19972003

1997–2003 is a historical interval characterized by rapid globalization, major economic upheavals, transformative technological change, and shifting international security dynamics. It spans the late 1990s economic expansion and the early 2000s downturn, along with significant diplomatic developments and evolving digital culture.

Economically, the period was marked by a sequence of crises and reforms. The 1997 Asian financial crisis spread from Southeast Asia to affect global markets, prompting IMF programs and policy adjustments in multiple economies. The Russian financial crisis of 1998 further stressed international finance. In Europe, the euro was established as a monetary unit in 1999, with physical notes and coins entering circulation in 2002, integrating many national economies more tightly. The dot-com bubble of the late 1990s burst in 2000–2002, leading to a global slowdown but accelerating the growth of internet infrastructure and e-commerce.

Politically and militarily, the era included notable shifts in governance and security. The Kyoto Protocol was adopted in 1997 as part of international climate diplomacy. NATO expanded in 1999 to include new member states from Eastern Europe. The terrorist attacks of September 11, 2001, led to U.S.-led military operations in Afghanistan beginning in 2001 and, in 2003, the start of the Iraq War. These events reshaped international alliances, counterterrorism strategies, and regional stability concerns.

Technologically and culturally, the period saw rapid growth of the internet and digital communication. Napster emerged in 1999, challenging traditional content distribution, while Wikipedia launched in 2001 and contributed to collaborative online knowledge. The early 2000s also featured significant regulatory actions affecting major technology firms, influencing the trajectory of digital markets.