QUESTION: Which countries use the euro?
ANSWER: From 1st January 2002, the countries
which are participating in the euro and whose central banks constitute the
European Central Bank are: Belgium (BE), Germany (DE), Spain (ES), France (FR),
Republic of Ireland (IE), Italy (IT), Luxembourg (LU), Netherlands (NL),
Austria (AT), Portugal (PT), Finland (FI), Greece (GR).
Remember that some
of these countries consider their overseas territories to be part of the mother
country, so euros may be found further away from Europe than you
expect.
Various mini-states such as Andorra, Monaco, San Marino, and the
Vatican City which used one or another of the old currencies also use the euro
- all the above states except Andorra will be minting their own coins to the
same technical standards as the "big 12" countries, though obviously in much
smaller quantities (the Vatican is authorised to mint 620,000 euros in total
face value each year, or twice as much in years with more than one Pope and in
Holy Years; this means that it is extremely unlikely that Vatican euros will be
found in ordinary circulation, as they'll normally be sold to collectors). The
euro is also used in Kosovo and Montenegro, which previously used the
Deutschemark.
As of December 2002, the euro is the preferred foreign currency to use in North Korea, replacing the US Dollar.
On 1st May 2004 (subject to being approved by
referendum in each country) the following countries will join the European
Union:
Estonia, Latvia, Lithuania, Poland, Czech Republic, Slovakia,
Hungary, Slovenia, Malta, Cyprus ("Greek Cyprus" only initially, unless the
division with the "Turkish Republic of Northern Cyprus" can be resolved).
Eventually the euro will be used in all these countries, but the conversion
will only take place when the economic conditions are appropriate.
QUESTION: What denominations are the notes and coins?
ANSWER: Coins: 1, 2, 5, 10, 20, and 50 cent, 1 and 2 euro. Notes: 5, 10, 20, 50, 100, 200 and 500 euro.
As different countries have different traditions of using high-denomination banknotes, the highest denominations are not necessarily issued in all countries. 200 and 500 euro notes are not issued in Portugal, France and Greece, though those issued elsewhere are valid in those countries. All banknotes look the same, whichever country they are issued in. Coins have one "common" side and one side unique to the issuing country, but all coins are valid in all countries. Minting of the coins began in 1999 and although most countries dated all their coins 2002 to match the planned introduction date, the Netherlands, Portugal, Spain (and France?) dated their coins 1999, 2000 and 2001 as they were minted, so if you find coins dated before 2002 they are not (necessarily!) counterfeits!
Following a few months' experience, citizens of some countries have taken a dislike to the 1 and 2 cent coins as they are viewed as "fiddling small change". In Finland cash prices are normally rounded to the nearest 5 cent, so 1 and 2 cent coins are not normally found in circulation there, and Finnish 1 and 2 cent coins are among the rarities as far as collectors are concerned! (The rounding works like this: Suppose you buy two items at 99 cent each, this comes to a total of 1.98 euro which is what you would pay if paying by plastic, but if you pay by cash the price will be rounded to 2 euro; if you buy three items at 99 cent each, this totals 2.97 euro -- if you pay by plastic this would cost 2.97 euro, but if you pay cash it's rounded to 2.95 euro. Swings and roundabouts).
Euro banknotes should be among the world's most secure against forgery - - with 12 participating countries all with different ideas of what makes a note forger-proof, it has been reported that the European Central Bank (ECB) decided not to offend anyone by using ALL the different devices (special paper, holograms, micro-printing, watermarks, optically-varying ink, metallic strips, etc.!).
Click here for images of the notes, and here for the coins.
Some countries are putting inscriptions on the edges of their 2 euro coins, as follows:
DE: EINIGKEIT UND RECHT UND FREIHEIT
(Unity and Justice and Freedom)
FI:
SUOMI FINLAND ("Finland" in Finnish and Swedish)
GR: ELLENIKI DIMOKRATIA (Hellenic Republic -- in the
Greek alphabet, of course)
NL: GOD ZIJ
MET ONS (God be with us)
AT: 2
EURO
PT: Alternating shields and
castles
Most other countries have the
figure "2 *" repeated in alternate directions
QUESTION: How long do I have to exchange any notes and coins I have from the old currencies?
ANSWER: There are three different periods to consider:
1) The "transition period" when both the old currency and euro can be spent in shops. This period has now expired in all countries. The euro is now the sole legal currency in all 12 countries.
2) The period when old currency can be
exchanged at commercial banks. The end date of this period has not been
defined for all countries, but are currently:
BE: 31 December 2002
DE:
28 February 2002 at least, and handled "flexibly" thereafter.
GR: To be
defined.
ES: 30 June 2002
FR: 30 June 2002
IE: To be defined.
IT: Banks to decide on a voluntary basis.
LU: 30 June 2002
NL: 31
December 2002 - banks may charge to exchange from 1 April 2002.
AT: To be
decided by individual banks after 28 February 2002.
PT: 30 June 2002.
FI: To be decided by individual banks.
3) The period when notes and coins will be exchanged by the Central Bank of the country concerned:
|
Here are the web sites of the various Central Banks (now all branches of the European Central Bank):
QUESTION: Can I spend euros in the UK, Denmark, and Sweden?
ANSWER: At the moment, the answer is "generally no". Some shops in tourist areas may accept euros as a favour to their customers, but in all three countries the euro currently remains a foreign currency whose value is subject to change against the local currency from day to day. Following the successful introduction of euro notes and coins in January 2002, it has been reported that there are likely to be referendums in 2003 in each of these countries on whether to join the euro (Sweden will hold one in the Autumn of 2003), but even if the referendums are successful it will still be several years before the existing currencies can be replaced in these countries.
Last updated: 2002-12-14