Monday, June 27, 2022
  • Login
198 Japan News
No Result
View All Result
  • HOME
  • BUSINESS NEWS
  • VIDEO NEWS
  • FEATURED NEWS
    • JAPAN US TRADE NEWS
    • JAPAN EU NEWS
    • JAPAN UK NEWS
    • JAPAN INDIA NEWS
    • JAPAN RUSSIA NEWS
    • JAPAN GULF NATIONS NEWS
    • JAPAN AFRICA NEWS
    • JAPAN EGYPT NEWS
    • JAPAN NIGERIA NEWS
    • JAPAN MEXICO NEWS
    • JAPAN BRAZIL NEWS
    • JAPAN THAILAND NEWS
    • JAPAN INDONESIA NEWS
  • CRYPTO
  • POLITICAL
  • TECHNOLOGY
  • JAPAN AGRICULTURE NEWS
    • JAPAN MANUFACTURE NEWS
    • JAPAN AGRICULTURE NEWS
    • JAPAN IMMIGRATION NEWS
    • JAPAN UNIVERSITY NEWS
    • JAPAN EDUCATION NEWS
    • JAPAN VENTURE CAPITAL NEWS
    • JAPAN JOINT VENTURE NEWS
    • JAPAN BUSINESS HELP
    • JAPAN PARTNESHIPS
  • ASK IKE LEMUWA
  • CONTACT
198 Japan News
  • HOME
  • BUSINESS NEWS
  • VIDEO NEWS
  • FEATURED NEWS
    • JAPAN US TRADE NEWS
    • JAPAN EU NEWS
    • JAPAN UK NEWS
    • JAPAN INDIA NEWS
    • JAPAN RUSSIA NEWS
    • JAPAN GULF NATIONS NEWS
    • JAPAN AFRICA NEWS
    • JAPAN EGYPT NEWS
    • JAPAN NIGERIA NEWS
    • JAPAN MEXICO NEWS
    • JAPAN BRAZIL NEWS
    • JAPAN THAILAND NEWS
    • JAPAN INDONESIA NEWS
  • CRYPTO
  • POLITICAL
  • TECHNOLOGY
  • JAPAN AGRICULTURE NEWS
    • JAPAN MANUFACTURE NEWS
    • JAPAN AGRICULTURE NEWS
    • JAPAN IMMIGRATION NEWS
    • JAPAN UNIVERSITY NEWS
    • JAPAN EDUCATION NEWS
    • JAPAN VENTURE CAPITAL NEWS
    • JAPAN JOINT VENTURE NEWS
    • JAPAN BUSINESS HELP
    • JAPAN PARTNESHIPS
  • ASK IKE LEMUWA
  • CONTACT
No Result
View All Result
198 Japan News
No Result
View All Result
Home JAPAN EU NEWS

The euro: How it started 20 years ago

by 198 Japan News
December 28, 2021
in JAPAN EU NEWS
Reading Time: 4 mins read
A A
0
Share on FacebookShare on Twitter


Paris – As Europe rang in the New Year 20 years ago, 12 of its nations said goodbye to their deutschmarks, French francs, liras and pesetas as they welcomed the euro single currency.

On Jan. 1, 2002, notes and coins became a reality for some 300 million people from Athens to Dublin, three years after the currency was formally launched in “virtual” form.

Here is a recap of the event, drawn from AFP copy at the time:

Fireworks

In a far cry from the austere New Year celebrations imposed by the COVID-19 pandemic 20 years later, fireworks, music and lights blazed out at midnight on Jan. 1, 2002 to mark the biggest monetary switch in history.

AFP reported that many people passed up on their traditional New Year’s parties, choosing instead to queue up at cash dispensers in their enthusiasm to get hold of the first pristine euro notes.

Wim Duisenberg, the European Central Bank president at the time, said that he was sure Jan. 1, 2002 would be written into history books as the start of a new European era. | AFP-JIJI
Wim Duisenberg, the European Central Bank president at the time, said that he was sure Jan. 1, 2002 would be written into history books as the start of a new European era. | AFP-JIJI

In Berlin, Germans said hello to the euro and goodbye to their beloved mark at a special ceremony at the Brandenburg Gate, as up to 1 million people thronged the streets for the traditional giant New Year’s street party there.

The euro cash was also a hit in the coffee shops and the red light district of Amsterdam.

Irish revelers were, however, less in a hurry to welcome the euro, continuing to pay for Guinness, Ireland’s favorite tipple, in the national currency, leaving the headache of the changeover until the next day.

Price hikes

As many feared, the euro switch provoked sporadic price hikes across Europe.

From Spanish bus tickets, which jumped by 33%, to a Finnish bazaar, where “everything for 10 markka (€1.68)” was now “everything for two euros,” many price tags were a bit heftier since the single currency became legal tender.

Europe surprised itself with the almost glitch-free transition to the single currency, but there were still a few hiccups along the way, from cash shortages to long lines at banks. | AFP-JIJI
Europe surprised itself with the almost glitch-free transition to the single currency, but there were still a few hiccups along the way, from cash shortages to long lines at banks. | AFP-JIJI

The European Central Bank president at the time, Wim Duisenberg, who warned merchants not to take advantage of the euro launch to increase prices, said he had not seen signs of widespread abuse.

