The European Central Bank (ECB) has responsibility for the monetary policy in the euro zone of Austria, Belgium, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain, which are in the first of three stages of the Economic and Monetary Union (EMU). Exchange rates between their individual currency and the European currency called the euro will be fixed. Companies, individuals, and administrations were able to begin using the euro on a limited basis in Jan. 1, 1999. The euro will become an actual currency on Jan. 1, 2002, and by the following July will become the sole legal tender for participating countries.

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