In the wake of the September 11 attack on the World Trade Center in New York, many people understandably cancelled travel plans. Those long dreamed of plans to go to Europe never materialized. Well, there’s always next year, and it will be here very soon.
But for travelers heading to Europe after January 1st, it will be impossible to miss one very dramatic alteration. No more fumbling through your French francs, German marks or Italian lira. No more worries about using up your money before you cross the next border. Welcome to the era of the euro.
Beginning on New Year’s Day, twelve European nations will shed their old currency and begin using the euro for real. Circulation of euro banknotes and coins will begin on “E-day" and initially, there will be dual circulation. In six months, on July 1, 2002, all national currencies will be completely replaced by the euro. If you’ve been in Europe this year or last, you’ve probably noticed that all prices were in local currency and the euro. However, most people didn’t pay much attention to the euro amount since all business was still conducted in francs, drachmas, guilders and so on. The participating countries are Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, The Netherlands, Austria, Portugal and Finland.
The euro will certainly make it easier for travelers, but whether or not it will actually work remains to be seen. Can twelve nations with varying economies and standards of living have a single currency? That question has been hotly contested back and forth since the idea of the euro was first born. Denmark, who is a member of the European Union, voted in a referendum against surrendering their krone and adopting the euro. For the moment, the UK has also decided against the euro, although the subject is being hotly debated.
While many Europeans feel that a common currency will give them more power and bond them closer together, others feel that it is the first step to a loss of national identity and economic control. And some fear that the euro is merely the first step towards a political unity, where all of the nations will be part of a European state, along the lines of the U.S. Even enthusiastic proponents of the euro agree that there may be unforeseen problems, and that things can go wrong. But we will all have to wait to see what happens—and it all begins on January 1st.
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