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A History of the Euro

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A History of the Euro

Post  Panda on Sun 20 Nov - 8:00

18 November 2011
Last updated at 15:33

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A Point of View: The euro's strange stories

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the euro in turmoil, writer and academic Mary Beard explores the odd
tales from myth and history told on the currency's coins.

Amid all the macro-economic debate about the euro, which most
of us, frankly, don't understand a word of, amid all the talk of
bailouts and bonds, defaults and double-dips, no-one has had much to say
about the hard cash itself. I mean, what you actually see on the euro
banknotes, and in particular on the euro coins.

Take a closer look at those heads-and-tails and you'll find
some rather disconcerting angles on European history and politics - and a
story that goes back to the very first attempt at a European monetary
union, 2,500 years ago.

Ironically, given what's been happening in the past few
months, that prototype eurozone was masterminded by the Greeks, in
ancient Athens, in the middle of the 5th Century BC.

Of course the modern euro designs are a bit of a compromise.
From the moment they were invented, coins have always been national and
political symbols. The kings of Lydia in modern Turkey, who minted the
first metal money about 600BC, didn't do it to facilitate shopping or to
heat up the Lydian economy, but to boast of their wealth, power and
identity - with the distinctive emblem of a lion stamped on each one.

Continue reading the main story Find out more

  • A Point of View is on Fridays on Radio 4 at 20:50 GMT and repeated Sundays, 08:50 GMT
  • Mary Beard is a Professor of Classics at Cambridge and an author

  • Or listen to A Point of View on the iPlayer
  • BBC Podcasts - A Point of View
  • Four Thought podcast

So when the euro currency
appeared in 2002, there was a trade-off between the symbols of the new
monetary union and those of the different nation states that made it up.
The paper notes were to be identical across the zone, decorated with
rather dreary, generic images of European architecture - mostly windows,
arches and bridges; but the coins, while one side was to display a
uniform map of Europe, had space on the other for something that was
distinctively national.

The monarchies of Euroland were more or less obliged to pick
their king, queen or grand duke for the spare side; the Vatican City -
when they chose to mint - the Pope. But the rest - from Austria to
Slovenia - were free to opt for a whole range of national emblems or

Some went for simplicity: Ireland features a harp on every
single denomination from the two euro right down to the tiny one cent;
Estonia, the dullest of the lot, chose a map of Estonia.

But others tried to ring the changes. France, for example,
plasters "Liberty, Equality and Fraternity" over some coins, and a
strangely angry-looking Marianne, the French Republic's female mascot,
on others ("her determined features embody the desire for a sound and
lasting Europe" is how the European Central Bank's website attempts to
explain this frowning figure).

Italy chose a different work of art for each denomination -
with its favourite arena of mass slaughter, the Coliseum, relegated to
the five-cent piece. Austria, too, manages a different design for every
single coin: from a bust of Mozart to the famous Secession Building in
Vienna ("the symbol of the birth of a new age and representing a bridge
to a new monetary era", as the ECB again earnestly - and with hindsight
rather poignantly - insists).

But it is the Greek euro-coinage that offers the most food
for thought. The smallest denominations feature a selection of ships;
the 10, 20 and 50 cents each celebrate a modern hero in the struggle for
Greek liberation from the Turks; but the one and two euro coins go back
in different ways to classical antiquity.

The euro, branded with Athena, Greek goddess of wisdom and cunning, is facing a squeeze

There's no surprise in that. Greek politicians relentlessly
harp on about their direct inheritance from the classical world; in
fact, I often think that nostalgia is as much a bane on the modern state
of Greece as over-spending and poor accounting are.

But in this case, there must be many Greeks who, in
retrospect, wonder if the choice of these classical coin designs was
quite so clever as it once seemed. Was this pride coming before a fall?

At the centre of the two-euro coin is a bull, and on its back
what appears to be a young girl. At first glance, if you didn't know
your classical mythology, you might think it was a logo sponsored by the
Greens: a symbol of humans and animals living together in harmony.

