The Milestones on the Road to Monetary Union
DEC. 31, 1998
Euro exchange rates are fixed. The European Central Bank takes over monetary policy for all 11 EMU nations. Stock and bond markets convert to euros on Jan. 4.
1999-2001
Foreign-exchange transactions denominated in euros. Companies are free, but not obligated, to use the euro, either exclusively or along with national currencies.
JAN. 1, 2002
Euro notes and coins must be in circulation in all EMU member states.
JULY 1, 2002
National currencies no longer legal tender.
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