Leaning Tower of Pisa, that became the city’s most famous tourist attraction. By the 20th century, the 190-foot-high white marble tower leaned a dramatic 15 feet off the perpendicular. In the year before its closing in 1990, 1 million people visited the old tower, climbing its 293 weathered steps to the top and gazing out over the green Campo dei Miracoli (Field of Miracles) outside. Fearing it was about to collapse, officials appointed a group of 14 archeologists, architects and soil experts to figure out how to take some–but not all–of the famous tilt away.

Though an initial attempt in 1994 almost toppled the tower, engineers were eventually able to reduce the lean by between 16 and 17 inches by removing earth from underneath the foundations. When the tower reopened on December 15, 2001, engineers predicted it would take 300 years to return to its 1990 position. Though entrance to the tower is now limited to guided tours, hordes of tourists can still be found outside, striking the classic pose–standing next to the tower pretending to hold it up–as cameras flash.

HISTORY.COM
Date: 2008-12-15

The ceiling of the Sistine Chapel in Rome, one of Italian artist Michelangelo’s finest works, is exhibited to the public for the first time.

Michelangelo Buonarroti, the greatest of the Italian Renaissance artists, was born in the small village of Caprese in 1475. The son of a government administrator, he grew up in Florence, a center of the early Renaissance movement, and became an artist’s apprentice at age 13. Demonstrating obvious talent, he was taken under the wing of Lorenzo de’ Medici, the ruler of the Florentine republic and a great patron of the arts. After demonstrating his mastery of sculpture in such works as the Pieta (1498) and David (1504), he was called to Rome in 1508 to paint the ceiling of the Sistine Chapel–the chief consecrated space in the Vatican.

Michelangelo’s epic ceiling frescoes, which took several years to complete, are among his most memorable works. Central in a complex system of decoration featuring numerous figures are nine panels devoted to biblical world history. The most famous of these is The Creation of Adam, a painting in which the arms of God and Adam are stretching toward each other. In 1512, Michelangelo completed the work.

After 15 years as an architect in Florence, Michelangelo returned to Rome in 1534, where he would work and live for the rest of his life. That year saw his painting of the The Last Judgment on the wall above the altar in the Sistine Chapel for Pope Paul III. The massive painting depicts Christ’s damnation of sinners and blessing of the virtuous and is regarded as a masterpiece of early Mannerism.

Michelangelo worked until his death in 1564 at the age of 88. In addition to his major artistic works, he produced numerous other sculptures, frescoes, architectural designs, and drawings, many of which are unfinished and some of which are lost. In his lifetime, he was celebrated as Europe’s greatest living artist, and today he is held up as one of the greatest artists of all time, as exalted in the visual arts as William Shakespeare is in literature or Ludwig van Beethoven is in music.

HISTORY.COM
Date: 2008-11-01