Банкеръ Weekly

Briefs

Information campaign on security features of the euro banknotes

ESCBJanuary 1, 2001 Greece adopts the single currency (Council Decision of 19 June 2000)Member States and ESCB19 June 2000 Council Decision (2000/427)EC) on the adoption by Greece of the single currencyCouncil, Member StatesCouncil Regulation (EC) No. 1478/2000 sets conversion rate between the euro and the drachma as 340,750 Greek drachmaCouncil, ECB, Greece, Member States.January 1, 1999 to 31 December 2001 Transition period: orderly changeover to the euro by the whole economyAll stakeholdersJanuary 1, 1999 The euro became the currency for 11 Member StatesMember States:(Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland).The national currencies became `non-decimal' sub-units of the euro : conversion rates between each of them and the euro irrevocably fixedESCB, Member StatesThe euro remains a scriptural currency (banknotes and coins not yet available)Single monetary policy for the euro-zoneEuropean System of Central Banks (ESCB)Various legislation came into force, notably on the legal status of the euroMember States, European Investment Bank, CommissionNew government debt is issued in euro, and many financial markets switch to euro: foreign exchange, share and bond markets.

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