There is a busy schedule of meetings to complete the arrangements for the introduction of the euro. In particular, EU leaders, finance ministers and MEPs should not plan a weekend break at the beginning of May. To avoid currency turmoil, meetings have been planned so that decisions, on which countries will participate in the new single currency, and at which rates their currencies will join, will be taken when the financial markets are closed for the holiday weekend.
End of February, 1998: Publication of required financial statistics by the member states.
March 24th-26th: Presentation to MEPs by European Monetary Institute president Wim Duisenberg and Commissioner De Silguy of their convergence reports.
March 30th-April 3rd: Parliament considers report on the democratic accountability of the European Central Bank.
April 14th: Parliament's Economic and Monetary Committee discusses convergence with representatives of national parliaments before adopting report.
April 29th-30th: Parliament considers convergence report.
May 1st: Finance ministers prepare recommendation on which EU countries meet the convergence criteria for membership of the single currency.
May 2nd: Special parliamentary session votes on the ministers' recommendation.
May 2nd: EU Summit decides which member states will join the euro on January 1st, 1999.
May 3rd: Finance ministers adopt nominations for the president, vice president and members of the Central Bank's board. The bilateral exchange rates to determine the conversion rates of the euro, for those states participating from the start, to be announced.
May 11th-12th: Parliamentary hearing for appointments to the Central Bank.
May 11th-15th: MEPs vote on the Central Bank nominations.
January 1st, 1999: Beginning of stage three of EMU;
the conversion rates among the currencies of the participating member states and the euro are irrevocably fixed (though known since May 3rd)
the new legislation on the introduction of the euro enters into force
the use of the euro is introduced for noncash transactions. January 1st, 2002: Introduction of euro banknotes and coins;
the banknotes of the countries that have adopted the euro are exchanged at par value for euro banknotes. July 1st, 2002: Complete changeover to the euro;
national banknotes and coins cease to be legal tender
national banknotes and coins are withdrawn from circulation.