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In 1994, the European Monetary Institute (EMI) was established. Based first in Basel (Switzerland), and subsequently in Frankfurt am Main (Germany), the newly created institute was one of the most structurally significant outcomes of the 1992 Treaty of Maastricht and was intended to shepherd the creation of a new currency for the European Union - the Euro banknotes and coins - as well as to prepare for the establishment of the future European Central Bank (ECB). Unlike many other new institutions, recordkeeping was considered from the organization’s inception. The initial approach adopted was highly centralized and was deemed unsustainable in light of the experience of a fast-growing institution. While unsuccessful initially, the experience provided many insights and avenues of theoretical development when new recordkeeping functions were instituted upon the establishment of the ECB in 1998.