January 1st, 1999, marked the start of the third and final stage of Economic and Monetary Union (EMU). The national currencies of 11 participating Member States (Austria, Belgium, Germany, France, Italy, Spain, Ireland, Luxembourg, the Netherlands, Portugal and Finland) were replaced by the euro at the irrevocably fixed conversion rates.
Greece became the 12th member of EMU on January 1st, 2001, followed by Slovenia (13th member) on January 1st, 2007, Cyprus and Malta (14th and 15th member, respectively) on January 1st, 2008, Slovakia (16th member) on January 1st, 2009, Estonia (17th member) on January 1st, 2011, Latvia (18th member) on January 1st, 2014, Lithuania (19th member) on January 1st, 2015 and Croatia (20th member) on January 1st, 2023.
The irrevocable euro conversion rates, as determined on the respective dates of accession of each country, are the following:
NATIONAL CURRENCY | UNIT OF NATIONAL CURRENCY FOR €1 |
ATS Austrian schilling | 13.7603 |
BEF Belgian franc | 40.3399 |
CYP Cyprus pound | 0.585274 |
DEM Deutsche Mark | 1.95583 |
ESP Spanish peseta | 166.386 |
ΕΕΚ Estonian kroon | 15.6466 |
FIM Finnish markka | 5.94573 |
FRF French franc | 6.55957 |
GRD Greek drachma | 340.750 |
HRK Croatian kuna | 7,53450 |
IEP Irish pound | 0.787564 |
ITL Italian lira | 1,936.27 |
LTL Lithuanian litas | 3.45280 |
LVL Latvian lats | 0.702804 |
LUF Luxembourg franc | 40.3399 |
MTL Maltese lira | 0.4293 |
NLG Dutch guilder | 2.20371 |
PTE Portuguese escudo | 200.482 |
SIT Slovenian tolar | 239.640 |
SKK Slovak koruna | 30.1260 |