Brussels, 03/01/2002 (Agence Europe) - The historic launch of euro notes and coins in the twelve Member States of the eurozone has "passed successfully" and European citizens welcomed the single currency with great enthusiasm which shows their desire to continue with economic reforms, noted the President of the European Central Bank (ECB), Wim Duisenberg, and the new President of Eurogroup and the ECOFIN Council, the Spanish Economics Minister Rodrigo Rato, in Frankfurt on Thursday. At a press conference with Commissioner Pedro Solbes, Messrs Duisenberg and Rato said that the launch would enable Europe to enter a new era.
Wim Duisenberg said the Eurosystem was proud of its contribution to the historic event and the work it had carried out over the past three years preparing for the successful launch of the euro. He said the launch of euro notes and coins did not only bear witness to the completion of Economic and Monetary Union, but was also one of the most important steps to date in the history of European integration. He added that he was convinced that 1 January 2002 would mean, both for European countries and elsewhere in the world, the "start of a new era in Europe".
Rodrigo Rato said the main challenges facing the EU were the continuation of structural reforms, including raising growth and employment potential (greater tax system flexibility and the creation of a genuine financial market, for example) and the "absorption" of new Member States. Mr Rato said that the harmonious changeover to the euro had been achieved through high levels of preparation and co-ordination of economic stakeholders and the warm welcome with which citizens "embraced" the new currency. He stressed the euro was not only an economic victory but also a political and social victory.
Pedro Solbes talked about European retailers passing the test of the launch of notes and coins, adding that the European economy should start improving this year. "Two days after the introduction of euro cash, I can say the huge task has so far progressed very smoothly, even beyond our own expectations and hopes", he explained. Since Thursday, 96% of ATMs have been issuing euro notes, added Mr Solbes (i.e. more than 197 000 machines) and the proportion has even reached 100% in seven of the twelve countries (Austria, Germany, Belgium, Greece, Ireland, Luxembourg and the Netherlands). The figure for Spain is 97%, France 95%, Finland 92%, 90% in Portugal and 85% in Italy (which might even have risen to 90% by the end of the day).
The disappearance of the old currencies "was well underway" added Mr Duisenberg, explaining that the circulation of national notes had fallen from EUR 380 billion on 1 January 2001 to EUR 270 billion on 1 January 2002.
In terms of the risk of price inflation due to the changeover to the euro, Mr Rato was pretty confident, saying the data currently available showed that there had not been significant price rises in the last fortnight of December, but he recommended consumers remained vigilant. He said he had no indications of the slightest change in policy by shopkeepers in the immediate future.
Answering questions posed by journalists about potential tension between the ECB and Eurogroup, Mr Rato said that all the Ministers agreed that monetary policy in the eurozone was the responsibility of the European Central Bank alone. He added that the Eurogroup members fully respected the ECB's responsibilities and independence. (See below for Pedro Solbes' comments on Eurogroup.)