Return to Transcripts main page

CNN Live At Daybreak

Euro's First Day in France Goes Well

Aired January 02, 2002 - 05:15   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.
JOIE CHEN, CNN ANCHOR: This is day two for the euro. A new currency went into effect in the 12 European countries yesterday.

CNN's Hala Gorani has this progress report from Paris.

HALA GORANI, CNN CORRESPONDENT: A new year, a new currency for France and 11 other countries in the euro zone. This year and this day the franc is officially part of history after 700 years, as the country's currency on and off officially since 1795. The first day unfolded without any major hitches. Bank machines were working. Customers were able to pay for goods and services in euros and francs, even though retail outlets had to give the change back in euros.

Many of the fears surrounding the launch of the physical notes and coins did not materialize. Cash machines did not jam up. They did, indeed, deliver euros. There were no more robberies reported than usual, even though retail outlets, banks and post offices have stocked up more than usual on cash in anticipation of the first working day of the euro, which happens on January 2 this Wednesday.

One of the fears, however, is that there is a banking strike planned in France for the first working day. The post office and the banks across the country are on strike. Some fear, perhaps, that this may lead to shortages of euros. We'll have to wait and see for that.

The big question now is what is the future of this currency? Will it stay in a monetary union, the 11 and 12 countries that constitute the European single currency? Or will it become more of a political union? That is certainly the hope of some of the euro politicians, the finance ministry officials within the euro zone.

As well, one of the questions is who will be next to join the euro? Great Britain is expected in the next few years to organize a referendum.

In the shorter-term, however, French people on the street were taking the euro in their stride. They said that some complications arose from having to make quick mental calculations. One euro equals about six and a half francs. But all in all and altogether it was a pretty relaxed atmosphere and newspaper agents and newspaper kiosks and coffee shops alike all said that the first day went rather well.

This is Hala Gorani reporting from Paris.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com