It should be noted that the euro has already been in existence since 1 January 1999, when the exchange rates of the currencies of the euro area countries were irrevocably fixed. Until 1 January 2002, however, the euro was the currency of the financial and foreign exchange markets.
While the gradual phasing-out of exchange control continued, the financial markets were also restructured, liberalised and made more flexible to accommodate almost explosive increases in volumes.