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Timetable
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Under the Maastrict Treaty, all countries with the exception of
the UK and Denmark, became committed to EMU, subject to their achieving certain economic
conditions - the convergence criteria. The members also agreed to an outline timetable,
confirmed in the subsequent ministers meetings in Madrid and Dublin, which was divided
into three phases.
Phase A started in January 1998 with the final confirmation that EMU
would proceed and the identification of the member states that would participate in the
initial conversion process.
Phase B started on 1st January 1999 and lasted for a maximum of three
years. During this period the exchange rates of participating countries were locked to the
Euro which became the legal currency in those countries from that date. All inter-bank
business between banks in the participating countries started to convert to Euros from 1st
January 1999.
Phase C started on 1st January 2002. On this date all coins and notes
in circulation started to be replaced with new Euro notes and coinage and the retail
sector will convert within 6 months. |
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