In 1995, the Austrian people voted with an overwhelming majority of two-thirds to join the European Community, soon to become the European Union. Membership of the European Union meant that Austria was also to be among the first round of countries to introduce the common currency, the euro, in 1999, followed by the introduction of banknotes and coins in 2002.
Austria was now part of a large economic area dedicated to maintaining monetary stability. In this sense, joining the euro area was the logical final step and the crowning moment of the policies Austria had pursued over the previous quarter century. At the same time, joining the Eurosystem brought significant changes to the role of the Nationalbank.