|
|
|
|
|
|
|
|
|
|
|
On January 1, 1999 at 00:00, the Euro became the official
currency for 11 of the 15 member states in the European Union.
On January 1, 2001, Greece was also included in the Euro zone.
Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy,
Luxembourg, the Netherlands, Portugal, and Spain have
fixed conversion rates between their national currencies and
the Euro, illustrated on the chart below.
Euro bank accounts, cheques, travellers cheques, bank
transfers, credit cards, and electronic purses have been in
use since January 1, 1999.
Beginning in January 2002, the Euro will gradually replace
the old notes and coins of the countries participating in
the Euro. The old notes and coins must be withdrawn from
public circulation by July 1, 2002, however they will still be
redeemable at central banks long after this date.
The value of the Euro against the dollar and all other
currencies, including those of the three European Union
Member States that are staying out of the Euro zone, will
fluctuate according to market conditions. All new public
debt issues will be in Euro and many outstanding ones
will be redenominated.
 
 
 
** the Greek Drachme fixed exchange rate was set on January 1, 2001
EUROPEAN UNION MEMBER STATES: The countries that chose to participate in the EURO:
Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy,
Luxembourg, Netherlands, Portugal and Spain. The countries that chose not to participate in the EURO:
Denmark, Sweden, and the United Kingdom. 
|
|||
