It is the ECB that is responsible for managing the development and introduction of the euro.
Very important date is 1 January 1999, when the exchange rates of the participating currencies were irrevocably set. Euro area Member States began implementing a common monetary policy, the euro was introduced as a legal currency and the 11 currencies of the participating Member States became subdivisions of the euro. Greece has since joined (1 January 2001) and so there will be 12 Member States introducing the new euro banknotes and coins.
On 1 January 2002, it will become a physical reality across Europe when the new euro banknotes and coins are introduced. They are printed now yet, but before few weeks there were stolen some EURO notes before their official opening. From 1.1.2002 to 30.6.2002 you’ll be able to use EURO and also national currencies. But after this date national currencies won’t be valid. But also after this date there’ll be possibility to change them without any payments. It’ll be able to do it in national bank of that country. Which countries are participating EURO?

12 members of the European Union: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, The Netherlands, Austria, Portugal, Finland. Other 3 members of European Union, Denmark, Sweden and the United Kingdom are not currently participating in EURO. They’re still using their own currencies.

What about EURO notes?

7 EURO notes exists. Their sizes and colours differ. Their values are 500, 200, 100, 50, 20, 10, 5 Euros. On the top side there are windows and gates, which are symbols of openness of Europe. There are also coins. Their values are : 2, 1 Euros and 50, 20, 10, 5, 2, 1 cents. Every country will decorate the coins and notes witch their own way. And they will be valid in whole European union. So if you’ll have 1-EURO coin, which was made in Germany witch German decorations on it, you will be able to pay with it also in other countries, for example in Portugal. Who’s responsible for EURO?

It is the ECB that is responsible for managing the development and introduction of the euro.

What’s Eurosystem?

Together the ECB and the euro area national central banks are known as the Eurosystem.