Key Dates On The Road To Euro

March 1979
European Monetary System (EMS) launched to protect European Union (EU) currencies from wild fluctuations.

December 1991
New EU treaty lays groundwork for single currency.

August 1993
Speculation against French franc breaks EMS apart; restrictions on currency fluctuations relaxed.

December 1995
EU leaders agree to launch euro in 1999 for countries with low deficits, debt, inflation and interest rates.

December 1996
EU leaders unveil euro note designs, featuring bridges, windows and doorways in various European styles.

June 1997
EU leaders unveil coin designs for euros and euro-cents.

March 1998
European Commission recommends 11 nations adopt euro: Germany, France, Italy, Belgium, Netherlands, Luxembourg, Ireland, Portugal, Spain, Austria and Finland. Britain, Denmark, Sweden opt out. Greece fails to meet the euro's economic criteria.

May 2, 1998
EU leaders to endorse choice of euro nations, set exchange rates and name director of European Central Bank.

Jan. 1, 1999
Euro nations to lock exchange rates of national money. Governments, businesses will start keeping accounts in euros; EU central bank will start running EU monetary policy.

Jan. 1, 2002
Euro to go into common circulation alongside national currencies. After six months, national currencies are to disappear.