NEW CURRENCY: The Republic is one of seven euro-zone countries where all cash machines have been fully converted to euros, the European Central Bank (ECB) said yesterday.
Describing the introduction of notes and coins as a tremendous success, ECB president Mr Wim Duisenberg said the operation had gone more smoothly than expected.
"By 2 p.m. today, 96 per cent of all automatic teller machines have been converted. . . in most countries the figure is already 100 per cent," he said.
Mr Duisenberg said historians would recall January 1st, 2002, as the beginning of a new era in European integration.
"Now, two days after the introduction of euro cash, I can say the huge task has so far progressed very smoothly - even beyond our own expectations and hopes. We can already pronounce this unprecedented move a tremendous success," he said.
Mr Duisenberg was speaking in Frankfurt after a meeting of the ECB's Governing Council, which was also attended by the Economic Affairs Commissioner, Mr Pedro Solbes, and Spain's finance minister, Mr Rodrigo Rato.
As expected, the meeting left interest rates unchanged and Mr Duisenberg expressed satisfaction at the appreciation in the euro's value against other currencies since the introduction of notes and coins.
"The movements of the past couple of days have been, to say the least, gratifying to look at. It is going in the direction we always said the euro had the potential to go," he said.
On the financial markets yesterday, the euro held on to most of the gains it made against other major currencies on Wednesday, and the currency spent most of the afternoon at around $0.90 before falling marginally back later.
Mr Rato said there was no evidence that the currency changeover had led to higher prices, despite many anecdotal reports of shops rounding up prices.
"The data we have right now shows there has not been a significant increase in prices since the last two weeks of December. Consumers have to be ready to look at prices now and in any circumstances.
"But right now we don't have any data to show there has been any change in the policy of retailers," he said.
Mr Duisenberg said that a Big Mac and a strawberry milkshake had this week cost him the precise euro equivalent of the deutschmark price he paid last week, while a copy of Le Figaro had been 7 per cent cheaper.
Mr Solbes said the enthusiasm that greeted euro notes and coins had shown that Europeans welcome economic change and that the EU's system of political cooperation works successfully.
"The euro has proved that the European people can work together towards a common goal when we have a clear political objective. It also shows that diversity works in Europe," he said.
The successful introduction prompted British Prime Minister Mr Tony Blair to say Britain would be foolish to try to hide from the new currency. But the euro has highlighted divisions over Europe within Italy's right-wing government.
Traditionally one of the EU's most integrationist member-states, Italy under Mr Silvio Berlusconi has clashed with EU partners over the European Arrest Warrant, and prevented an agreement on siting new EU agencies at last month's Laeken summit.
Italy's foreign minister, Mr Renato Ruggiero, yesterday criticised cabinet colleagues who had belittled the importance of the introduction of euro notes and coins. "The differences of opinion aren't marked, they are very marked," he said.
