Brussels, 04/02/2002 (Agence Europe) - Just one month after euro notes and coins were brought in, the euro is now being used in over 95% of cash transactions in the twelve countries that have adopted single currency, it was announced by the European Commission on Friday. The Commission pointed out that the last phase in the changeover operation concerns taking national currencies out of circulation. By the end of January, more than 60% of the banknotes in circulation at the end of 2001, in the entire euro area, had already been returned to the national central banks, while large quantities of coins remain in storage awaiting destruction.
According to the date forwarded to the services under Pedro Solbes, the adaptation of some 5 million automatic machines that work with coins has been trouble-free. At the end of January, 95% of these machines were converted to the euro (the Commission specifies that, in Germany, where the market is the largest with 2.5 million such machines, half of them had already been modified on 1 January). "Thanks to the considerable effort made and the remarkable work by all sectors taking part in this operation (retail trade, security transport and financial establishments), as well as the enthusiastic welcome reserved by all citizens to the arrival of notes and coins, transition to the euro has been an unprecedented success", the Commission was pleased to note.
We recall that, in Germany (since 1 January, even the retail trade must accept the deutschmark until at least 28 February) and in the Netherlands (since 28 January), national currency is no longer legal tender. The period of dual circulation will come to an end on 9 February in Ireland, 17 February in France and 28 February in the eight other countries.