Portugal joined the European Union in 1986 and was one of the first-wave countries to adopt the euro on 1 January 1999.
Surface area: 91 910 km2
Population: 10 631 800 (Eurostat 2009)
Joined the European Union: 1 January 1986
Currency: Euro since 1 January 1999 (formerly Portuguese escudo, PTE)
Status: Euro-area member since 1 January 1999.
Fixed conversion rate: €1 = 200.482 PTE
Adoption of the euro: The euro banknotes and coins were introduced in Portugal 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 Portuguese escudo and the euro had legal tender status – ended on 28 February 2002.
Exchange of former national currency: The Banco de Portugal (Central Bank of Portugal) exchanged escudo coins until 31 December 2002 and will continue to exchange escudo banknotes until 28 February 2022.