Euro Currency Support in the Solaris Operating Environment

Chapter 1 Introduction to the Euro

The transition to a single euro currency is a phased implementation. The deadline for complete changeover is set for July 2002 at the latest. For more information on the euro transition, refer to the links in Appendix A, Euro Support Availability.

Figure 1-1 The Euro


1.1 A Phased Implementation to the Euro

The transition from numerous national currencies in Europe to a single European currency, the euro, is profoundly effecting business. All business are involved in the changeover, including changing information systems to use the euro.

The impact of the euro is far-ranging, and not limited solely to European companies. Anyone conducting a financial transaction with a European customer or supplier must change their information systems to support the euro. In today's global economy, many of these companies are not located in Europe.

The following list some systems that are affected by the introduction of the euro:

The euro was introduced on January 1, 1999. The full transition to a single euro currency will take place in a phased implementation. The transition timetable is listed below in Table 1-1.

Table 1-1 Euro Transition Timetable



By June 30, 1997 

  • Legislation establishes the euro as a new currency

Spring 1998 

  • Economic Monetary Union (EMU) members named

  • Bilateral exchange rates announced

January 1999 

  • Conversion rates irrevocably fixed

  • Euro becomes legal currency

  • European Central Bank (ECB) now responsible for interest rates

  • Financial markets will operate in euro

  • Private sector free to use euro

Until December 31, 2001 

  • National currencies co-exist with euro

  • Businesses free to use euro or national currency

  • Only national currency bank notes/coins used

  • No euro bank notes/coins available

  • Users will include: wholesale financial markets, large multinationals, retail banking, small businesses (cross-border operations, etc.)

January 1 - June 30, 2002 

  • Euro bank notes/coins to be introduced in member countries, will circulate alongside national bank notes/coins

July 2002 (at the latest)  

  • National bank notes/coins will be withdrawn

  • Euro will replace national bank notes/coins

The Solaris operating environment provides input, output, and printing support for the euro, as well as system support for ISVs wanting supported APIs to format monetary strings using the euro symbol.