Completing the Euro Changeover

The Bank of England is publishing today a new edition in its series of guides to the euro, Practical Issues, which has examined all aspects of the introduction of the new currency and is widely read.
Published on 07 December 2001

This edition focuses mainly on the completion of the changeover to the euro from the 12 previous national currencies of the euro area, which will shortly be accomplished. In just 15 working days' time, after 31 December, it will no longer be possible to make payments through the banking system in Deutsche Marks, French francs and so on; and all bank accounts and financial contracts will have been converted to euro, along with all other forms of economic activity involving currency. Within (at most) two months from that date, it will similarly be possible only to make cash transactions using euro notes and coin. The euro will then be a complete currency, rather than the 'virtual' currency it has been until now.

PDFPress release

Other news