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Euro: the European Single Currency

On January 1, 1999 eleven European countries (Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain) adopted a single currency, the Euro. On June 19, 2000 a twelfth country entered the Economic and Monetary Union (EMU): Greece.

The following table summarizes the transition from the 12 EMU national currencies to the single currency:

December 31, 1998 The conversion rates between Euro and the first 11 EMU member countries national currencies are irrevocably fixed by the European Council.
January 1, 1999 Euro becomes official currency in Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.
June 19, 2000 Greece enters the EMU and the Greek Drachma's euro conversion rate is irrevocably fixed.
January 1, 2001 Euro becomes official currency in Greece.
January 1, 2002 Euro coins and banknotes begin to circulate.
February 28, 2002 The legal tender status of national coins and banknotes is canceled.


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