European consumers make change, start distributing the euro
January 2, 2002 - The Boston Globe
PARIS - After a decade of preparation and anticipation, most Europeans tried out their new rainbow-hued currency yesterday known as the euro in a historic, continentwide changeover that appeared to go smoothly.
The euro officially became legal tender in Europe yesterday. The bills were distributed through automated teller machines and handed out as change in businesses open on New Year’s Day.
The holiday allowed for an easy transition because many businesses were closed and there were relatively few transactions. The true test will come today, when most people return to work and begin their post-holiday transactions. Adding to the pressure, bank workers in Italy and France were expected to go on strike today.
Reactions in the 12 nations that are adopting the euro were generally positive, even for those countries giving up currencies that are 2,000 years old. On the first day of the new year, many people were feeling nostalgic.
Brigitte Martel, a doctor with a private practice in Paris, did a few conversion practice runs to make sure she gives the right change to her clients when they return today.
‘‘I think it will work out fine,’’ she said. ‘‘I’ve had the euros for my practice for a few weeks now, and I think I’m ready.’‘
Elsewhere, reaction to the euro varied by country. In Belgium, people were eager to get their hands on the new money. ATMs had a record number of withdrawals from midnight to 1 a.m. yesterday, 600 a minute. In Finland, hundreds of people lined up outside Bank of Finland branches in the early morning.
In Spain, 85 percent of ATM machines were dispensing euros by yesterday afternoon, but people weren’t rushing out to spend them. Some bars, coffee shops, and restaurants in Madrid even shunned euros, albeit politely, saying they had no coins or bills to make change. Cafes in Rome, Paris, and Vienna also said most of their clients paid with the old currencies.
In Italy, only about a third of the ATMs were dispensing euros, according to the Italian Bankers Association.
More than 15 billion bank notes and 52 billion coins - worth 646 billion euros or about $581 billion - have been produced for the switch. Depending on the country, people have up to two months to get used to their new currency while the old one is phased out.
Sweden, Britain, and Denmark are the only countries that have not adopted the new currency.
‘‘Well, we’re a bit of an island, you know,’’ said Martin Gallehawk, 44, a native of London and a hotel concierge.
Despite the snub by Britain, one side of the 1-euro coin includes the country on its map of Europe. It’s an optimistic gesture, but one that Gallehawk and some other Britons contend is not far-fetched. Already some businesses in London and other parts of England have said they’ll accept it as a convenience to travelers.
‘‘It will creep in,’’ said Gallehawk, who frequently vacations outside Great Britain. ‘‘People will go on holiday. They’ll come back, and many shops and restaurants will let them spend the euro here.’‘
London newspapers have recently said Prime Minister Tony Blair is considering a proposal that would call for a voter referendum on adopting the euro in 2003. But that could depend on the results of ongoing government studies into the economic ramifications of using the euro.
While some leaders mused on European unity, others went on euro-shopping trips and called in the camera crews. Chancellor Gerhard Schroeder of Germany bought bananas, while Prime Minister Lionel Jospin of France purchased a bottle of Burgundy wine, croissants, and a bouquet of flowers for his wife.
Pope John Paul II also saluted the euro’s arrival at a New Year’s Day Mass, offering ‘‘a special wish for peace and prosperity to the nations of the European Union that today with the single currency accomplish a historical goal.’‘
Alex Kotopoulis, a law student in Paris, said he is excited, and a bit nostalgic.
‘‘I’m glad I get to be living now while it’s happening. I’ll be able to tell my children about it someday,’’ he said.
But the Greek citizen said he is also a bit sad about the new money.
‘‘I like when you travel somewhere and you have two different currencies in your wallet. You lose a little of the symbolism and charm when you don’t have a different currency in a new country.’‘
Ray reported from Paris and Kurtz from London. Material from the Associate Press was also used in this report.
© Copyright 2002 Globe Newspaper Company.
Other articles by Joe Ray:
The San Francisco Chronicle - The Bizarre World of Restaurant Kitchens
The East Bay Business Times - Internet Advertisers Sharpen Their Aim
