On 1 May 1998, with a view to the transition to the third stage of Economic and Monetary Union (EMU) on 1 January 1999 and the introduction of the single currency, the Council of Economic and Finance Ministers places particular emphasis on the importance of pursuing the process of economic and monetary convergence of the Member States of the European Union.

‘Welcome!’ (Euro Club: Ties must be worn.) On 26 March 1998, the German cartoonist, Horst Haitzinger, takes an ironic look at the delays accumulated by some Member States of the European Union in their preparations for the second stage of Economic and Monetary Union (EMU).

On 22 January 1996, Jacques Santer, President of the European Commission, delivers an address, at the Round Table in Brussels on the launch of the single currency, in which he expresses his confidence in the capabilities of the public and private economic and social operators to make the introduction and entry into circulation of the euro a success.

On 3 May 1998, following the extraordinary Brussels European Council, the Heads of State or Government of the Fifteen draw up a list of the 11 countries (Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland) which meet the conditions required for transition to the third stage of Economic and Monetary Union (EMU) and for the adoption of the single currency on 1 January 1999.

On 31 December 1998, the day on which the irrevocable conversion rates for the euro are adopted in preparation for the transition to the third stage of Economic and Monetary Union (EMU), people stopped in the streets of Brussels give their views on the advantages and disadvantages of the single European currency.

On 31 December 1998, the day on which the irrevocable conversion rates for the euro are adopted and on the eve of the transition to the third stage of Economic and Monetary Union (EMU), Jacques Santer, President of the European Commission, emphasises the political and historic implications of the event in the process of European integration.

On 31 December 1998, the day on which the irrevocable conversion rates for the euro are adopted and on the eve of the transition to the third stage of Economic and Monetary Union (EMU), José Maria Gil Robles, President of the European Parliament, emphasises the advantages of the introduction of the single currency.

On 31 December 1998, the Council, acting on the unanimous vote of those European Union Member States not covered by a derogation, on a proposal from the European Commission and after consulting the European Central Bank (ECB), establishes the irrevocable conversion rates for the euro which will be applicable from 1 January 1999, the date of transition to the third stage of Economic and Monetary Union (EMU).

On 31 December 1998, the Council, acting with the unanimity of the Member States without a derogation, on a proposal from the Commission and after consulting the European Central Bank, adopts the irrevocable conversion rates for the euro, applicable from 1 January 1999.

‘Euro timetable: On time or not?’ In 1998, the German cartoonist, Luis Murschetz, speculates as to whether the timetable established for the entry into circulation of the single currency, the euro, on 1 January 2002 — in connection with the third stage of Economic and Monetary Union (EMU) — is being respected.

Table showing the conversion rates between the euro and the currencies of the 12 European Union Member States adopting the euro.

On 4 January 1999, in its coverage of the transition, on 1 January, to the third stage of Economic and Monetary Union (EMU), the Munich daily newspaper Süddeutsche Zeitung comments on the launch of the euro, which becomes the single currency in 11 countries of the European Union.

On 31 December 1998, at the seat of the Office for Official Publications of the European Communities in Luxembourg, Jacques Santer, President of the European Commission, is invited by Lucien Emringer, Director-General of the Office, to unveil, in the 11 official languages of the European Union, the Official Journal L 359 which includes the Council ruling establishing the conversion rates between the euro and the national currencies of the Member States of the EU which are adopting it. In his address, Jacques Santer pays tribute to Pierre Werner, former Luxembourg Prime Minister and Finance Minister and the author, in 1970, of the report on the gradual achievement of Economic and Monetary Union (EMU).

On 1 January 1999, at the transition to the third stage of Economic and Monetary Union (EMU), the euro is introduced as an optional unit of account or as bank money in 11 of the 15 European Union Member States.

On 30 August 2001, in Frankfurt, Wim Duisenberg, President of the European Central Bank (ECB), holds a press conference during which he unveils the seven future euro banknotes.