Many readers will remember the introduction of decimal currency in New Zealand on July 10th 1967. We called it “DC Day”. Europeans called January 1st this year “E-day”, the day when over three hundred million people began to use the euro. It was a massive logistical exercise involving meticulous preparation. Some 3,000 national and international companies and business organisations from the retail, banking, media and tourism/travel sectors became partners of the European Central Bank and the 12 national central banks of the euro area in helping to smooth the way on E-day.
People have accepted the new currency very positively. Most cash transactions are now being conducted in euro despite the fact that, in most euro countries, the old currency is still legal tender. Adoption of the euro is measured by a progress ratio and this reached 65% on 24 January 2002.
The notes and coins are attractive. All the euro coins (1, 2, 5, 10, 20 and 50 cent coins and E1 and E2 coins) have a common European side but a differing national side which varies from country to country. However, any of the euro coins can be used in any of the countries. The coins are of varying sizes and colours making for easy identification.
The banknotes were designed by Robert Kalina, an Austrian artist, whose designs were inspired by the theme "ages and styles of Europe". They depict the architectural styles of seven periods in Europe's cultural history: classical for the E5, Romanesque for the E10, Gothic for the E20, Renaissance for the E50, baroque and rococo for the E100, 19th century iron and glass architecture for the E200 and modern 20th century architecture for the E500. Windows and gateways are the main feature on the front of the banknotes, while bridges are the main feature on the reverse. The images are modelled on the typical architectural style of each period, rather than on specific structures. Like the coins, the notes are of varying colours and sizes. Each note has a dominant colour with large bold figures.
The introduction of new currency is likely to have far-reaching implications. In a recent speech given at Maastricht in the Netherlands, Wim Duisenberg, President of the European Central Bank, said he hoped the introduction of the euro might act as a catalyst for further European integration, both from a financial and social perspective. He said there was bound to be increased comparison of prices in Euregion countries which would highlight the regulatory, administrative and legal impediments to trade, commerce and the mobility of labour which still exist.
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