What is the timetable?
1998 - As soon as possible it will be decided which member states are allowed to participate in the EMU. The entrance criteria will be checked.
1998 - The European Central Bank (ECB) will be established. This bank will be located in Frankfurt. The board of directors will also be nominated then. This board will then decide matters such as the manufacturing of banknotes and coins the consultation with the central banks in the other member states where the euro will be introduced and so on. Everything has to be organised well in order to inspire make that the citizens have more trust in the euro.
1999 January first- The exchange rates of the currencies of the countries participating in the EMU will be determined.
1999 starting January first - The transactions and the exchange of currencies between the European Central Bank and the national central banks will change to euros. For the foreign trade banks the euro will be a legal means of payment, but citizens can not yet pay by the euro.
1999 starting January first - Starting this year there will be national loans in euros.
2002 January first - The citizens will have euro in the shape of coins and notes. Next there will be six difficult months because everybody is allowed to pay both by euro and national currency. For financial administrations and companies this will be very hard.
2002 - The national currency no longer will be a legal means of payment. One can only pay by the euro!!