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Which countries first adopted the euro in 1999?
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On January 1, 1999, 11 countries formally adopted the euro as their currency for use in financial markets and by certain businesses. These founding members of the economic and monetary union were:
- Austria12
- Belgium12
- Finland12
- France12
- Germany12
- Ireland12
- Italy12
- Luxembourg12
- The Netherlands12
- Portugal12
- Spain12
While these nations relinquished control over their exchange rates at that time, the euro did not begin circulating as physical notes and coins for the general public until January 1, 2002. Other member states, such as the United Kingdom, Denmark, and Sweden, chose not to participate in the initial launch, and Greece joined the euro area in 2001 after meeting the necessary economic requirements.3124