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Information on the New "Euro" Currency 
The European Economic and Monetary Union (EMU) Euro Currency Unit 

EuroOn January 1, 1999, eleven of the countries in the European Economic and Monetary Union (EMU) gave up their own currencies and adopted the new Euro (EUR) currency: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain.

Since Euro bank notes and coins will not likely be printed and circulated until 2002 -- except for small commemorative issues -- participating countries will retain their existing currency tokens until that time. However, the values of participating currency units have been irrevocably fixed against the new Euro currency by the EMU. The new, official fixed conversion rates for participating member states ("in countries") are listed below.
 
Official Fixed Euro Rates for Participating Countries
These are the exact official rates used in conversion. 
Old "Legacy" Currency Conversion to Euro Conversion from Euro
ATS Austria, Schilling ATS / 13.7603 = EUR EUR × 13.7603 = ATS
BEF Belgium, Franc BEF / 40.3399 = EUR EUR × 40.3399 = BEF
FIM Finland, Markka FIM / 5.94573 = EUR EUR × 5.94573 = FIM
DEM Germany, Deutsche Mark DEM / 1.95583 = EUR EUR × 1.95583 = DEM
FRF France, Franc FRF / 6.55957 = EUR EUR × 6.55957 = FRF
IEP Ireland, Punt IEP / 0.787564 = EUR EUR × 0.787564 = IEP
ITL Italy, Lira ITL / 1936.27 = EUR EUR × 1936.27 = ITL
LUF Luxembourg, Franc LUF / 40.3399 = EUR EUR × 40.3399 = LUF
NLG The Netherlands, Dutch Guilder NLG / 2.20371 = EUR EUR × 2.20371 = NLG
PTE Portugal, Escudo PTE / 200.482 = EUR EUR × 200.482 = PTE
ESP Spain, Peseta ESP / 166.386 = EUR EUR × 166.386 = ESP

The Euro is not just the same thing as the former European Currency Unit, which used to be listed on currency as "XEU". The ECU was a theoretical "basket" of currencies rather than a currency in and of itself, and no "ECU" bank notes or coins ever existed. Please remember that the ECU no longer exists. It has been replaced by the Euro, which is a bona fide currency.

Even though the Euro has effectively superseded its 11 member currencies, it will continue to be listed on many currency services until the complete inception of the Euro in 2002. However, their values will be fixed against the Euro and you will always be able to calculate their values against the Euro using the values in the above table.

For more information, we encourage you to visit the Websites listed below, particularly the official one. These sites include recent news on the Euro as well as issues regarding its implementation.


Answers to Common Questions 
Relevant Links 
 
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