The single European currency, the Euro, is scheduled to be in operation from July 1, 2002 with the participation of Member States of the European Union that meet strict convergence criteria such as stable inflation rates, limited budgetary rates, and stable interest rates.
A preparatory stage, which began Jan. 1, 1999, locks national currencies of participating countries into stabilizing exchange rates until the exchange rates are fixed. Until July 1, 2002, national currencies such as French francs, Deutschmarks, etc., remain legal tender; only exchange and some bank transactions will be handled in Euros. Euro notes and coins will be phased in after 2001 and become mandatory on the scheduled operation date.
Eleven of the 15 countries of the European Union are taking steps to adopt the Euro. These
are: Portugal, Spain, France, Belgium, The Netherlands, Luxembourg, Austria, Italy, Finland, and
Ireland. The United Kingdom, Sweden, Greece, and Denmark opted not to join the single
European currency. One Euro has the approximate value of $1 (U.S.)
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