The transition to monetary union is taking place in stages from 1.1.1999 onwards. On that date, the exchange rates of the participating countries' currencies relative to the euro were fixed and bourses changed over to the euro. Euro banknotes and coins will go into circulation on 1.1.2002 and in July of the same year the euro will completely replace the national currencies as a medium of payment. There were about 500 employees at the ECB headquarters in Frankfurt in autumn 1998 and more are constantly arriving from different member states, different cultures. Aligning different traditions and practices towards a shared goal requires everyone to be able to accept compromises.
Small ones are more realistic and prepared to adapt.
The principle in the preparatory work has been, on the one hand, harmonisation and, on the other, to ensure continuity. There has been a desire to preserve continuity for at least the transitional period. Of course, harmonisation is the ultimate goal and that will happen with the markets. The extent to which seamless money flows and the shared tone that must gradually emerge in the markets will be reflected in everyday life remains to be seen. The euro will be no minor currency.