Adoption of the Euro in Portugal: Difference between revisions
No edit summary |
No edit summary |
||
| Line 6: | Line 6: | ||
| image = Euro Series Banknotes (2019) - centered.png | | image = Euro Series Banknotes (2019) - centered.png | ||
| image_caption = Euro banknotes - all denominations | | image_caption = Euro banknotes - all denominations | ||
| date = 1 January | | date = 1 January 2002 (Introduction) <br> 28 February 2002 (Complete Transition)<ref>{{cite web |url=https://economy-finance.ec.europa.eu/euro/eu-countries-and-euro/portugal-and-euro_en |title=Portugal and the euro |access-date=2023-11-27}}</ref> | ||
| time = | | time = | ||
| duration = | | duration = | ||
| Line 20: | Line 20: | ||
Portugal was one of the first countries to adopt the [[Euro]] after its introduction in 1999, phasing out its previous national currency, the [[Portuguese escudo]], entirely after 1 January 2002. | Portugal was one of the first countries to adopt the [[Euro]] after its introduction in 1999, phasing out its previous national currency, the [[Portuguese escudo]], entirely after 1 January 2002. | ||
== | ==History== | ||
===Conceptualization of the euro on European level=== | |||
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 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. | |||
===Process of euro adoption in Portugal=== | |||
Portugal was one of the first countries to adopt the euro, with the Portuguese escudo 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> | |||
The transition to the euro in Portugal 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/austria-and-euro_en |title=Austria 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. | The transition process to the euro in Portugal 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/austria-and-euro_en |title=Austria 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. | ||
Portuguese 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. | Portuguese 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. | ||
Revision as of 21:24, 22 August 2026
Template:Short description Template:Infobox event Template:Euro accession map
Portugal was one of the first countries to adopt the Euro after its introduction in 1999, phasing out its previous national currency, the Portuguese escudo, entirely after 1 January 2002.
History
Conceptualization of the euro on European level
The conceptualization of the euro began in the late 1970s, sparked by the desire for a European response to the dominance of the U.S. dollar.[1][2][3] 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 ECU, before evolving into a common currency.[4][5] 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.
Process of euro adoption in Portugal
Portugal was one of the first countries to adopt the euro, with the Portuguese escudo ceasing to be legal tender after 31 December 2001.[6][7]
The transition process to the euro in Portugal 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.[8] This was the earliest date for any member state when the national currency ceased to be legal tender.
Portuguese government and financial institutions undertook extensive efforts to ensure a seamless transition to the Euro.[9] This included the modification of financial software, recalibration of ATMs, and widespread distribution of new euro banknotes and coins.
See also
- 1986 enlargement of the European Communities
- Portuguese euro coins
- Portuguese escudo
- Enlargement of the eurozone
- International status and usage of the euro
- Economic and monetary union
- History of the euro
- European Currency Unit
- European Central Bank
- European Union
- European Economic Community
- History of Portugal
References
- ↑ Pollard, Patricia S. (2001). "The Creation of the Euro and the Role of the Dollar in International Markets". Review 83 (5). doi:. https://files.stlouisfed.org/files/htdocs/publications/review/01/09/0109pp.pdf. Retrieved on 2023-11-27.
- ↑ "Die Erblast des Euro – eine kurze Geschichte der Europäischen Währungsunion" (in de). 19 October 2010. https://www.bpb.de/shop/zeitschriften/apuz/32450/die-erblast-des-euro-eine-kurze-geschichte-der-europaeischen-waehrungsunion/.
- ↑ "Euro – History and Purpose". https://european-union.europa.eu/institutions-law-budget/euro/history-and-purpose_en.
- ↑ "Valery Giscard d'Estaing – a European Dreamer". 15 December 2020. https://fedtrust.co.uk/valery-giscard-destaing-a-european-dreamer.
- ↑ "Glossary:European currency unit (ECU)". https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Glossary:European_currency_unit_(ECU).
- ↑ "Austria and the Euro". https://economy-finance.ec.europa.eu/euro/eu-countries-and-euro/austria-and-euro_en.
- ↑ "Our Money". 12 December 2022. https://www.ecb.europa.eu/euro/intro/html/index.en.html.
- ↑ "Austria and the euro". https://economy-finance.ec.europa.eu/euro/eu-countries-and-euro/austria-and-euro_en.
- ↑ "Are Financial Institutions Really Ready for the Euro?" (in en). strategy+business. https://www.strategy-business.com/article/9932.