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American Morning

Euro Arrives With New Year

Aired December 31, 2001 - 07:34   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.
LEON HARRIS, CNN ANCHOR: As the New Year rolls in across Europe, in just a few hours from now, much of the continent is going to be rolling in a new currency, the euro. This is going to be the largest money change over in the history of mankind. Think about this. Twelve nations adopting this new money, more than 300 million people being effected.

Richard Quest joins us now from the European Central Bank in Frankfort, on the eve of the big event.

Richard, how are things shaping up?

RICHARD QUEST, CNN CORRESPONDENT: Boy, I'm cold Leon. It's very cold here in Frankfurt, bitter. Now that the sun has started to go down, the snow clouds are gathering. The ECB behind me, and it is just downright freezing. But this is something to warm your heart. This is one of the new euro banknotes, one of the first ones to actually be seen anywhere. I can't actually do much with it, because it's -- as you might have gathered -- it may be given to us with the compliments of the European Central Bank. How kind of them, it's in per specs. What we can see are the various security features: the foil, the hologram, the changing numbers when you tilt it to the light.

You're quite right. From Finland in the frozen north right the way through the whole European community, down to Portugal and Greece in the south, this is going to be, Leon, the new currency, the notes and coins that for the first time, 300 million -- 300 million people -- will be using everyday, Leon.

HARRIS: Richard, can you tell us what happens to the old money that these people may be holding on to in their nations' currency? Does that money -- suddenly worthless, or what?

QUEST: No, there's a two-month period when people will be able to use the old money and the new money at the same time. But (INAUDIBLE) goes out of circulation, (INAUDIBLE).

HARRIS: Richard, if you can hear me -- I'm sorry, Richard, if you can hear me, we can't hear you. There is a problem with your microphone there. The holiday bug seems to have bitten us quite badly this morning.

Richard Quest reporting for us there from Frankfurt from the European Bank. And we'll try to see if we can get some information from Richard on that later on.

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