National currencies continue to exist as expressions of the euro. Monetary, capital, foreign exchange and interbank markets converted to euros. Payment instruments such as cheques, traveller's cheques and payment cards work in euros but those denominated in national currency unit continue to circulate. A number of large companies start operating in euros and encourage suppliers to transact in euros. Banks communicate increasingly on the euro.
Most consumers continue to deal in national currencies, but progressively start using the euro.
Phase C 1 January 2002 to 1 July 2002 at the latest Achievement of EMU Introduction of euro notes and coins on 1 January 2002. All economic agents complete the changeover by 1 January 2002. All assets and transactions are converted into euros. Withdrawal of national currencies completed by 1 July 2002 at the latest, but this could be shortened to a period of 4 to 6 weeks. On 1 January 1999, the exchange rates of participating currencies with the euro were irrevocably fixed.