Preeuro

Preeuro is a term used in economic literature and policy discussions to describe the set of monetary arrangements and currencies that existed in Europe prior to the introduction of the euro. It is not an official currency or an institutional framework, but a descriptive label for the diverse national monetary systems that operated before 1999, including the Deutsche Mark, French franc, Italian lira, Spanish peseta, and others. The term is derived from the prefix "pre-" meaning before and "euro," the name of the common currency adopted by many European Union member states in 1999.

In analyses of monetary integration, "preeuro" serves as a shorthand for examining issues of price stability, fiscal coordination, and exchange-rate volatility under national currencies. It also frames the transition period around the creation of the European Monetary System, the Exchange Rate Mechanism, and ultimately the irrevocable fixing of exchange rates in 1999 and the euro's introduction in 2002. The concept helps contrast policy autonomy under national currencies with the loss of seigniorage and the gains from a shared monetary policy centralized in the European Central Bank.

Some scholars view "preeuro" as a loose or hypothetical construct rather than a discrete regime, cautioning that it lumps very different monetary practices into a single label. Despite this, the term remains useful for discussions of convergence criteria, economic integration, and the design of the euro area.