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Europe has changed its currencies
As from January 1, 2002, 12 European countries gave up
their national currency forever, and adopted a common currency: the euro.
The new euro banknotes and coins circulated alongside
the respective national currencies during a changeover period, which
varies slightly from country to country. On 1 March 2002, however, it
became sole legal tender throughout the euro zone.
The following information is designed to give a basic
understanding of the euro and the practical implications of the
introduction of the notes and coins. Should you require further
information please also see the website of the European Commission at www.europa.eu.int/euro or
the European Central Bank at www.euro.ecb.int
Which countries are adopting the euro?
12 of the 15 European Union's member countries are
participating in the common currency. They are:
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Belgium
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Germany
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Greece
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Spain
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France
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Ireland
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Italy
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Luxembourg
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The Netherlands
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Austria
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Portugal
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Finland
(Denmark, Sweden and the United Kingdom are members of
the European Union but are not currently participating in the single
currency).
(Denmark is a member of the Exchange Rate Mechanism II
(ERM II) which means that the Danish krone is linked to the euro, although
the exchange rate is not fixed.).
Over a period of just a few days, more than 14 billion
euro banknotes and 50 billion euro coins replaced almost as many national
currency banknotes and coins. Over 300 million people were affected by
this change. Never before had such an operation been undertaken on this
scale.
What is the symbol for the euro?
The euro symbol - € - , developed by the European
Commission, was inspired by the Greek letter epsilon and also denotes the
first letter of the word "Europe". The two parallel lines refer
to the stability inside the euro area.
The official international abbreviation for the euro is
EUR. |
