New Year, New Money

Fireworks and music heralded the advent of a new year and a new currency for more than 300 million people across 12 European countries Tuesday as the much-anticipated Euro made its debut.

Welcome parties for the world’s newest currency attracted thousands from Helsinki to Paris to Athens. Many European politicians joined their constituents in rushing to automated teller machines to withdraw new Euro notes.

"Today is a very special day, a great day for Europe," European Commission President Roman Prodi told reporters in Vienna after purchasing a dozen roses for his wife for 32 Euro shortly after midnight.

The sentiment was echoed by politicians throughout the 12 countries using the Euro as their new currency. Even the pope saw fit to mention the Euro in his annual New Year's message.

"I send a special blessing of peace and prosperity to
the countries of the European Union which today, with the
single currency, have reached an historic goal," Pope John Paul said.

"I hope that this may favour the full development of the
citizens of the various countries and that justice and
solidarity may flourish all over Europe to the advantage of
all humanity," he said.

Though the Euro made its virtual debut in January 1999 as the currency of bank transactions and banks began selling starter kits of new Euro coins to the general public two weeks ago, Jan. 1, 2002, marked the first time the public got their hands on the new Euro notes.

The results were mixed.

"God how ugly!" Michela Moccia, 34, told a Reuters reporter in Rome. "They look so cold, metallic, boring and soulless."

But others kissed their new Euro notes and crowded around friends who’d just made withdrawals at ATMs.

A bag of Lychee nuts makes the record books

The first country to experience the currency changeover was the tiny French Indian island of Reunion off the southeast coast of Africa Monday evening. The first purchase using Euros was a kilo bag of Lychee nuts.

Greece and Finland followed Reunion. An hour later, Italy, Germany, France, Belgium, Spain, Austria, Ireland, Portugal, Luxembourg and the Netherlands joined the fun.

"So far everything has run smoothly," Prodi said.

The statement would hold the rest of the night as banks across Europe reported no major problems in switching to the new currency.

No major rush, hitches at ATMs

The lines many politicians had expected at automated teller machines after midnight didn’t materialize for the most part. But banks across Germany reported record withdrawal rates.

The Bankgesellschaft in Berlin, said there had been more than 200,000 withdrawals at their ATMs within the first half hour alone. At Dresdner Bank in Frankfurt, the 150 ATMs the bank had working at 12:01 were busy as well. By 12:02 a.m. there had been 180 withdrawals, reported the Associated Press. The trend repeated itself without hitches when the rest Dresdner Bank’s 1,100 went online at 12:22 a.m., said speaker Theis Kiewit.

"We are very, very happy," he told wire services.

There was still a question on what to do with the money after withdrawing it. Aside from bars and clubs, much of Europe was closed Jan. 1, 2002, reserving the Euro’s major test for Jan. 2.

Some bars and eateries in France and Austria asked clients not to pay in Euros, so that staff would be spared the complications of converting the currency during one of the busiest nights of the year.

But outside of that, everything went smoothly, the European Commission reported. The bigger challenge it seems, lies ahead, when initial euphoria over the new bills dies down and reality sets in.

A study released on Tuesday showed that the famously new currency-wary Germans lived up to their billing. About 46 percent of those polled expected the Euro to have more disadvantages than advantages. Chief among the concerns was that the Euro would cause prices to climb.