ECB says euro will unify Europe

Euros: 50 billion coins and 14 billion banknotes come into effect from January 1, 2002

FRANKFURT, Germany -- The European Central Bank has officially launched the new euro single currency.

ECB president Wim Duisenberg said on Thursday: "In 100 days time the euro will be in our pockets, it will be our money -- a tangible reality and not just the virtual market currency that it has thus far been perceived to be by many, if not most, Europeans.

"The euro is much more than just a currency. It is a symbol of European integration in every sense of the word.

"In terms of economic integration, the euro is a symbol of successful enterprise and initiative which has crossed borders and removed barriers to people working, trading and living together.

"In terms of political integration, the euro is a symbol of stability and unity. Countries from a continent which, throughout the ages, has so often been ravaged by war, have together vowed to uphold the values of freedom, democracy and human rights."

He added: "In addition to the economic and political benefits which the euro brings, it will, I believe, help to change the way in which we think about one another as Europeans."

The seven different denominations of banknote will become legal tender on January 1, 2002.

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On that date more than 14 billion banknotes and 50 billion coins will be used in currency among 12 member states of the European Union -- Austria, Belgium, Finland, France, Germany, Greece, Italy, Ireland, Luxembourg, Holland, Portugal and Spain.

Two months later, on March 1, traditional currencies such as the franc, the mark, the lire and the peseta will cease to be legal tender and be abolished.

Duisenberg added: "With the new single currency the people of Europe have one more fundamentally important thing in common -- their money!

"We can thank the forward-looking thinkers of Europe for the real vision for which it took to make this day possible.

"It required much insight, understanding and determination to convince the different countries of Europe that their place in an increasingly interdependent world could only be assured by a single currency which promoted greater commerce both among themselves and with the rest of the world."

The unveiling of the currency marks the start of a major publicity campaign to prepare the euro zone's 300 million citizens for the switch.

An opinion poll released earlier this year by the European Commission revealed a worrying trend of widespread ignorance across member states about the euro.

Just 47 per cent of French and Italian people were aware that notes and coins were being introduced on January 1, while 43 per cent of people in the euro area said they felt badly informed about what would happen.

Only one in four small businesses feels prepared.

The ECB has argued that the most effective way of increasing awareness of the euro is to mount a saturation campaign in the final four months of this year.

But some concern has been expressed over the Euro-bank's decision to leave the launch of the publicity drive until now.

In all 12 countries, governments, banks, retailers and other institutions have launched information campaigns, but surveys suggest that much remains to be done.

Whereas the display of prices in euros has been a common sight for months in regions such as the south of France and Catalonia, it is less noticeable in parts of Germany and Italy.

There will be seven different banknotes and eight coins, each featuring a map of Europe, together with doors, windows and bridges.

The ECB says "windows and gateways symbolise the European spirit of openness and cooperation," while "bridges symbolise the close cooperation and communication between Europe and the rest of the world."

But the notes will be faceless and devoid of heads of state, inventors, explorers or the great and worthy.

The process to delivery $580 billion (€640 billion) worth of euro notes and coins to banks and companies in the euro-zone begins within the next few days.

Across Europe, trains, security vans and army lorries will transfer the new currency to secret holding locations.

By January 1, 14.5 billion euro notes and 50 billion euro coins are scheduled to have made the journey to bank safes and shop tills, but between now and then there is a real risk of theft or counterfeiting.

Banking officials are aware that the chance to forge a currency yet to be used by novices will never come again.

The ECB has prepared a "counterfeit guide" which is to be distributed throughout the euro zone.

A publicity campaign, also beginning next week, will target the ordinary citizen.

"Everything has been done to make this currency harder to counterfeit than any previous money," said Jean Rodriguez of the ECB.

"The game now is to educate the public about how to distinguish the genuine from the forged."