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| December 31 1998 | The euro exchange rate is fixed, with one ecu (European Currency Unit) equalling one euro. |
| January 1, 1999 | "Conversion Weekend"
Euro becomes legal currency in the euro zone countries. Conversion rates between the euro and the old national currencies are fixed. Member states and the European Investment Bank Commission begin issuing new public debt in euros, and Germany assumes the presidency of the EU. |
| January 4, 1999 |
"Conversion Weekend" ends, and bourses and exchanges in the euro zone open for business, trading in euros for the first time. |
| January 1, 2002 |
Euro banknotes and coins come into circulation |
| January 1, 2002-June 30, 2002 |
Dual Circulation Period
Both euro notes and coins and the old national currency notes and coins will be in use. |
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July 1, 2002
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From this date, only euro banknotes and coins will be in circulation in those countries within the euro zone. It is at this stage that those EU countries who have not participated in EMU are most likely to decide to join. |
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