Why was 1 January 2002 a significant date for UK individuals and businesses?
A. On 1 January 2002, euro cash was introduced in the twelve euro-area countries. By 28 February 2002, at the latest, their respective national currencies were withdrawn from circulation and have ceased to be legal tender. Businesses in the UK that have links with the 12 euro-area countries, must now expect to find all financial transactions being carried out in euro.
