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JNCI Journal of the National Cancer Institute 1999 91(13):1106; doi:10.1093/jnci/91.13.1106
© 1999 by Oxford University Press
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Journal of the National Cancer Institute, Vol. 91, No. 13, 1106, July 7, 1999
© 1999 Oxford University Press

NEWS

Defining the Euro: What Exactly Does it Mean?

Sabine Steimle

The single European currency, the Euro, is scheduled to be in operation from July 1, 2002 with the participation of Member States of the European Union that meet strict convergence criteria such as stable inflation rates, limited budgetary rates, and stable interest rates.

A preparatory stage, which began Jan. 1, 1999, locks national currencies of participating countries into stabilizing exchange rates until the exchange rates are fixed. Until July 1, 2002, national currencies such as French francs, Deutschmarks, etc., remain legal tender; only exchange and some bank transactions will be handled in Euros. Euro notes and coins will be phased in after 2001 and become mandatory on the scheduled operation date.

Eleven of the 15 countries of the European Union are taking steps to adopt the Euro. These are: Portugal, Spain, France, Belgium, The Netherlands, Luxembourg, Austria, Italy, Finland, and Ireland. The United Kingdom, Sweden, Greece, and Denmark opted not to join the single European currency. One Euro has the approximate value of $1 (U.S.)Go



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  		Draft design of the new Euro banknote will differ from the final design to be issued on Jan. 1, 2002.

Draft banknote design © European Monetary Institute, 1997/European Central Bank, 1998.

 


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This Article
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Right arrow Articles by Steimle, S.
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