Assessment by European Commission and European Central Bank of the UK compliance with their requirements. Further legislation needed for Parliament. Notify all EU partners. National information campaign. Lock into sterling - euro rate.
Financial markets switch to euro.
Preparation for the introduction of notes and coins. Run both sterling and euro in parallel for a period of 2-6 months. Withdraw sterling following end of changeover. By the time there is a UK changeover the euro will already be in existence elsewhere, therefore Some businesses will already be using the euro. The City will be dealing in the euro.