The euro, now a cornerstone of the global financial landscape, has been in circulation for over two decades. Like any currency, its value fluctuates, yet the euro has always represented more than just monetary worth. It embodies political ideals and European unity, a concept that remains profoundly relevant amidst ongoing global shifts. While the euro’s inception involved well-documented political and economic processes, the origin of its symbol is a more nuanced and debated narrative. Let’s delve into the fascinating, and somewhat mysterious, story of how the euro acquired the symbol recognized worldwide.
From Esperanto to Euro: Choosing the Name
The journey began in Madrid in 1995 with the selection of the currency’s name. “Euro,” reportedly suggested by a Belgian teacher with an affinity for Esperanto, emerged victorious from a pool of contenders. “Ducat,” with its Shakespearean flair, was among the rejected options. A key criterion was the name’s uniformity across all official European languages. This emphasis on consistency extended to the symbol intended to represent the new currency.
Designing a Symbol by Committee
Unlike many older currency symbols that evolved organically over time, the euro sign was intentionally designed. A committee was tasked with creating a symbol that met specific criteria: it needed to be instantly recognizable as representing Europe, resonate with existing currency symbols, and be aesthetically pleasing and easy to write by hand.
European Commission staff initially generated over 30 design proposals. This list was narrowed down to ten, which were then presented for public feedback. Two designs emerged as frontrunners. Ultimately, the decision rested with Jacques Santer, then President of the European Commission, and Yves-Thibault de Silguy, the commissioner responsible for economic and financial affairs.
The Epsilon Inspiration and Public Reaction
In December 1996, the chosen symbol was revealed: €. The European, a now-defunct newspaper, lauded it as “precise and confident, like a post-modern pretzel.” However, public reception was mixed, with some expressing confusion. Was it a ‘C’ with two horizontal lines? In reality, the design drew inspiration from the Greek letter epsilon (Є). This reference to ancient Greece, considered the cradle of European civilization, was meant to highlight historical continuity and also evoke the ‘E’ for Europe. Ironically, this classical allusion took on a different tone when the Greek financial crisis of 2010 threatened the eurozone’s stability, testing the very “stability” symbolized by the two parallel lines in the euro sign.
Intriguingly, the runner-up symbol from the public consultation remains largely unknown, seemingly lost to history. Details surrounding the public consultation itself are also vague, including the number and nationalities of EU citizens involved. Furthermore, the identities of the four designers credited with creating the globally recognized euro symbol have never been officially disclosed.
Copyright, Typography, and Early Challenges
The euro symbol’s design specifications are meticulously defined, including precise proportions and color palettes. European officials even patented the symbol, making the euro the first currency with a copyrighted sign. This presented challenges for typographers who had to incorporate this new glyph into existing fonts. Early computer systems also struggled, often displaying question marks instead of the euro symbol due to conversion errors.
The euro was initially launched as a non-cash currency in 1999 for electronic transactions. In 2002, when physical banknotes and coins were introduced across 11 member states, two unexpected controversies surfaced, challenging the official EU narrative. Firstly, similarities were noted between the euro symbol and the old logo of the US electronics company Commodore. Secondly, Travelex, a British foreign exchange specialist, claimed to have used a remarkably similar symbol in internal communications since 1989. Travelex initiated a lawsuit against the European Commission for trademark infringement, which they ultimately lost, incurring significant legal costs.
The Designer’s Claim
Adding another layer of complexity, Arthur Eisenmenger, a retired graphic designer, publicly claimed to have created the euro symbol over 25 years prior while working for the European Economic Community. Eisenmenger, credited with designing the EU flag and the “CE” mark for European goods, asserted that he conceived the symbol as a general emblem for Europe, predating the euro currency itself. While his claim adds to the symbol’s mystique, the official narrative still attributes the design to the anonymous committee.
An Icon of Europe
Regardless of its precise origins and design authorship, the euro symbol has become a powerful icon of the European project. Alongside the EU flag and the “Ode to Joy” anthem, it has transcended its functional purpose as a currency sign. Its widespread recognition and symbolic weight are undeniable. Perhaps the ultimate testament to its success is its appearance even on pro-Brexit placards, demonstrating its enduring and multifaceted symbolism within the European discourse.
