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Akhirnya, pada tanggal 1 Januari 2002, escudo secara resmi digantikan oleh euro sebagai mata uang resmi Portugal. Penukaran escudo ke euro dilakukan dengan nilai tukar tetap, yaitu 1 euro sama dengan 200,482 escudo. Proses transisi ini berjalan lancar, dan euro dengan cepat diterima oleh masyarakat Portugal. Pengadopsian euro membawa banyak perubahan bagi Portugal, termasuk stabilitas ekonomi yang lebih besar dan integrasi yang lebih kuat dengan negara-negara Eropa lainnya. Penggunaan euro juga mempermudah perdagangan dan investasi di Portugal, serta mengurangi biaya transaksi.
