The preparatory work involves inter alia strategy and instruments for the conduct of a single monetary policy as well as detailed planning of the payment system. Progress has also been made in specifying the legal status of the single currency - the euro - as well as in the design of euro notes and coins.
Much work has also been required in the development of an exchange rate system covering both EMU participants and other EU states. The Bank of Finland's own preparations for Stage Three of EMU have intensified. The adoption of a single currency requires broad changes in the payment systems of the banks and the Bank of Finland.