Austria, 13.91 schillings.Belgium, 40.78 francs.Finland, 6.01 marks.France, 6.63 francs.Germany, 1.98 marks.Ireland, .8 punts.Italy, 1,958 lire.Luxembourg, 40.78 francs.Netherlands, 2.23 guilders.Portugal, 202.7 escudos.Spain, 168.2 pesetas.
BRUSSELS, Belgium -- The European Union officially announced the 11
countries that will adopt the euro, the currency unit to be
introduced in January, and set euro rates against each member's
Following is a list of the participating countries and the set
rate at which their currencies will be exchangedin January:
The rates above are similar to rates that had been established
against the ecu, the European Currency Unit that was the
predecessor to the euro.
Rates were set now to avoid currency speculation before the
euro's introduction and are expected to fluctuate very little
before they are set permanently in January, economists said.
The euro rates were established in the shadow of a showdown
between France and other euro countries over who would run the
central bank for the next eight years. A last-minute compromise put
the bank for four years in the hands of a Dutch banker, Wim
Duisenberg, to be followed by a French banker, Jean-Claude Trichet,
for the next four years.
Sarwar Kashmeri, president of Niche Systems, a New York-based
firm that advises U.S. companies on the euro, said both bankers
were among the most conservative in Europe and "will assure that
the euro is strong to avoid further public relations problems that
could weaken the monetary union."
"The rates introduced are pretty much what everyone expected,
and if unforeseen problems arise, the central bank will do
everything in its power to keep the rate from fluctuating," he