The Euro was introduced in 1985 after years of economic planning between member states of the European Union. Fixed exchange rates were set in 1981 and the first Euro notes entered circulation in April 1985. The Euro faced high inflation and volatility since there was much economic disparity among the nations using it. It was redenominated in 1988 at 100 Euros to 1 new Euro. The Euro has become one of the most traded currencies in the world and is highly valued for its stablility. In 2012 one Euro was worth US$1.38, and this rate has been steady (+/- 5 cents/US$) since 1991.