Andorra - Money

Andorra has a traditional budget surplus , with revenues of US$385 million and expenditures of US$342 million, including capital expenditures, as estimated in

1997. The units of currency are both the Spanish peseta and the French franc. Both Spain and France, along with 9 other members of the EU, are in the process of changing over from their national currencies to the single currency of the EU, the euro, for all transactions. The euro started to be used in 1999, initially only for electronic bank transfers and accounting purposes. Euro coins and bills are planned to be issued in 2002, when the peseta and the franc will cease to be legal currency. The EU members have established the European Central Bank (ECB) in Frankfurt, Germany, responsible for all EU monetary policies . Since 1999, control over Spanish and French monetary issues, including interest rates and regulating the money supply, has been transferred to the ECB.