Euro rates announced
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December 31, 1998: 9:55 a.m. ET
European Monetary Union gets under way as currency exchange rates are set
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LONDON (CNNfn) - Europe's biggest-ever economic challenge is under way. European Commission officials announced the conversion rates for Europe's single currency Thursday.
The Commission revealed the rates mid-morning, and European finance ministers are discussing them. Officially the rates will be rubber stamped by the ministers at 12.30 GMT.
The euro will officially come into being on January 1, 1999, and the first trading in euro-denominated securities will take place January 4, 1999.
The announcement of the irrevocably fixed rates for the euro will herald a weekend of intense activity among players in the financial markets as they rush to adjust computers and trading systems to be ready for Monday's trading.
Against the mark the euro was fixed at 1.95583, while each euro is trading at about $1.1711. A euro will be worth 6.55957 French francs. The euro is trading against the Japanese currency at 132 yen.
The euro will be the currency of reference for the 11 countries participating in European Monetary Union.
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European union
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