MONDAY 31 JANUARY 2001
Europe Minister Peter Hain said today:
"The launch of Euro notes and coins today is an historic event. The Euro has become a reality for 300m people across Europe - from France to Finland and from Italy to Ireland.
"In or out of the Euro, it will affect Britain. About 40m Britons who will travel to Europe this year on holiday and business will feel, use and touch the new currency. They should familiarise themselves with its denominations and security features. Many British shops have said that they''ll price their goods in Euros as well as Pounds.
"But everyone should also look to see if they have any ''old'' European currencies at home, or risk being left out of pocket. There are many millions of pounds worth of Francs, Pesetas and other European currencies in the bottom of drawers or in jam jars - money that will be useless within a few weeks. So everyone should hunt them out and exchange them for Pounds or Euros as soon as possible. If they wait, they may find that they''re not worth the paper they''re printed on by the time of their next holiday.
"The changeover to the Euro is a massive logistical challenge. Laid end to end, Euro notes would stretch to the moon 5 times. The coins weigh as much as 24 Eiffel towers. So some hitches are inevitable. But Euro governments, the Bank of England and the European Commission have each said they expect a smooth changeover. A successful changeover is in Britain''s interest because half of our trade is with Europe and over 3m jobs are in companies that do business in Europe."
Notes for Editors
1. The 12 countries that will introduce Euro notes and coins on 1 January are: Austria, Belgium, France, Finland, Germany, Greece, Italy, the Netherlands, Luxembourg, Portugal, Republic of Ireland, Spain.
2. Further details on the Euro are available on our website at http://www.fco.gov.uk
