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American Morning
Euro Debuts in 12 Nations
Aired January 01, 2002 - 09:24 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
MARTIN SAVIDGE, CNN CORRESPONDENT: The euro, currently worth about $0.88, is now the coin of the realm across much of Europe. The new currency rolled out at the stroke of midnight in 12 countries, directly affecting some 300 million people accustomed to francs and posadas and kroners and lire and marks and -- well, you get the idea.
Our Richard Quest is in Frankfurt, Germany to see how ordinary folks are dealing with the biggest currency changeover in history. Is that right, Richard?
RICHARD QUEST, CNN CORRESPONDENT: Indeed it is. Indeed it is, Marty.
Look what I've got. Look what you wanted earlier.
SAVIDGE: Yes.
QUEST: A good old, oh, yes, that's making your New Year's Day, isn't it?
SAVIDGE: It is. Bless you. Bless you.
QUEST: It's a shame there's only three and a half thousand miles between us.
SAVIDGE: Yes, yes.
QUEST: I've got the bratwurst that you were seeking earlier. No sauerkraut, but a bit of mustard and I'm afraid it doesn't exactly translate across the Atlantic. It costs about two euros 30, which in the old money was around about four to five German marks. And really what is now happening is that 300 million Europeans are getting to grip[s not only with their bratwursts -- well, in Germany -- but also with their new currency.
Cash machines across the continent have been dispensing euros. There has been some confusion and not too much chaos. People buying with the old money, getting new money back, learning to live with it.
Let's talk to Charlie over here from the United States. Hello, Charlie.
CHARLIE: Hello, Richard.
QUEST: Do you like bratwurst?
CHARLIE: Yes, I do.
QUEST: Very nice. Have you been using your euros today?
CHARLIE: Yes, I used euros today, also to buy something to eat and something to drink. There was no problem at all.
QUEST: Right. And when you started, when you got your euros this morning, I mean how did you manage it? Did you just go to a cash machine? Did you have any trouble, that sort of thing?
CHARLIE: Yes, I went to the cash machine right over there and I put in my bank card and everything was completely normal.
QUEST: Right. And what about, what have you done with your old German marks?
CHARLIE: Well, I still have a lot of them and it is still possible for us to spend them for the next two months. So I should have no problem to get rid of it.
QUEST: Charlie, do you think there's going to be a lot of confusion now or chaos or difficulty? I mean from your early experience.
CHARLIE: Well, in a large city like Frankfurt that is very sophisticated, I don't think so. But possibly in smaller towns where they don't have so many computers there will be confusion.
QUEST: And advice to Americans who may be coming to Europe in the next couple of weeks, be worried? Bring your euros? What would you do?
CHARLIE: Well, I don't think they should worry about anything. They should come over here and bring their dollars and exchange them for euros and spend them just like normal.
QUEST: It sounds almost like good advice from the tourist board.
Thank you very much, indeed, Charlie. Happy new year to you.
CHARLIE: Thank you.
QUEST: And we might eat another bit of bratwurst ourselves a little later. There you have it, Marty. The euro is now well and truly in circulation. Really, I suppose, as they say, the rubber will hit the road or the wheels will hit the track tomorrow, January the 2nd. That's at the end of the long holiday break. And then we really will see just whether the euro works or is as tasty as the bratwurst. Enjoy.
SAVIDGE: Richard, before you run off with my bratwurst, let me ask you this. Is it possible that some people are feeling a little bit richer maybe because of the valuation difference between the currency they had and the euro? Prices seem different, obviously. QUEST: No. No. Quite the opposite, of course, particularly in countries like Italy and Portugal. Even here in Germany, remember, it was two marks. Now you only get one euro. In the old days it was 200 escudos in Portugal. Now you only have one euro. So in true fashion now it's harder than ever to make your first million.
SAVIDGE: Yes. Yes it is.
All right, Richard, well, my other request would be for a Mercedes. So I hope you're just as successful when we meet again. Thank you.
QUEST: I'll be back for that in a minute.
SAVIDGE: Right. Very good of you.
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