What Will Happen and When

Timing	Actions		Responsibility
By 30 June 1997		legislation establishes the euro as a currency		Commission proposal for adoption by the Council
		stability and growth pact		Commission proposal for adoption by the Council
		Exchange Rate Mechanism Mk II.		European Monetary Institute (EMI) proposal for adoption by European Council
		blueprint on future monetary policy instruments		EMI
		design of euro coins		Commission proposal for adoption by European Council
Spring 1998		Decision on participating Member States		European Council [1]
		decision adopted on the existence, or not, of an excessive public deficit in each of the Member States (Art. 104.C.12) and a recommendation adopted identifying those that have fulfilled the conditions for adopting the euro.		Economic and Finance Ministers Council (ECOFIN)
		Extraordinary session of the European Parliament on the ECOFIN recommendation.		European Parliament
		Decision on which Member States will participate in the euro from the start. Adoption of all the remaining practical steps for introducing the euro.		Heads of State and Government
		bilateral rates between participating currencies announced; President and Executive Board of the European Central Bank (ECB) recommended. Nominated in late May by Heads of State and Government after consultations with Parliament and EMI.
		legal texts adopted; establishing the euro as the single currency for participating Member States (Regulation 109.L.4); for the coins' technical specifications and for ECB legislation foreseen in Art.106.6.		Economic and Finance Ministers Council (ECOFIN)
During 1998		European Central Bank created and its executive board appointed		Council (Member States participating in EMU only)
		start production of euro banknotes and coins		Council and Member States
		adoption of necessary secondary legislation		Commission proposes, Council decides
January 1, 1999		conversion rates are irrevocably fixed and various legislations come into force, notably on the legal status of the euro
		definition and execution of the single monetary policy in euro		European System of Central Banks (ESCB)
		foreign exchange operations start in euro		European System of Central Banks (ESCB)
		new public debt issued in euro		Member States, European Investment Bank, Commission
January 1, 1999 to January 1, 2002		changeover to the euro by the banking and finance industry
		assist the whole economy in an orderly changeover		Commission and Member States
January 1, 2002		start circulation of euro banknotes		European System of Central Banks (ESCB)
		start circulation of euro coins		Member States
		complete changeover to the euro in public administration		Member States
July 1, 2002		cancel the legal tender status of national banknotes and coins		Member States, European System of Central Banks (ESCB)
[1] on a recommendation from the Council of Ministers on the basis of reports and recommendations from the Commissionand the EMI

 

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