Euro launch hailed as a success
The launch of euro notes and coins on January 01, 2002 went off with only minor glitches and was hailed as a success by the head of the European Central Bank, Wim Duisenberg. The lack of any major crisis surrounding the launch combined with heightened public interest helped to push the value of the euro against the dollar to over $0.90 on Thursday, but the currency slipped back to $0.8974 by 0930 GMT.
Most of the problems regarding the introduction of euro notes and coins occurred because consumers anxious to get their hands on the new currency were causing logistical difficulties. In some cases demand had been underestimated leading to banks and automatic teller machines (ATMs) running out of the cash. However, the legacy currencies will remain legal tender in most cases until the middle of February.
