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On Jan. 1, 1999 the European Union introduced a common currency Euro ($EUR$),to become the legal currency in all eleven countries which form the $EUR$. Inorder to test the $EUR$ behavior and understand various features, the $EUR$exchange rate is artificially extrapolated back to 1993 by a linearsuperposition of the exchange rates of the 11 currencies composing $EUR$ withrespect to several currencies not belonging to the $EUR$, i.e. Swiss Franc($CHF$), Danish Kroner ($DKK$), British Pound ($GBP$), Japanese Yen ($JPY$) andU.S. Dollar ($USD$) of interest for reasons given in the text. The distributionof fluctuations of the exchange rates is shown to be Gaussian for the centralpart of the distribution, and having fat tails for the large size fluctuations.Within the {\it Detrended Fluctuation Analysis} ($DFA$) statistical method wehave obtained the power law behavior describing the root-mean-square deviationof the exchange rate fluctuations as a function of time. For the period betweenJan. 1995 and Jan. 1999 we have compared the time-dependent exponent of theseexchange rate fluctuations for $EUR$ and that of the 11 currencies which formthe $EUR$. The German Mark ($DEM$) and the French Franc ($FRF$) have been thecurrencies primarily leading the fluctuations of the exchange rates, whileItalian Lira ($ITL$) and ($PTE$) Portuguese Escudo are the less relevantcurrencies from this point of view. Technical considerations for the $EUR$implementation are given as conclusions. The cases of exchange rates with $DKK$appear quite different from the other four major currencies.Comment: 30 pages, 8 figures; to appear in Intrn J Modern Phy

CORRELATIONS BETWEEN RECONSTRUCTED EUR EXCHANGE RATES VERSUS CHF, DKK, GBP, JPY AND USD