Relevant secondary legislation to have been adopted by the Council having been proposed by the European Commission. January 1 Stage 3 of Emu begins. On January 1 Exchange rates to be 'irrevocably fixed' amongst those countries qualifying for Emu. The Euro comes into formal existence. 1 Euro to be valued at Ecu 1.
National currencies continues to have legal force.
New public debt to be issued in Euros. European Central Bank takes over operation of Emu area monetary policy. ESCB to use only the Euro in its money market and foreign exchange operations. Private sector free to use national currencies or Euros. March Latest date for Finnish general election.