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Economy and Finance

Spain and the euro

Spain joined the European Union in 1986 and was one of the first countries to adopt the euro on 1 January 1999.

Status

Euro area member since 1 January 1999

Fixed conversion rate

€1 = 166.386 ESP

Adoption of the euro

Euro banknotes and coins were introduced in Spain on 1 January 2002, after a transitional period of three years when the euro was the official currency but only existed as 'book money'. The dual circulation period,when both the Spanish peseta and the euro had legal tender status, ended on 28 February 2002.

Exchange of former national currency

The Banco de España (Bank of Spain) will exchange peseta notes and coins for an unlimited period.

Institutions