.
15 and 16 December 1995
At the Madrid European Council:
the name 'Euro' is adopted for the single currency,
a technical scenario for the introduction of the Euro and a timetable for change-over to the single currency in 1999 is finalised.
13 and 14 December 1996
At the Dublin European Council the
Pact on Stability and Growth is agreed. It sets the framework within which monetary policy will be coordinated after the start of the single currency.
Early 1997
The EMI specifies the regulatory, organisational and logistical framework for the
European Central Bank (ECB) and the
European System of Central Banks (ESCB) on 10 January.
The Commission, Council and EMI to prepare the legislation on the ECB and ESCB and on the introduction of the single currency,
As early as possible in 1998
Commission and EMI report to ECOFIN on convergence. ECOFIN assesses which Member States qualify for monetary union.
The Council of heads of state/government confirms which Member States qualify.
As soon as possible after that decision
Member States to appoint Executive Board of the ECB.
ECB and Council to set the date for introduction of Euro notes and coins.
ESCB to start issuing banknotes in Euros.
Council and Member States to start minting Euro coins.
Before 1 January 1999
Final preparation of the ECB and ESCB:
Council to adopt legislation on the key for capital subscription, collection of statistical information, minimum reserves, consultation of the ECB, and fines and penalties which can be imposed on undertakings.
ECB and ESCB to get ready for becoming operational: setting up the ECB, adopting the regulatory framework, testing the monetary policy framework, etc.
1 January 1999
Stage three of EMU begins.
Council to fix irrevocably the conversion rates of the currencies of participating countries both among themselves and against the Euro.
The Euro is to become a currency in its own right and the official ecu basket will cease to exist.
Council regulation establishing the legal framework for introduction of the Euro is to enter into force.
From 1 January 1999
ESCB to frame and implement single monetary policy in Euros and conduct foreign exchange operations in Euros. Member States to issue new public debt securities in Euros. 'No compulsion, no prohibition' on private sector use of the Euro. National currency banknotes may be exchanged at central banks at par.
From 1 January 1999 to 1 July 2002 at the latest
ESCB to exchange at par value currencies with irrevocably fixed conversion rates. ESCB and public authorities in Member States to monitor changeover developments in the banking and finance sectors and assist the whole of the economy to prepare for the changeover.
1 July 2002 at the latest
ESCB gradually to put Euro notes into circulation and withdraw national banknotes. Member States gradually to put Euro coins into circulation and withdraw national coins.
1 July 2002 at the latest
The changeover to the Euro is complete in all the participating member states.
