Chronological summary of the history of the Belgian franc

1832 Law defining the Belgian franc; bimetallism
1848 Compulsory legal tender status for notes issued by the Société générale and by the Bank of Belgium
1850 Foundation of the National Bank
1865 Creation of the Latin Union
1873 Legal tender status granted to notes issued by the National Bank
1914 Suspension of banknote convertibility: notes are no longer regarded as a substitute for precious metals
1921 Treaty on economic union between Belgium and Luxembourg
1925 Latin Union denounced by Belgium
1926 Stabilisation of the franc at 1/7 of its pre-war value; creation of a new unit of account, the belga; restoration of banknote convertibility
1935 Franc devalued by 28%; notes issued by the National Bank granted legal tender status in Luxembourg
1940 Suspension of banknote convertibility
1944 Creation of the Bretton Woods system, based on the gold exchange standard; Gutt operation
1971 Suspension of the convertibility of the US dollar into gold
1972 Creation of the European Monetary Snake
1979 Creation of the European Monetary System (EMS)
1982 Belgian franc devalued by 8.5 % in the EMS
1988 Redefinition of the franc’s legal status
1990 The franc is pegged to the German mark
1999 Stage 3 of Economic and Monetary Union; adoption of the euro
2002 Introduction of euro notes and coins; disappearance of the franc
2004 on 31 December, end of the convertibility of the Belgian franc coins