Euro is Launched - Beware Forgeries!

The long awaited Euro currency was launched January 1, uniting 12 countries in Europe with a single currency and setting the stage for a more unified economic system across Europe.

300 million people across Europe will begin turning in their "old" currency in exchange for the new Euro. More than 650 billion Euros will be issued initially, or about US$600 billion.

Countries participating in the Euro transition, and the last day of circulation for their "old" currency, include:

Austria - Austrian Schillings, ending February 28, 2002
Belgium - Belgian Francs, ending February 28, 2002
Finland - Finnish Markka, ending February 28, 2002
France - French Francs, ending February 17, 2002
Germany - German Marks, ending December 31, 2001
Greece - Greek Drachmas, ending February 28, 2002
Ireland - Irish Pounds, ending February 9, 2002
Italy - Italian Lira, ending February 28, 2002
Luxembourg - Luxembourg Francs, ending February 28, 2002
Netherlands - Dutch Guilders, ending January 27, 2002
Portugal - Portugese Escudos, ending February 28, 2002
Spain - Spanish Pesetas, ending February 28, 2002

For more detailed information, click here to view a complete timetable including last days to exchange local currencies at private banks and central banks.

Forgery Will Be A Concern

Security officials are preparing for a deluge of counterfeit Euros to hit the marketplace on January 1, and say say gangs will flood restaurants and shops with fake euros as their owners get used to their look and feel. Forgers also plan to exchange bogus German marks or French francs as banks struggle to handle the wave of notes during the biggest money swap in history.

Various security features have been incorporated into Euro bank notes and coins. Be sure you know how to identify a fake Euro before accepting any.

You may like these other stories...

By Jason BramwellThe IRS on August 19 unveiled a new online registration system for financial institutions that need to register with the agency under the Foreign Account Tax Compliance Act (FATCA).Financial institutions...
By Curtis C. Verschoor, CMAThe furor over the extensive tax avoidance measures used by technology companies such as Google and Apple has reached new heights in both the United Kingdom and the United States. Government...
By Jason Bramwell Government leaders of eight of the world's largest economies pledged on June 18 to take a tougher stance on fighting tax evasion. The Group of Eight (G8) leaders, who met in Northern Ireland,...

Already a member? log in here.

Upcoming CPE Webinars

Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.