| Author (Person) | Frost, Laurence |
|---|---|
| Series Title | European Voice |
| Series Details | Vol.8, No.1, 10.1.02, p5 |
| Publication Date | 10/01/2002 |
| Content Type | News |
|
Date: 10/01/02 Laurence Frost looks back at how the euro has performed day-by-day since its 1 January launch Monday 31 December The eve of the currency launch sees some jitters, particularly in Germany, where the federal statistics office blames the euro for widespread price increases, and small businesses threaten to stop accepting deutschmarks in protest at being treated as 'bureaux de change'. Public festivities kick off in EU cities, with fireworks in Brussels and Madrid, and a lower-key ceremony in Frankfurt. But questions over the timing of European Central Bank President Wim Duisenberg's retirement intrude into the celebrations, after European Commission chief Romano Prodi concedes there is 'still a problem' over the succession. Duisenberg signals his determination to stay on well beyond mid-2002, when France wants its own candidate to take over. Tuesday 1 January Cash machine operators report a rush on ATMs in the early hours, as the first euros are used by Europeans from the Arctic to the Mediterranean - and even the fringes of Africa. A kilogram of lychees becomes the first legal purchase in the new money at midnight on the French island of Reunion, seven hours ahead of most of the EU. France gives €100 to every baby born on E-Day. Wednesday 2 January Retailers report smooth trading on the first big shopping day, with frustration at mounting queues apparently outweighed by the novelty value of the new money. Clothes store C&A offers a 20 discount for customers paying with plastic. A strike call by French bank workers' unions draws a low turnout and fails to disrupt distribution of the euro. A celebratory Duisenberg splashes out on a McDonald's for dinner, and is delighted to find his Big Mac uninflated at €4.45 - the same as its pre-launch equivalent in deutschmarks. The euro gains 2 against the dollar and 3 against the pound during the day's trading. Thursday 3 January Football and cricket captains are advised by Polish mathematicians to always pick heads when calling the toss, after a study reveals asymmetries in the new coins that tend to make them land heads up. Friday 4 January A 69-year-old Frenchwoman astounds bank employees in the northern town of Amiens when she walks into her local branch carrying 1.8 million francs (€274,000) in cash which she had kept in a box at home. Meanwhile, post offices in France and Germany warn confused punters not to try using euro-denominated stamps bought in other EU countries. 'We have a single currency but not a single post office,' La Poste reminds consumers. Saturday 5 January Italian Foreign Minister Renato Ruggiero resigns after a spat with premier Silvio Berlusconi over remarks by three members of his cabinet belittling the euro launch. In the least bright euro fraud attempt of the week, a Finnish man tries to pay for €7.5 worth of petrol with a fake €300 note, not realising that no such denomination exists. Sunday 6 January In possibly the most successful euro scam of the week, a German man is reported to have obtained almost 1,000 marks (€500) from a casino using photographs cut out from a euro information leaflet. Monday 7 January Italian consumer groups predict an extra 0.7 on inflation thanks to the euro launch, awarding a 'euro Pinocchio' prize to Industry Minister Antonio Marzano for lying about prices. Tuesday 8 January After just one week left out in the cold with the other two euro non-participants, Britain and Denmark, Sweden cracks, with Prime Minister Göran Persson saying there could be a euro referendum as soon as next year. On average three out of four eurozone cash transactions are now being made in the new currency, the Commission announces - up from two-thirds the day before. Meanwhile, the ECB warns that euro coin-hoarding by consumers could still cause cash shortages in some areas. Wednesday 9 January Irish and Dutch consumers prove the most enthusiastic in embracing the euro when the Commission reveals that the two countries' old currencies are now almost completely out of circulation. President Prodi says there are no signs of generalised price increases due to the launch. Danish Foreign Minister Per Stig Moller gets one up on Sweden by declaring his country could hold a referendum on joining before its Scandinavian neighbour. Author looks back at how the euro has performed day-by-day since its launch on 1 January 2002. |
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