On 1 January 1999, eleven Member States of the European Union formed Economic and Monetary Union (EMU) and created a single currency, the euro, which came into being on that date in cashless form (note: Greece joined the EMU on 1 January 2001). On 1 January 2002, euro notes and coins will be introduced into circulation and Irish pound notes and coins will begin to be withdrawn. By 9 February 2002 the changeover in Ireland will be complete.

The Euro Changeover Board of Ireland was set up to carry out two basic tasks: to oversee the detailed implementation of the changeover to the euro; and to provide public and consumer information.