What will happen to PLN Zloty when the Euro is adopted?

What happened in other countries when the euro was adopted? Was existing currency converted at market rate at the time of the adoption?

zoogle.. make friends with google. :)

it will go into the trash heap of history

I realize it will no longer be in circulation, but will everyone's zloty magically change to EUR in their bank accounts one night? Will it be at the market rate or some other fixed rate that is known ahead of time?

Hard to say as officially we haven't even yet made a decision that we are joining Euro zone but before any country joins It must keep exchange rate relatively stabel for 2 years at least and next after the country joins It will have both currency for some time but already without flexible exchange rate.

I believed the zloty was curently "shadowing" the Euro.....ie as the Euro has appreciated agains the dollar and UK pound the zloty has mirrored this 17% appreciation over the last 12 mths.

Ergo...the currency hasnt been "stable" for a 2 yr period but in effect quite volatile!

PS It will be dumped and yes prices will rise steeply as has happened in other countries ezpecially Italy......an opportunity to rob the ordinary member of the public!!

We made the decision by joining EU. Every state is obligated to adopt euro eventually. The exchange rate will be known only couple months before the transition i think.