Practical preparations within the EU for Economic and Monetary Union have progressed according to plans. The Bank of Finland has participated in the work of creating the European System of Central Banks, in both the European Monetary Institute (EMI) and the EU's Monetary Committee.
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.