I love this site:
You can calculate historical rates for any currency. This example I have posted shows the value of the Peseta against USD in March 1991 before Spain entered the ERM.
History tells us the future. How much easier would Spain’s economy find the route out of recession now had it a stand alone currency.
Of course that’s the point. 👿 EMU kills of the competition for the benefit of Germany and France. No possibility of a trade war or currency devaluation as they like to call normal market behaviour.