All debts and investments are denomina-ted in both euros and national currencies. The European Central Bank begins using euros for its monetary operations and public debt. National authorities in EU countries begin selling bonds and other deficit-financing notes in euros only. Some companies are expected to change their transactions to euros, although banknotes will not be issued yet. Euro banknotes and coins start circulation.
National governments complete the changeover to the euro.
The euro is the only currency in participating countries. EU citizens traveling from one EU country to another no longer need to present documentation at crossing stations. Most crossing posts no longer operate. Europeans of the 15 nations all carry the same burgundy-colored passport with the specific country name printed below the EU designation in the native language. If a Frenchman, for example, wants to work in Britain, he may move with no formalities.