Map showing countries following and not following EURO Currency
EURO - Single
currency for Europe
Twelve of the 15
member states that is all except United Kingdom, Denmark and Sweden, joined
together to launch the single currency, the Euro on January 1, 1999. This is
the result of the economic integration process begun in Europe since the 1950's
, a process accelerated by the Single European Act of 1986 and the Maastricht
Treaty in 1992. Since the early 1990's EU countries have enjoyed the benefits
of a single market (e.g. free movement of people, goods, services and capital
across national borders.) But the single market would work best with a single
currency. Recently on January 1, 2002, the Euro notes and coins have been
introduced which are gradually replacing the national currencies.
What
are the advantages of the Euro ?
When travelling in the Euro Area
You only have to change money
once: one currency is all you need now. For instance, when you visit a museum
in Italy, you can pay the entrance fee using Euro coins left over from your
stay in Greece; you can buy a meal in France with Euro bank notes you got from
a cash dispenser in Spain; etc. All this will save both time and money.
When shopping in the Euro area
Prices are displayed in the same currency; they are easier to compare and
help you make the right choice.
When doing business with the Euro area
There is no longer any risk of fluctuation between currencies. Interest and
inflation rates are much lower. You buy, sell and borrow within a larger and
more competitive market. Managing your business is easier and less expensive.
How to get hold of Euro ?
From January 1, 2002 bank notes and coins will be available at all banks,
at post offices, from cash dispensers and in shops.
What about the old national currencies ?
At least until the end of 2012, national central banks will exchange their
old national bank notes against Euro free of charg; the old national coins may
be exchanged free of charge at least until the end of 2002. In most countries
the redemption periods are longer or even indefinite.
For more information about the
changeover to the Euro in each country visit
www.europa.eu.int/euro
For more information about
banknotes and coins visit www.euro.ecb.int