View source for Adoption of the euro in Greece

{{Short description|History of Greece's adoption of the currency of the European Union}}
{{Infobox event
| name             = Adoption of the Euro in Greece
| native_name      =
| native_name_lang =
| image            = euro coins and banknotes.jpg
| caption          = Euro banknotes and coins
| date             = 1 January 1999 (Introduction) <br> 28 February 2002 (Complete Transition)<ref>{{cite web |url=https://economy-finance.ec.europa.eu/euro/eu-countries-and-euro/greece-and-euro_en |title=Greece and the euro |access-date=2023-11-27}}</ref>
| time             =
| duration         =
| location         = [[Greece]]
| type             = Economic Transition
| theme            = Adoption of the euro as the [[national currency]]
| organisers       =
| participants     =
| outcome          = Replacement of the [[Modern drachma|Greek drachma]] with the [[Euro]]
}}
{{Euro accession map}}

Greece was one of the first countries to adopt the [[Euro]] after its introduction in 1999, phasing out its previous national currency, the [[Greek drachma]], entirely after 1 January 2002.

==Background==
The conceptualization of the euro began in the late 1970s, sparked by the desire for a [[Dedollarisation|European response]] to the dominance of the U.S. dollar.<ref>{{cite journal |url=https://files.stlouisfed.org/files/htdocs/publications/review/01/09/0109pp.pdf |title=The Creation of the Euro and the Role of the Dollar in International Markets |date=2001 |doi=10.20955/r.83.17-36 |access-date=2023-11-27 |last1=Pollard |first1=Patricia S. |journal=Review |volume=83 |issue=5 }}</ref><ref>{{cite web |url=https://www.bpb.de/shop/zeitschriften/apuz/32450/die-erblast-des-euro-eine-kurze-geschichte-der-europaeischen-waehrungsunion/ |title=Die Erblast des Euro – eine kurze Geschichte der Europäischen Währungsunion |date=19 October 2010 | language=de |access-date=2023-11-27}}</ref><ref>{{cite web |url=https://european-union.europa.eu/institutions-law-budget/euro/history-and-purpose_en |title=Euro – History and Purpose |access-date=2023-11-27}}</ref> German Chancellor [[Helmut Schmidt]] and French President [[Valéry Giscard d’Estaing]] played pivotal roles in this development. Initially, the euro served as an accounting unit for international transactions, known as the [[European Currency Unit|ECU]], before evolving into a common currency.<ref>{{cite web |url=https://fedtrust.co.uk/valery-giscard-destaing-a-european-dreamer |title=Valery Giscard d'Estaing – a European Dreamer |date=15 December 2020 |access-date=2023-11-27}}</ref><ref>{{cite web |url=https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Glossary:European_currency_unit_(ECU) |title=Glossary:European currency unit (ECU) |access-date=2023-11-27}}</ref>

The euro officially came into existence on 1 January 1999, as part of efforts to create an economic and monetary union within the European Union. Austria was one of the first countries to adopt the euro, with the Austrian Schiling ceasing to be [[legal tender]] after 31 December 2001.<ref>{{cite web |url=https://economy-finance.ec.europa.eu/euro/eu-countries-and-euro/austria-and-euro_en |title=Austria and the Euro |access-date=2023-11-27}}</ref><ref>{{cite web |url=https://www.ecb.europa.eu/euro/intro/html/index.en.html |title=Our Money |date=12 December 2022 |access-date=2023-11-27}}</ref>

==Transition process==
The transition to the euro in Greece involved a three-year period, starting from 1 January 1999, during which the euro existed as "book money". [[Euro banknotes]] and coins were introduced on 1 January 2002.<ref>{{cite web |url=https://economy-finance.ec.europa.eu/euro/eu-countries-and-euro/greece-and-euro_en |title=Greece and the euro |access-date=2023-11-27}}</ref> This was the earliest date for any member state when the national currency ceased to be legal tender.

Greek government and financial institutions undertook extensive efforts to ensure a seamless transition to the Euro.<ref>{{cite web |url=https://www.strategy-business.com/article/9932 |title=Are Financial Institutions Really Ready for the Euro? |language=en |access-date=2023-11-27 |publisher=strategy+business}}</ref> This included the modification of financial software, recalibration of ATMs, and widespread distribution of new euro banknotes and coins.

==See also==
* [[Greek euro coins]]
* [[Economic and monetary union]]
* [[History of the euro]]
* [[Greek drachma]]
* [[European Currency Unit]]
* [[History of Greece]]
* [[European Central Bank]]
* [[European Union]]
* [[European Economic Community]]

== References ==
{{reflist}}

{{Euro topics}}

[[Category:Euro by country]]
[[Category:Economic history of Greece]]
[[Category:Greece and the European Union]]