The exchange rates between the 11 European currencies taking part are now only sub-divisions of the Euro. The rates at which these currencies converted in Euros was fixed on the afternoon of December 31, 1998. On the financial markets, the Euro became a reality immediately. Shares in much of Europe are now quoted in Euros.
Euro payments using credit and debit cards are also possible.
The designs for the front side of the coins and bank notes will be the same across Europe. The other side will have a national design depending on which country has printed them. There are 100 cents to a Euro. Portugal, Spain, France, Ireland, Belgium, Luxemburg, the Netherlands, Germany, Austria, Italy and Finland signed up for the first wave of European Monetary Union. The notes will be shredded and the coins melted down.