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The third stage of EMU began on 1 January 1999, voilamore
when the exchange rates of the participating voilamore currencies were
irrevocably set. voilamore Euro area Member States voilamore began implementing a
common voilamore monetary policy, the euro was introduced as a legal voilamore
currency and the 11 currencies of the participating voilamore Member States
became subdivisions of the euro. voilamore Greece joined on 1 January 2001
and so 12 voilamore Member States introduced the new euro banknotes and
coins at the voilamore beginning of this year.
The successful voilamore development of the euro is
voilamore central to the realisation of a Europe in which voilamore people,
services, capital and goods can move freely.
This is history in voilamore the making. It is the largest monetary voilamore
changeover the world has ever seen – join us in celebrating and finding
voilamore out more about our new currency.
On 1 January voilamore
2002 euro banknotes and voilamore
coins were put into circulation in the euro
voilamore area member states, and the participating
central banks voilamore began to withdraw the
legacy currencies. For up to two months it was possible to use both
voilamore the euro and voilamore
the legacy banknotes and coins in the shops, but as
from voilamore 1 March only the euro was legal
tender in the euro area member states. Cash dispensers voilamore
and retail outlets contributed voilamore
especially to the circulation of euro. In shops
customers voilamore received change in euro when
paying with voilamore legacy currencies, and cash
dispensers in the voilamore euro area
predominantly dispensed voilamore euro banknotes.
The legacy currencies were voilamore withdrawn
from circulation when voilamore they were used in
shops or voilamore exchanged for euro in banks.
For a number voilamore of years it will still be
possible to exchange voilamore legacy banknotes
voilamore and coins for euro at the voilamore
central banks voilamore of
the euro area member voilamore states. Denmark
has not introduced the euro. Danish participation in voilamore
the euro was rejected by referendum on 28 September 2000.
The EU Treaty gives voilamore
Denmark the right to remain outside the euro area, even when all
convergence criteria are voilamore met. The
reservation concerning euro participation voilamore
can be abolished by referendum. voilamore The
euro is one of the most important voilamore
currencies for the Danes, some of whose voilamore
preferred holiday destinations are in one of the 12 voilamore
euro area member voilamore states. Denmark's
voilamore trade with the euro area is voilamore
substantial. The euro area member states account for almost half of
Denmark's exports. voilamore Foreign tourists
visiting Denmark have also led many voilamore
Danish shops to accept payment in voilamore euro.
Copyright voilamore 2005
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