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FAQ - Introduction of the euro in the EU member states already using the euro
Where can the euro be used?Euro banknotes and euro coins have been legal tender in all 13 euro area countries (Austria, Belgium, Finland, France, Greece, Ireland, Italy, Luxembourg, Germany, the Netherlands, Portugal, Slovenia Spain). The euro is also used as legal tender in: French Overseas Departments (Guadeloupe, Martinique, French Guiana and Réunion), the Azores, Madeira, the Canary Islands, Saint- Pierre-et-Miquelon, Mayotte, San Marino, the Vatican, Monaco and Andora. The euro is also used as means of payment in Montenegro and Kosovo. Source: Bank of Slovenia Can old German marks and other old currencies still be exchanged for the euro?The process of exchange of old euro area currencies (German marks, Italian lira, French franks, etc.) is, as the object of exchange is not Slovenian national currency, a market service of Slovenian commercial banks. We advise you to contact commercial banks that will provide information about whether the exchange is still possible in Slovenia and what commission is charged for the exchange. In most euro area countries, national central banks will exchange old banknotes and coins. This is also true of German marks, which the German central bank will exchange for an unlimited period without charging a commission. More information available at the Deutsche Bundesbank's website. Euro area national central banks are still exchanging their banknotes without commission, and will continue to do so at least through 2012, some of them even for an unlimited period. Source: Bank of Slovenia When are the new EU member states expected to adopt the euro?There is no pre-set timetable for the adoption of the euro by the new EU member states. In order to adopt the euro, new member states have to achieve a high degree of economic convergence (i.e., bridging the gap in economic differences between old and new EU member states), which is assessed on the basis of the fulfilment of the convergence (or Maastricht) criteria. The degree of convergence is assessed by the EU Council on the basis of reports submitted by the European Commission and the European Central Bank (ECB). These reports are prepared at least once every two years, or upon the request of an EU member state wishing to adopt the euro. Source: Bank of Slovenia What are the convergence criteria?In order to adopt the euro, new EU member states have to achieve a high degree of economic convergence. Economic convergence is assessed on the basis of fulfilment of the "Maastricht convergence criteria" set out in Article 121 of the Treaty establishing the European Community and further detailed in a Protocol attached to the Treaty. The Maastricht convergence criteria are:
Source: Bank of Slovenia How many different denominations of the euro banknotes and the euro coins?Thirteen EU members states (Austria, Belgium, Finland, France, Greece, Ireland, Italy, Luxembourg, Germany, the Netherlands, Portugal, Slovenia and Spain) constitute the "euro area". Since 1 January 2002, seven different denominations of euro banknotes and eight different denominations of euro coins have thus been in circulation in these countries. Euro banknotes are the same in all euro area countries. Euro coins have a common side and a national side. Each member state of the euro area issues euro coins featuring the national side. All eight denominations from all countries are accepted in the 13 euro area countries. Source: Bank of Slovenia What is the role of the ECB when the central rates of the new member state currencies vis-à-vis the euro in ERM II are fixed?In accordance with the Resolution of the Amsterdam European Council of 16 June 1997, decisions on central rates in ERM II are taken by mutual agreement of the Finance Ministers of the euro area countries, the ECB and the Finance Ministers and central bank Governors of the non-euro area countries participating in ERM II. Prior to the mutual agreement a common procedure involving the consultation of the European Commission and the Economic and Financial Committee (EFC) is needed. The Finance Ministers and Governors of the central banks of the member states not participating in ERM II take part but do not have the right to vote in the procedure. All parties to the mutual agreement, including the ECB, have the right to initiate a confidential procedure aimed at reconsidering central rates. Source: Bank of Slovenia Do the new member states have to introduce the euro when entering into the EU?The 'new' member states are obligated to adopt the euro as soon as possible, depending on their capabilities. They do not however have the possibility to decide not to adopt the euro if they fulfil the Maastricht convergence criteria. Until what date can one change the obsolete national currencies into euros in respective national central banks?Last dates for the exchange of 'old' currencies at national central banks
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