The euro began operation on January 1, 1999, with an initial value of $1.16675, but by July 1999 it had declined to about 13 percent below that starting value.
Sources
- Monetary Policy Report to the Congress for July 22, 1999 ... (federalreserve.gov)
- https://www.poundsterlinglive.com/bank-of-england-spot/historical-spot-exchange-rates/eur/EUR-to-USD-1999 (poundsterlinglive.com)
- https://www.washingtonpost.com/wp-srv/inatl/longterm/euro/keystories.htm (washingtonpost.com)