The euro has just become the new currency for all financial transactions in Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.

All financial transactions in the twelve participating countries are affected. As of today, these countries have withdrawn their national currencies. From today forward, banks will only distribute coins, bills, cheques and traveller’s cheques in the new euro currency.

People can still use both the euro and the old currencies throughout many of these European Union countries between January 1 and February 28.

After February 28th, most retailers will no longer accept the old currencies — though central banks will still exchange the old currencies for a limited period of time.

Canadians also have a limited period of time to cash cheques or traveller’s cheques issued in the old currencies dated Dec. 31, 2001 or earlier, subject to local banking arrangements.

“Because the introduction of this currency will affect Canadians who travel to these European countries, or who send or receive money from these countries,” said Raymond Protti, the president and CEO of the Canadian Bankers Association, “it is advisable to keep this historic switch to the euro in mind when making travel or business plans for this winter.”

Canadians can find out more about how to get ready for the Euro, by visiting the Canadian Bankers Association Web site.