Euro's debut slow; real test expected today
By Angela Doland
Associated Press
PARIS — From bakeries in Paris to newsstands in Vienna to cafes in Rome, Europeans tried out their new currency yesterday. But many shops were closed for New Year's, and most customers wound up relying on their familiar money for at least another day.
Associated Press
Most people got their first glimpse of the crisp rainbow-hued euro bank notes when they stopped at automated teller machines on their way home from New Year's festivities. Others were handed the new bills as change when they went out for breakfast.
Toni Weitzenauer shows guilders (top) and euros in front of an ATM machine in Rotterdam. The euro has become the legal tender in 12 European Union countries, although the Dutch can still pay in guiders until Jan. 28.
"It's funny to pay in francs and get this back," said Evelyne Patou, a customer in a Paris bakery, examining a pastel blue bank note. "It's like Monopoly money."
The euro, a decade in the works, became legal tender with the dawning of the new year. It is perhaps the most concrete evidence of Europe's transition from a divided continent to a team of nations working toward the same goals.
The 12 European Union nations that adopted the euro are parting with currencies that have long histories — such as Greece's drachma, which stretches back 2,600 years.
Things seemed to be running smoothly on the first day.
Emad Kolta, 49, who runs a newsstand in a subway station in Vienna, said he didn't feel completely prepared for the switch. But he had been able handle it so far, though he had no euros to use as change.
"I thought this morning, if I come to work and have problems with the euro, I'll just close the shop and open it back up tomorrow. But so far, I've had no problems," he said.
Reaction varied by country. In Belgium, people were eager to get their hands on the new money. Banksys, which administers most cash machines in Belgian stores and gas stations, noted 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 France, Finance Minister Laurent Fabius said the switch was going better than expected, and forecast that 85 percent of francs would be pulled from circulation in just two weeks.
In laid-back Spain, 85 percent of ATM machines were dispensing euros by yesterday afternoon, but people weren't rushing to spend them. Some bars, coffees 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 old currencies.
In Italy, only about a third of ATMs were dispensing euros, according to the Italian Bankers Association.
The real test will come today with the start of the work week. To complicate matters, bank workers in Italy and France were expected to go on strike today, pressuring management at a difficult time.
More than 15 billion bank notes and 52 billion coins — worth 646 billion euros, or $568 billion — have been produced for the switch. Depending on the country, people have as long as two months to get used to their new currency while the old one is phased out.
During the transition, shopkeepers have devised ways to keep two different currencies straight. Some bakeries in Paris, for example, set up two separate cash registers — one for euros, one for francs. Some taxi drivers used two separate pouches to keep their change straight.
Even though officials urged people to use change for their purchases, many used large euro bills at cafes and newsstands — draining some shops of small bills and coins.
"I have only a little change," admitted Fabio Moschini, a cashier in a Roman bar, pointing to the 15 euro coins in his register. "I am afraid this week might be difficult."
To keep long lines moving, staff at the Eiffel Tower decided to accept only one currency — the euro — and directed visitors to a currency change stand under the tower's arching metal legs. Many visitors were annoyed.
"Why can't they have both?" said Sarah Wheatley, from Kent, Britain, who couldn't get hold of euros when she was preparing for her trip. Britain, Sweden and Denmark are the only EU countries that have not adopted the new currency.
In an interview in Vienna with The Associated Press, European Union Commission President Romano Prodi predicted the euro's debut would create a feeling of community that comes "from having the euro in your pocket."
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."
While some leaders mused on European unity, others went on euro-shopping trips and called in the camera crews. German Chancellor Gerhard Schroeder bought some bananas, while French Prime Minister Lionel Jospin bought a bottle of Burgundy wine, croissants and a bouquet of flowers for his wife.