“When I bought a Big Mac and a strawberry milkshake this week it cost €4.45, which is exactly the same amount as I paid for the same meal last week,” Duisenberg told reporters.

Hiccups

Europe surprised itself with the almost glitch-free transition to the single currency, AFP reported.

The Germans — reputedly skeptical about the single currency and nostalgic for their mark — turned out to be among the most enthusiastic.

An editorial in the popular German tabloid Bild proclaimed: “Our new money is moving full speed ahead. No problems whatsoever in saying adieu to the mark, no tears to be shed.”

Initial “europhoria” was, however tempered as a few hiccups appeared, such as cash shortages, long lines in banks, post offices and at toll booths.

France urged citizens to not rush all at once to the banks with their savings, often hoarded under mattresses and in jam jars, as they had until June 30 to get rid of their francs at commercial banks and until 2012 at the Bank of France.

And the European Commission reported minor problems in getting small euro bills and coins distributed in most countries.

Duisenberg said, however, he was sure that Jan. 1, 2002 would be written into history books as the start of a new European era.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW

You might also like

Japan’s shochu capital becomes new hot spot for whisky

Japanese siblings win mixed duet silver at worlds

Rediscovering the Joy of Japanese Art in London

PHOTO GALLERY (CLICK TO ENLARGE)



Source link

Tags: eurostartedyears
Share30Tweet19

Recommended For You

Japan’s shochu capital becomes new hot spot for whisky

by 198 Japan News
June 26, 2022
0

Traditionally known for its shochu, a clear liquor made from grains, potatoes, sugar cane and more, Japan's southwestern region of Kyushu has become home to a budding whisky...

Read more

Japanese siblings win mixed duet silver at worlds

by 198 Japan News
June 25, 2022
0

Japan's Tomoka Sato and her younger brother Yotaro won Saturday's mixed duet free routine silver medal at the world aquatics championships. The Satos finished second with 89.7333 points...

Read more

Rediscovering the Joy of Japanese Art in London

by 198 Japan News
June 24, 2022
0

For the Tokyo gallery A Lighthouse called Kanata, simplicity can be deep and nuanced, and is, in essence, what defines Japanese art. It can also be reinterpreted, since...

Read more

1st U.N. nuke ban treaty meeting urges “immediate action”

by 198 Japan News
June 23, 2022
0

Parties to a U.N. treaty banning nuclear weapons called for "immediate action" to achieve a nuclear-weapons-free world as they wrapped up their first meeting Thursday. The statement, adopted...

Read more

Hulu Japan boards season two of drama The Head as filming begins in Spain

by 198 Japan News
June 22, 2022
0

Hulu Japan is on board for the second season of The Mediapro Studio’s drama series The Head, which recently began filming in Tenerife in the Canary Islands. In...

Read more
Next Post

CDC changes guidelines as omicron surge continues l WNT

Western US states hit by disruptive winter storms

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

Gravitas: China retaliates after Biden's Taiwan comment

37

Kishida announces additional sanctions on Russia

June 27, 2022

Okinawa farmers, once finding wealth in pineapples, search for successors

June 27, 2022

US purchased ‘advanced’ weapons for Ukraine – media — RT World News

June 27, 2022

Live news updates: Blockade Australia climate protests across Sydney; at least 12 Covid deaths | Australia news

June 27, 2022

G7 leaders to ban Russia gold imports and monitor more assertive China

June 27, 2022

At G7, Kishida targets China with warning over taking ‘wrong lessons’ from Ukraine war

June 27, 2022
198 Japan News

198 Japan News will provide the latest news update as the government facing a growing challenging in preventing Japan from breaking apart along ethnic and religious lines.

198massmedia Group. USA. 3821 Dominion Drive, Dumfries, USA. 22026.

Toll Free 1 888 642 8433.
Contact: info@198japannews.com

LATEST UPDATES

Kishida announces additional sanctions on Russia

Okinawa farmers, once finding wealth in pineapples, search for successors

US purchased ‘advanced’ weapons for Ukraine – media — RT World News

Live news updates: Blockade Australia climate protests across Sydney; at least 12 Covid deaths | Australia news

G7 leaders to ban Russia gold imports and monitor more assertive China

At G7, Kishida targets China with warning over taking ‘wrong lessons’ from Ukraine war

Coronavirus pandemic latest: June 27, 2022

Trilateral meeting between leaders of S.Korea, US, Japan in Spain during NATO summit

RECOMMENDED

Ethereum price breaks out as ‘bad news is good news’ for stocks

Digital Collectible Downturn — NFT Sales Slid More Than 74% Lower Than the Month Prior – Markets and Prices Bitcoin News

Substitutes make impact as Nadeshiko Japan thrash Serbia 5-0

Less than 3% of Japan firms exiting Russia, lowest among G7: survey

Trilateral meeting between leaders of S.Korea, US, Japan in Spain during NATO summit

G7 leaders to ban Russia gold imports and monitor more assertive China

The Lessons of Nothingness From Maverick Zen Monks

web3 on the platform of your choice — a closer look at Coinbase Wallet’s multi-platform approach | by Coinbase | Jun, 2022

Copyright © 2021 198 Japan News.

No Result
View All Result
  • Browse the latest updates from Japan
  • Landing Page
  • Buy JNews
  • Support Forum
  • Contact Us

Copyright © 2021 198 Japan News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In