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These countries irrevocably established the conversion rates between their respective national currencies and the euro and created a monetary union with a single currency, giving birth to the euro. Euro banknotes and coins entered circulation on 1st January 2002. (http://europa.eu.int/comm/economy_finance/euro/origins/origins_main_en.htm). Euro area financial markets switched to the euro, including foreign exchange, share and bond markets. New euro area government debt was exclusively issued in euro as from that day. "Around 7.8 billion euro notes and 40.4 billion euro coins, together worth ?144 billion, were put into general circulation by the central banks of the twelve participating countries of the euro area...
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