EU Countries Drop Centuries-Old Currencies for Euro

Europe's 50-year-old experiment with economic integration takes a leap forward tonight when 12 of its nations abandon their currencies -- some of them dating back centuries -- and replace them with one, the euro.

By creating a unified market and eliminating currency risk, a dozen European countries hope to become more competitive and encourage trade, travel and investment. They are embarking on their grand experiment as economic growth is expected to slow to the weakest pace since 1993, particularly in France and Germany, the driving forces behind the single currency.