January 2002 - Nr. 1
Down On The Town
by Alexander Oolo
Direct from Frankfurt, Germany
€-Day upon Europe
The biggest monetary exchange in history starts with twelve countries come January 1, 2002!
That’s when 303 million Europeans will use one common currency: the Euro and Cent (1 Euro = 100 Cent). The symbol of the Euro is €. Its official abbreviation is EUR.
Seven banknotes, broken down into 5, 10, 20, 50, 100, 200, 500 denominations, and eight coins (1, 2, 5, 10, 20, 50 Cent and 1, 2 Euro pieces) make up Europe’s new money.
For the citizens of Germany, France, Austria, Belgium, Finland, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain this will ease life and their purchasing power considerably.
Now it is up to the EU’s (European Union) European Central Bank (ECB), in conjunction with the 12 National Central Banks, to keep the Euro stable.
In Germany 1 Euro has a set exchange rate of 1,95583 Deutsche Marks (DM).
As of December 17th 53,5 million so-called "starter kits" will be made available all over Germany. The kits feature 20 Euro-coins valued at € 10.23 and worth 20 DM. Their purpose is to familiarize citizens with the new currency before becoming legal tender once €(uro)-Day will arrive on 01/01/02.
Speaking of which. The Euro will be reigned in with a bang! And that in no other city but the ‘City of the Euro’, Frankfurt am (upon-the) Main - the permanent seat of the ECB since 1998.
A huge outdoors "EuroParty" is planned right at the site of the European Central Bank, Frankfurt’s Willy Brandt Square. Among its highlights will be a live-performance of the "EuroWorldSong" ("With open arms") and, right at the stroke of midnight along with a mega fireworks display, the unveiling of the 15-meter high "Euro" sculpture.
The indoor venue, the "Euro Gala" at the Hotel InterContinental, should be just as celebratory in mood and is said to feature a 1,000+ of the world’s heaviest hitters in banking, finance, and political life.
One can only hope that the Euro will spell out in a boon of eventual prosperity and fortune for its present and future participants involved.
It should be said that there is no real loss incurred from any investments, bank accounts, insurance policies, etc., held by anyone within the EU. This also includes anyone deriving rental- or pension income.
Everything will be converted automatically and at a set rate.
For detailed information on anything pertaining to the Euro ensure to visit the ECB’s own website, www.euro.ecb.int
Happy New Year to everyone back home from all of us here in Euroland…
Comments to: oolo@echoworld.com
