Democracy
Following the Revolution of 25 April 1974, Banco de Portugal was nationalised, thus becoming a public company. The country established new international political and economic relations, and joined the European Economic Community in 1986.
In January 1999 Portugal joined the group of euro area founding countries.
The European Central Bank is responsible for the conduct of the single monetary and exchange rate policy, and Banco de Portugal is an integral part of the European System of Central Banks.
At the end of February 2002, escudo banknotes and coins ceased to be legal tender. The last escudo banknote series in circulation, designed by the painter Luís Filipe de Abreu, depicted the overseas discoveries. .
