Change of currency History of the euro

euro banknotes , coins of various denominations.

the new coins , notes first valid on french island of réunion in indian ocean. first official purchase using euro coins , notes took place there, 1 kilogram of lychees. coming of midnight in frankfurt @ ecb offices, though, symbolised transition.

in finland, central bank had opened hour @ midnight allow citizens exchange currency, while huge euro pyramid had decorated syntagma square in athens. other countries noted coming of euro well—paris s pont neuf decorated in eu colours, while in northern german town of gifhorn sombre, symbolic funeral deutsche mark took place.

except germany, plan introduction of new currency same. banks accept exchange of legacy currencies, begin dispense euros atms, , euros available withdrawals made, beginning on 1 january. merchants accept legacy currency, give change in euros. in germany, deutsche mark no longer legal tender on 1 january, have exchanged @ banks.

despite massive amounts of euros available, chaos feared. in france, these fears accentuated threatened postal workers strike. strike, however, settled. similarly, workers @ french bank bnp paribas threatened disrupt introduction of euro currency strike. settled.

in practice, roll-out smooth, few problems. 2 january, atms in 7 countries , @ least 90 percent in 4 others issuing euros rather legacy currency, italy, worst offender, having 85% of atms dispensing euros. unexpected tendency of consumers spend legacy currency, rather exchange @ banks, led temporary shortages of euro small change, consumers being given change in legacy currency.

some businesses did take advantage of currency exchange raise prices. according study deutsche bundesbank, there price rise, consumers refused buy much. coffee bar in italy took advantage of transition raise coffee prices third ordered pay compensation customers.