May 02

The royal charter issued by Charles II granted the Hudson's Bay Company exclusive trading rights across the vast watershed drained by rivers flowing into Hudson Bay. It empowered the company to establish forts, negotiate treaties with Indigenous peoples, and govern its territory. This marked the beginning of one of North America’s longest-lived commercial enterprises. The fur trade became the backbone of the company’s wealth and played a crucial role in European exploration and colonization. The HBC’s governance model blended commerce with quasi-governmental authority, influencing the development of Canada’s political geography. Today, the Hudson's Bay Company’s legacy continues in retail and Canadian history.

On May 2, 1998, EU member states formally created the European Central Bank (ECB) in Brussels, a landmark move toward European monetary union. Tasked with defining and executing the eurozone’s monetary policy, the ECB aimed to ensure price stability across its member states. Under its mandate, the Bank conducts foreign exchange operations, manages official foreign reserves, and promotes smooth payment systems. The ECB’s establishment marked a critical step in the launch of the euro currency in 1999. Its structure featured an Executive Board and a Governing Council representing national central banks. Over time, the ECB has navigated financial crises, bond market volatility, and debates over fiscal integration. Its creation reshaped the global financial landscape and symbolized deeper European cohesion.