A uniquely Canadian currency appeared gradually throughout the middle of the 1800s. The most decisive year was 1851, when the Canadian dollar was established as legal tender by the Canadian legislature.
By the early 2000s, currencies of member nations ceased to be independent. Participating countries eventually adopted the Euro as their sole currency if they met certain performance metrics such as inflation and debt limits.
A currency interest rate increase tempts investors. This boosts demand because the currency appreciates. An interest rate decrease makes a currency correspondingly "weaker" (depreciation). A strong currency is not always advantageous, nor is a weak one always bad.
From January 2002 to January 2006, CAD interest rates were between 2 and 3 percent. After a spike to more than 4 percent from June 2006 to February 2008, interest rates fell in tandem with the 2008-2009 recession.
Euro rates display similar trends. Generally, a nation lowers rates during recessions to stimulate the economy and increases rates during boom times to contain inflation, or an increase in the price of goods and services.