When I walk into a boulangerie in Paris this week, will I have to pay for my croissants with euros?
No, because euro bank notes and euro coins will not be introduced until spring 2002. Until then the national currencies will still be in circulation. By the way, there are 100 cents to the euro.

So I can still use the 10,000 pesetas I have left over from last year's holiday in Spain?
Yes, of course. They are worth 60.10 euros and will be legal tender for another three years.

But if euro cash does not arrive until 2002, why did you say that monetary union has started now?
Because it has. From 1 January 1999 onwards the exchange rates of all currencies joining monetary union are "irrevocably" fixed. With other words, they are denominations of the euro, like the penny to the pound or the pfennig to the Deutschmark.

Why the three-year delay?
There are both technical and practical reasons. The number of countries joining monetary union was decided only in spring 1998. The size of Euroland of course determines how much euro cash is needed and it simply takes a lot of time to print 12.5 billion banknotes and 76 billion coins.

Another reason for the delay is to give you time to get used to the euro. Shops and other businesses will gradually introduce "dual pricing", displaying the price in both the old currency and euros. Once you are used to the euro prices, it will be more difficult for fraudsters to trick you.

Do I have to change my bank account?
No, you don't. If you live inside the eurozone your bank will do this for you when the old national coins and notes are phased out. Banks are obliged to do this for free. Your insurance company will to the same with your policies. One thing that will change immediately are your shares; they will now be quoted in euros, but again your bank or broker is doing the job for you.

If you live outside the eurozone, you will need a euro account only if you travel a lot in Euroland or if you run your own business and have a lot of dealings with countries that have joined monetary union. Ask your bank for advice.

What if somebody gives me a cheque in euros?
Inside the eurozone this will be no problem. As the exchange rates are fixed, the cheque will be treated the same way as any other in your old national currency. The same holds true for any money transfer to you bank account which originates from an EMU country.

If you have an account with a bank outside Euroland you will have to exchange the cheque in the same way as any other foreign currency.

Can somebody force me to use euros?
No, there is a clear rule that nobody can be obliged to use the euro during the three-year transition period. However, from July 2002 onwards the euro will be the only legal tender in the eurozone.

What is the euro good for?
Fans of EMU say that it will make business easier, create jobs and safeguard Euroland from economic trouble abroad. They expect that many goods will be cheaper, which will increase your spending power.

But lots of people are critical. What are their objections?
The critics of the single currency say it's the first step towards creating a European superstate. They warn that a centrally set interest rate will increase the economic tensions in Europe and could actually push up unemployment. What will really happen is very hard to predict, as nobody has done anything like it before.