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Timetable
The Euro Conversion
Europe plans to introduce the euro gradually, over a period of several years. Below are the next steps in the conversion process.
| 1998
| 1999 |
2002 |
1998
May:
The EU executive names the first group of countries that meet the criteria to participate in the common currency. Eleven countries sign on: Austria, Belgium, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Portugal and Spain.
The European Central Bank selects conversion rates among participating currencies; they will apply beginning in 1999.
Later in 1998:
Officials selected to govern the European Central Bank in Frankfurt, Germany, which will set monetary policy for the euro.
Production begins of euro banknotes and coins.
Preparations by governments, banks and financial institutions speed up; economies of member countries continue to function on basis of national currencies.
1999
Jan. 4:
Euro begins trading against the dollar and other currencies in international currency markets. All debts and investments are denominated in both euros and national currencies.
The European Central Bank begins using euros for its monetary operations and public debt.
Later in 1999:
The European Central Bank begins setting monetary and exchange-rate policy with non-EU countries.
National authorities in EU countries begin selling bonds and other deficit-financing notes in euros only.
Some companies are expected to begin using euros in transactions.
2002
Jan. 1:
Euro banknotes and coins start circulation.
National governments complete the changeover to the euro.
July:
The national currencies are canceled. The euro is the only currency in participating countries.
© Copyright 1999 The Washington Post Company
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