From Africa Recovery, Vol.12#4 (April 1999), page 25 (box within article on the euro)

What is the euro?

The euro -- the single European currency -- will replace the national currencies of 11 member countries* of the European Union (euroland) during a three-and-a-half year period that began on 1 January 1999. On this date, the exchange rates of the euroland countries were "irrevocably fixed" to the euro. The 11 national currencies and the euro will coexist until mid-2002, the date by which the national currencies must be completely withdrawn from circulation.

While marking a milestone in the European Union's economic integration process, the launch of the euro has significance beyond Europe. Some economists and financial experts believe the euro could become a major international currency to rival the US dollar.

The euro does not yet circulate in the form of notes and coins, but many banks, businesses and other institutions -- within and outside euroland -- already have begun denominating transactions in euro.

* Austrian schilling, Belgian franc, Finnish markka, French franc, German deutschemark, Irish pound, Italian lira, Luxembourg franc, Dutch guilder, Portuguese escudo, Spanish peseta.

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