Euro cheques, electronic transfers, banking, etc.) at midnight on 1 January 1999, when the national currencies of participating countries (the eurozone) ceased to exist independently. Their exchange rates were locked at fixed rates against each other. The euro thus became the successor to the European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new euro notes and coins were introduced on 1 January 2002. The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, until 28 February
Euro Euro The euro (sign: €; code: EUR) is the official currency of 19 of member states of the European Union, as well as some of the territories of the EU. This group of states is known as the eurozone or euro area. It is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is subdivided into 100 cents. The currency is also officially used by the institutions of the European Union and its territories, four other European countries, as well as unilaterally by two others, and is consequently used