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The euro has been the single currency of the European Union since the 1st of January,1999. It was adopted by 11 European States and other Countries have followed since.The foreign currency exchange rates were fixed for the Euro, along with the last day for the individual currencies of each of the Member States and they were:
| Fixed currency conversion rate | Last day | |||
| 1 EUR | = | 40.3399 BEF | Feb. 28, 2002 | |
| = | 1.95583 DEM | Dec 31, 2001 | ||
| = | 166.386 ESP | Feb. 28, 2002 | ||
| = | 6.55957 FRF | Feb. 17, 2002 | ||
| = | 0.787564 IEP | Feb. 09, 2002 | ||
| = | 1936.27 ITL | Feb. 28, 2002 | ||
| = | 40.3399 LUF | Feb. 28, 2002 | ||
| = | 2.20371 NLG | Jan. 28, 2002 | ||
| = | 13.7603 ATS | Feb. 28, 2002 | ||
| = | 200.482 PTE | Feb. 28, 2002 | ||
| = | 5.94573 FIM | Feb. 28, 2002 | ||
| As of January 1, 2001: | ||||
| = | 340.750 GRD | Feb. 28, 2002 | ||
| As of January 1, 2007: | ||||
| = | 239.640 SIT | Jan. 14, 2007 | ||
| As of January 1, 2008: | ||||
| = | 0.585274 CYP | Jan. 31, 2008 | ||
| = | 0.429300 MTL | Jan. 31, 2008 | ||
Euro Banknotes and Coins Calendar:
· Mid December, 2001: introduction of notes and coins.
· January 1, 2002: new currency becomes legal tender. Old currency can no longer be used for non-cash transactions, such as bank transfers and checks. The individual currencies will remain as legal tender until the dates listed below:
| Country | Currency Name | Convert by |
| Germany | German mark | Dec. 31, 2001 |
| The Netherlands | Dutch guilder | Jan. 28, 2002 |
| Ireland | Irish punt | Feb. 9, 2002 |
| France | French franc | Feb. 17, 2002 |
| Austria | Austrian schilling | Feb. 28, 2002 |
| Belgium | Belgian Franc | Feb. 28, 2002 |
| Finland | Finnish markka | Feb. 28, 2002 |
| Greece | Greek drachma | Feb. 28, 2002 |
| Italy | Italian Lira | Feb. 28, 2002 |
| Luxembourg | Luxembourg franc | Feb. 28, 2002 |
| Portugal | Portuguese escudo | Feb. 28, 2002 |
| Spain | Spanish peseta | Feb. 28, 2002 |
| Slovenia | Slovenian tolar | Jan. 14, 2007 |
| Cyprus | Cypriot Pound | Jan. 31, 2008 |
| Malta | Maltese Lira | Jan. 31, 2008 |
June 30, 2002 was the last day for changing old currency to Euro at any bank for the original twelve member states. Thereafter: old currency can be exchanged at national central banks and some specially designated banks.
Euro Denominations:
Notes: 500, 200, 100, 50, 20, 10, 5
Coins: 2, 1, 50, 20, 10, 5, 2, 1
