At a special televised council meeting in Brussels, central bankers and politicians from the countries joining Europe's Economic and Monetary Union (EMU) put the finishing touches to the euro project.

In a separate development, it has emerged that Denmark, which is not in the first group of countries joining monetary union, might vote on joining sooner than expected.

The European Commission President, Jacques Santer, opened the meeting in Brussels by praising the economic and political achievements of European integration.

"This is an historic event," Mr Santer said. "The euro is here at last. No one can ignore what monetary union will mean for Europe."

The exchange rates were then unveiled on an electronic display board. Among them, the rate for the Deutschmark was just under 1.96 to the euro.

EU finance ministers proceeded to endorse the rates.

'Shared sovereignty'

Stephen Wall: UK pleased to have played a part

French Finance Minister Dominique Strauss-Kahn referred to the idea of a common currency put forward by the 19th century writer Victor Hugo.

"280 million European men and women will join in a common destiny of shared monetary sovereignty," Mr Strauss-Kahn said.

"I will not be any less French tomorrow ... but we will all be a little more European"

German Economics Minister Werner Müller warned against individual countries within the currency union trying to profit at the expense of others.

"Unfair competition is to no one's benefit," he said.

Irish Finance Minister Charlie McCreevy spoke of the benefits which Ireland and all of Europe stand to gain from lower interest rates and greater economic stability.

Italian Treasury Minister Carlo Azeglio Ciampi described monetary union as "a milestone in European history".

"A project which might have seemed Utopian has now become a reality," he said.

The United Kingdom ambassador to the EU, Stephen Wall, said the UK government had been pleased to play a full part in the events leading to the establishment of the euro, particularly during the country's recent presidency of the EU.

"Though we will not be among first wave of countries joining monetary union, we do wish it every success," the ambassador said.

Danes could join soon

The countries participating in the launch of the euro are Austria, Belgium, Germany, Finland, France, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.

Of the remaining EU states, Greece failed to meet the qualifying conditions but hopes to be ready to join in 2001.

The UK, Denmark and Sweden all could have joined but decided not to because of political reservations.

The UK has said it is committed in principle to joining monetary union.

In Denmark and Sweden, recent opinion polls indicate that for the first time a majority of voters now supports monetary union.

This has prompted Danish politicians to speculate that the country could hold a referendum on the euro sooner than expected.

Economy Minister Marianne Jelved was quoted in a Danish newspaper as saying: "I have a feeling that it will go much faster than we think and that we will hold a referendum far earlier than 2001."