The Timetable for the changeover to the Euro

In addition to its economic aspects, the changeover to the single currency also requires legislative and practical preparation. Following is the timetable for the changeover to the euro: 

• On 1 January 1999 the euro will come into being as the currency of the Member States participating in EMU and the conversion rates of the currencies of those Member States against the euro will be irrevocably fixed. The euro will be useable for non-cash transactions, but as euro notes and coins will not yet be available, national notes and coins will continue to circulate; 
• On 1 January 2002 euro notes and coins will be put into circulation and the withdrawal of national notes and coins will begin; 
• Within six months at most (probably a good deal less), national notes and coins will have been withdrAWN and the changeover to the euro will be complete. The introduction of euro notes and coins and the withdrawal of Irish pound notes and coins will be a considerable operation and the logistics of it are being actively examined.