Which of the following is not true regarding the euro?

a. It enables participating countries to engage in cross-border trade and capital flows throughout the euro-zone.

b. It replaced the national currencies of participating countries by June 1, 2002.

c. It prevents any individual European country from solving local economic problems with its own unique monetary policy.

d. It allows for a separate money supply for each participating currency.

e. All of these choices are true.