July 1st, 1998:
EU central bank comes into existence, although it will not take control of monetary policy until next January.
January 1st, 1999:
The 11 member-state currencies will be irrevocably locked together and the rate at which the euro will start trading on world markets will be set. National currencies become denominations of the new euro. Businesses will start using euro for some paper transactions.
1999 to 2002:
A changeover period during which more and more transactions will move into euros.
January 1st, 2002:
New euro notes and coins start to circulate for the first time and will exist side by side with national currencies for a period.
July 1st, 2002:
National currencies must have stopped circulating by this date. In practice, they are likely to be removed a couple of months earlier.