-Caveat Lector- The article in the mag is much more pro euro including a three column headline headline. a quote picked up from the story - "The new euro could challenge the U. S. dollar's status."
Om K http://news.nationalgeographic.com/news/2001/12/1226_wireeuro.html Euro Debuts January 1 in History's Biggest Cash Swap Rick Steves The Dallas Morning News December 28, 2001 If efficiency were an "ism," it would be the "ism" of our age. Streamlining is going on everywhere. To be competitive globally, corporations are consolidating and free-trade zones are being established. Now, in Europe, 12 currencies such as the mark, franc, and shilling�for generations symbols of their respective countries�are making way for one new currency, the euro. The euro has been an "electronic currency" since 1999. But, on January 1, new coins and paper will hit the streets from Ireland to Greece as 12 western European nations�all but Britain, Switzerland, Norway, Sweden, and Denmark (which are welcome to join later�adopt the euro. The advent of the euro is the biggest monetary switch in history, as a continent of vending machines, ATMs, menus, and even wallet sizes are adjusted to fit the new currency. Got piles of lire or francs in a dresser drawer? For about two months (through February in most countries) both the old and the new currencies will be legal tender. After that, roughly through 2002, large U.S. banks and any European bank will swap old paper currency for euros. Money Conversion Made Easy The euro is great news for travelers. Changing money within "Euroland"�which wastes time and is expensive�no longer will be necessary. And price differences from country to country will suddenly become obvious. In 2001, only a mathematician knows if gasoline costs more in Germany or France. In 2002�with everything in euros�prices will be easy to compare. And this will stimulate competition. Publishers of 2002 guidebooks researched in 2001 used standard formulas to translate local currencies to euros. These prices will be a bit off because European businessmen probably will round up to the nearest euro. Ever since Euroland was formed and the 12 old currencies were tied together, they've gone up and down against the U.S. dollar in unison. Therefore, if the franc is weak, so are the mark and guilder. In 1999 the newborn euro was worth U.S. $1.16. It immediately began a long slide against the dollar. Today, with a euro worth about U.S. $0.90, the dollar remains strong. The 90-cent rate makes converting easy for American travelers. To convert euros to U.S. dollars, simply cut euro prices by 10 percent. A taxi ride costing 90 euros is about U.S. $81. A gelato that costs 2 euros is U.S. $1.80. The new European currency will have impact beyond the nations where it's used. Businesses throughout Eastern Europe peg prices to deutsche marks or dollars and often accept these currencies. Come January, the euro will be the new king of currencies. Maintaining Cultural Distinctions Is the euro just one more chip out of the charming diversity of a continent destined to become one generic pan-Euro culture? I don't think so. The new paper currency�issued in 5, 10, 20, 50, 100, 200 and 500 euro bills, each a different size�is nationality-neutral, with drawings of nonexistent windows, gateways, and bridges, metaphors of communication within Europe, and between Europe and the rest of the world. But each coin has a side that reflects its country of origin. So, while the coins�issued in 2 and 1 euro, 50-, 20-, 10-, 5-, 2- and 1-cent denominations�are accepted everywhere, we'll spend more coins featuring Botticelli in Italy, Queen Beatrix in the Netherlands, Brandenburg Gate in Germany, and a traditional harp in Ireland. Italy will be just as enticing without its itsy-bitsy lira, and the draw of Greece has nothing to do with drachmas. The euro is just another step in the development of Western civilization. In ancient times, the ideal size of a Greek city-state was about the distance you could walk in a day. In the 19th century, Germany went from 35 independent countries to one. During the last generation, borders have withered away as most of Europe has become a giant free-trade zone. And, come January 1, the evolution continues as 300 million Europeans can use one another's gumball machines. On New Year's Day, my wife and I are flying to Italy�a land that suddenly has far fewer billionaires. Rather than spending 3,000 lire for our vino della casa, we'll pay 1.50 in euros. Clinking our wine glasses, we'll count it as a great day for European travel. Rick Steves is the author of Europe Through the Back Door and 20 other European travel guidebooks and hosts the public television series Rick Steves' Europe. Copyright 2001 The Dallas Morning News <A HREF="http://www.ctrl.org/";>www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. 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