May 1998

Participating countries to be agreed and announced

Exchange rates between participating currencies will be announced but not enforced until January 1999

January 1st, 1999

The euro is established as the currency of EMU but economic agents may choose to operate either in the euro or in national currency

Most consumers continue to deal in national currencies

January 1st, 2002

Euro notes and coins will start to circulate in all EMU countries

Irish pound notes and coins will be withdrawn

Euros will be paid out by banks, shops and ATMS