When financial institutions re-open on January 4th 1999, and for the following three years, all bank transfers and share dealings will be dealt with in Euros. The ECU will go out of use, and national currencies will be nothing more than the local expression of the Euro, and their exchange rates with it will not be allowed to fluctuate.

Monetary policy will be decided by the European Central Bank, based in Frankfurt, Germany.

At a day-to-day practical level, there will not be any noticeable change: Italians will still be able to do the shopping in Lire, but prices will also be given in Euros. In theory, one could use one's credit card, and pay in Euros, but this option has been left to each individual shop owner to decide.

Euro banknotes and coins will only begin circulating on 1st January 2002.

Six months later, 1st July 2002, the various national currencies will cease to be legal tender, and from 1st January to 1st July, will be required to show prices in the two currencies.