On 1 January 2002 the euro banknotes and coins will be put into circulation in Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.

They will replace national currencies of the above listed countries. According to the European Central Bank, in most of those countries the national currency will still be accepted as payment until 28 February, 2002 (in Austria, Belgium, Finland, Greece, Italy, Luxembourg, Portugal and Spain), in France the deadline is February 17, 2002, in Ireland – February 9, 2002, in the Netherlands – January 28, 2002, and Germany has the tightest deadline of all – midnight on December 31, 2001. Once the euro is the only official currency, people holding national currencies will have to go to banks to swap them for euros. From July 2002 onwards, banks can refuse to take the old currencies, but the central banks in the eurozone have pledged to accept their old national coinage indefinitely. In Russia, eurozone national currencies will be accepted by banks, but only to be sent to foreign correspondent banks to be exchanged for euros, and holders of foreign currency will pay the expenses. The Central Bank of Russia recommends that Russian citizens exchange their eurozone currency for other foreign currencies or rubles, or open euro bank accounts, until eurozone national currencies stop being legal tender. The Central Bank of Russia warns Russian citizens that a changeover to the euro from national currencies in the twelve eurozone countries poses a serious threat of widespread counterfeit fraud. The Central Bank warns not to buy euro cash until January 1, 2002.