Euro was introduced as the official currency of 11 Member States of the European Union on 1 January 1999. There were also introduced some regulations connected with a conversion rate into the national currencies. Form that day, the value of euro against the other currencies, will be exchanged as the market conditions will change.
First Euro notes and coins appeared on 1 January 2002. Since 1 January 1999 the new currency was used by customers, retailers, companies and other institutions as "written money", which means that it the cheques, bank transfers and credit cards were accounted in the new currency. It was a kind of virtual currency.
The European Commission played a main role in the formulation of policy about the creation and introduction of euro, which was a longstanding process and the major goal of the whole European Union. The Commission conducted the introduction of euro and took care of the whole process. The changeover should have been executed as smoothly as possible.
By introduction of the common currency the new structure was set up. These members of the European Union where euro is established as a national currency create the currency union.
