But, on the whole, most Europeans are unlikely to notice much change right away in their daily lives, other than that prices in stores may be quoted in both euros and the old domestic currency. What is crucial, however, is that the conversion rates of the national currencies in the monetary union are now irrevocably fixed against the euro and against each other.
In this sense, the national currencies now exist only as price measures and as temporary subdivisions of the euro. Just as the Canadian dollar is composed of 100 cents, you can think of the euro as being temporarily composed of 6.56 French francs or 1.96 German marks. What are the economic implications of the euro?