The First 11 Member States Join the EMU

On May 2, 1998, the Council of the European Union—meeting at the level of heads of state or government—unanimously decided that 11 member states met the criteria necessary for participation in the Third Stage of the EMU and the adoption of the single currency on January 1, 1999. The initial participants were Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal, and Finland. Additionally, the heads of state or government reached a political agreement on the individuals to be proposed as members of the Executive Board of the European Central Bank (ECB).