May 1998: EU leaders will decide which member states qualify for monetary union and the rates at which the currencies will lock together.
Summer 1998: The European central bank, which will manage the new currency, will be created.
January 1st, 1999: The exchange rates of member states participating in EMU will be irrevocably fixed against the euro. The euro will come into being as a currency.
January 1st, 2002: Euro notes and coins will be introduced into circulation.
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July 1st, 2002: National notes and coins will finally disappear.
The likely runners
In: Germany; France; Belgium; Luxembourg; Nether- lands; Ireland; Spain; Portugal; Italy; Finland; Austria.
Out: UK; Denmark; Sweden; Greece.
