What is the euro?

It is the currency of Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. It has been in place since Jan. 1, 1999, when the national currencies of those countries were fixed so the exchange rates between them don't fluctuate. Prices of all traded securities are quoted in euros in all member countries, for instance.

How long will the introduction take?

The arrival of notes and coins on Jan. 1, 2002 is the final step in the transition. After the euro and national currencies are used side-by-side for an interim period, the euro will be the only legal tender in all 12 countries by March 1, 2002.

How much is it worth?

That depends. The euro trades against the dollar just as the franc, the mark and other currencies did. This year it was worth about 90 U.S. cents, on average.

What denominations do banknotes and coins come in?

There are seven bills with values of 5, 10, 20, 50, 100, 200 and 500 euros. There are eight coins worth 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, one euro and 2 euros.

What do they look like?

All the banknotes are the same throughout the 12 countries using the euro, featuring windows and gateways on one side and bridges on the other. Each note has a watermark and hologram or metal strip to guard against counterfeiting. The coins all have one side with the same design in all countries and one side with a national design. While each country is responsible for printing its own banknotes and minting its own coins, all notes and coins can be used in any country.

How many will be introduced?

Almost 15 billion banknotes and 50 billion coins weighing 250,000 metric tons are ready to go into circulation.

Is the U.K. in the euro?

No. Neither are the other remaining European Union members, Denmark and Sweden, nor non-EU members Norway and Switzerland. U.K. Prime Minister Tony Blair says he will hold a referendum on membership when the time is right, though about two-thirds of the public remain opposed.

Will the introduction go smoothly?

It's a logistical exercise involving not only distribution of the new cash but also withdrawal of national currencies. Cash-operated machines and store tills have been replaced or converted; business and personal bank accounts have been changed and advertising campaigns have told citizens how to recognize the new currency and its value. Some retailers are warning of chaos at the tills, long customer lines and spiraling costs to pay for and store large amounts of cash.

What's the point?

By creating a unified market of about 300 million people, leaders of member countries hope to make their countries more competitive and encourage trade, travel and investment.

What does it mean for non-Europeans?

Tourists and business travelers to the euro countries won't have to worry about changing francs to marks when they travel from France to Germany, for example. As is the case now, the decision about whether to get euros before leaving or after you arrive in Europe depends on where you can get the best exchange rate. People with national currencies left over from previous trips can change them at some banks, but not forever. Six of the 15 national central banks in the euro zone will change their ``legacy'' currencies into euros indefinitely.

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