Having a common monetary unit is expected to make trade more efficient, make price comparisons easier, and stabilize interest rates overall. The euro is being phased in over a three-year period that began on January 1, 1999.
Travellers can charge their credit cards in either euros or the local currency.
Banks will need to be able to accept euros and convert them into their local money. Coin and note euros will not be available until 2002. Countries That Are Using the Euro Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain are European Union member nations that have accepted the euro as their official currency. For the next three years, each country will use both the euro and the existing local currency. Countries That Are Not Using the Euro Britain, Denmark, Greece, and Sweden are not using the euro.