European Union Formed In 1993
Posted in EU Info on 10/06/2010 11:23 pm by admin
When was the Euro First put into use, replacing the original currency of these countries?
In 1992, the european union decided to adopt a single form of currency (money) called the euro. when was the euro first put into use, replacing the original currency of these countries.
HINT:
The Treaty on European Union (TEU), signed in Maastricht on 7 February 1992, entered into force on 1 November 1993.
is it the first date (february) or (november) ?
The introduction of the euro took place principally between 31 December 1998, when the exchange rates between the euro and legacy currencies in the Eurozone became fixed, and early 2002, when euro notes and coins were introduced and the legacy currencies withdrawn.
The euro was introduced to world financial markets as an accounting currency in 1999 and launched as physical coins and banknotes on 1 January 2002. It replaced the former European Currency Unit (ECU) at a ratio of 1:1.
The currency was introduced in non-physical form (travellers’ cheques, electronic transfers, banking, etc.) at midnight on 1 January 1999, when the national currencies of participating countries (the Eurozone) ceased to exist independently in that their exchange rates were locked at fixed rates against each other, effectively making them mere non-decimal subdivisions of the euro. The euro thus became the successor to the European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new notes and coins were introduced on 1 January 2002.
The changeover period during which the former currencies’ notes and coins were exchanged for those of the euro lasted about two months, until 28 February 2002.
The official date on which the national currencies ceased to be legal tender varied from member state to member state. The earliest date was in Germany; the Mark officially ceased to be legal tender on 31 December 2001, though the exchange period lasted two months. The final date was 28 February 2002, by which all national currencies ceased to be legal tender in their respective member states.
However, even after the official date, they continued to be accepted by national central banks for periods ranging from several years to forever in Austria, Germany, Ireland, and Spain. The earliest coins to become non-convertible were the Portuguese escudos, which ceased to have monetary value after 31 December 2002, although banknotes remain exchangeable until 2022.
http://en.wikipedia.org/wiki/Euro
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