From its beginnings, half a century ago, in the immediate aftitleath of the Second World War,
through the expansion of the seventies and eighties and the great debate surrounding the Maastricht Treaty,
here we highlight some of the key events which have shaped the development of the European Union towards
closer integration and the introduction of the single currency.
| January 1 1999 |
The euro becomes the currency for 11 member states |
| January 1, 1999 - December 31, 2001 |
Transition period: changeover to the euro by the whole economy |
| June 19, 2000 |
Council Decision (2000/427) EC) on the adoption by Greece of the single currency.
|
| January 1, 2001 |
Greece adopts the single currency (Council Decision of 19 June 2000)
|
| August 30 2001 |
European Central Bank releases final details of euro banknote
|
| September 1, 2001 |
Euro banknotes and coins available to banks in Finland, Germany, Luxembourg and Spain. Belgium, France,
Greece, Ireland, Italy and Portugal receives coins only. Sub-frontloading to retailers of banknotes
and coins begins in Germany, Luxemboug and large retailers in Spain. Irish and Finnish retailers
receive euro coins
|
| September 3, 2001 |
Austrian banks receive banknotes and coins
|
| September 10, 2001 |
Sub-frontloading of banknotes to Austrian retailers
|
| October 1, 2001 |
Greek and Portuguese banks receive banknotes. Large Italian retailers receive euro coins
|
| November 1, 2001 |
Belgium, Ireland and Italy receive banknotes in banks. Sub-frontloading to Greek retailers of coins and
Irish retailers receive banknotes only
|
| December 1, 2001 |
France and the Netherlands (and coins) receive banknotes. Sub-frontloading to retailers of banknotes
and coins begins in Belgium, France, Greece (banknotes only), Italy (large retailers only), Netherlands
(large retailers only) and Portugal
|
| December 14, 2001 |
France, Ireland and the Netherlands make euro coins available to the public through starter kits
|
| December 15, 2001 |
Austria, Belgium, Finland, Italy, Luxembourg and Spain release starter kits
|
| December 17, 2001 |
Germany, Greece and Portugal release euro starter kits
|
| January 1, 2002 |
Euro notes and coins will enter circulation in the 12 participating states of the EU. All non-cash
transactions will hereafter take place in euros. Dual circulation period begins, in which consumers
can still use national currencies but will be given change only in euros
|
| January 15, 2002 |
It is anticipated that the bulk of cash transactions will now be taking place in euros
|
| January 28, 20021 |
Dutch national currency ending as legal tender.
|
| February 9, 2002 |
Irish national currency ending as legal tender.
|
| February 17, 2002 |
French national currency ending as legal tender.
|
| February 28, 2002 |
Belgian, Greek, Spanish, Italian, Luxembourg, Austrian, Portuguese and Finnish national currencies
ending as legal tender. German commercial banks exchanging national banknotes and coins for euros
until at least this date. Commercial banks in Austria, Finland, Greece and Ireland to decide
individual deadlines for currency exchanges. Italy has not made a decision on commercial bank currency
exchanges
|
| June 30, 2002 |
Last date commercial banks in France, Luxembourg, Portugal and Spain will exchange national currencies
for euros
|
| December 31, 2002 |
Last date commercial banks in Belgium and the Netherlands will exchange national currencies for euros.
Last date Portugal's central bank will exchange national coins for euros
|
| 2003 and beyond |
The 12 eurozone central banks have set various deadlines for exchanging old national currencies:
- Central banks in Germany, Ireland, Spain and Austria, have said they will exchange old notes
and coins indefinitely
- Central banks in Belgium and Luxembourg , say they will exchange old notes indefinitely but
have set a deadline of the end of 2004 for coins
- Italy and Finland have each set a deadline of 10 years for notes and coins
- Greece and France have each set a deadline of 10 years for notes; Greece will exchange coins
for two years, France for three
- The Netherlands has set deadlines of January 1, 2007 for coins and January 1, 2032 for notes
- Portugal will exchange notes for 20 years (the deadline for coins is December 31, 2002)
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