In fact, it is a rape - Zeus, the king of the gods, snatching Princess Europa from her home city of Tyre, in the Lebanon.

The story was that Zeus had (to put it euphemistically, as
most story books do) "fallen in love" with young Europa, and in order to
have his way with her, turned himself into a bull and went down to the
beach where she was playing with her friends; he nuzzled up to her
tamely, licking her hands and encouraging her to stroke him and decorate
his horns with flowers.

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I've always found it hard to
understand quite how the Greek people so easily came to terms with the
idea of having a picture of rape jingling around amongst the small

Then, as soon as she climbed on
his back, off he flew (literally - for gods can fly), and took her -
terrified - to his love-nest in Crete.

Greek and Roman writers debated this story in ways familiar
to us from the modern courtroom. Had Europa been carelessly naive? Had
she led him on? Had he drugged her? Had she wanted it all along?

But the bottom line was - whatever the pleas in mitigation might be - this was rape.

You can see why the Greeks might have wanted the scene on
their euros. Despite the inconvenient fact that Princess Europa came
from the Lebanon, her name was eventually given to the continent of
Europe. The emblem of the myth on the coin amounted to the claim that
without Greece there would have been no Europe - that Greece had
invented the continent.

All the same, I've always found it hard to understand quite
how the Greek people so easily came to terms with the idea of having a
picture of rape jingling around among the small change in their pockets.

Did they not think about the back story to this charming
image of girl and bull, or about what was going to happen next? And how
does it feel now? With Greek journalists talking luridly about the
"rape" of their country and how it has been "shafted", what new meaning
does this story of Europa and bull take on?

But Greece's one euro leads in even more intriguing - and
ambivalent - directions. Its design is an exact copy of a 5th-Century BC
Athenian four-drachma coin, featuring a beady-eyed owl that stares out
at you.

This little bird was the symbol of Athena, goddess of wisdom
and cunning - and the protector of the city of Athens. Almost all
ancient Athenian coins carried this emblem, making the phrase "taking
owls to Athens" more or less the equivalent of the modern "coals to

But this is where the first monetary union comes in.

The Athenians enforced their own single currency with threats of the death penalty

Athens in the 5th Century BC was a democracy (the world's
first, so the modern Greeks rather dubiously claim). It was also an
exploitative empire, controlling many other states around the

Some time about 440BC, the Athenians decided to make all
these people get rid of their own currency, with their own national
emblems, and use Athenian "owls" instead - in fact some of the public
notices laying this down, still survive, inscribed on stone around what
was the Athenian empire.

The rules, as we can read, were pretty stringent: it wasn't
only money that was involved but Athenian weights and measures too (it
was the ancient equivalent of imposing grams and metres as well as the
euro); and the subject states had to bring their coins to be changed in
Athens, with a substantial rake-off for the Athenian treasury.
Non-compliance could result in the loss of citizenship; it might even
lead to the death penalty.

Modern historians have puzzled endlessly about what was
really going on here. Were the Athenians out simply to make a profit?
Were the states of the empire actually keen to come into the
Athenian-zone? If so, threats of the death penalty seem a bit

And did the legislation actually succeed in eradicating the
other currencies and establishing the owls across the empire? We can't
be sure.

But on any interpretation, it is hard to resist the
conclusion that the Athenian imperialists were using monetary union to
display their political muscle - and hard not to imagine that vengeance
for that has finally come, 25 centuries later.

But before we get too smug, or laugh at the Greeks for their
ill-advised choices of logo - whether rape or owls - we should look at
our own.

Last week a foreign student in Cambridge showed me his
residence permit for the UK, the bit of plastic, plus biometric chip,
that was to be the prototype for the ID cards that everyone was
threatened with - but is now issued only to visa holders.

What do you think the symbol in the top left hand corner is?
It's the European stars and - the Home Office has confirmed - that very
same bull. The female victim has disappeared - it's just the rapist that
now guarantees the foreigner a right to live here.

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