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Euro Gets Thumbs Up In Trading And Stores As 12 Nations Switch Leaps 1.5% Against Dollar Objective is to facilitate [currency]-commerce in way that national money couldn't.(A)
Byline: DONALD H. GOLD
Euro cash is here. On New Year's Day, Europeans made the last and biggest shift to adopting a pan-Continental currency. The euro debuted with 664 billion new euros in coins and bills.
It's a new year and a new era for a new Europe.
Cross-border business will be cheaper and easier. Gone are the flurries of currency transactions and a mountain of currency risk.
The euro era will impact the U.S. and Europe's other trading partners. A U.S. firm that does business in Lisbon, Paris, Rome and Oslo no longer has to fret about a portfolio of foreign exchange. This makes business easier to do.
Investors eagerly snapped up the new currency on its first full business day. Against the dollar, the euro jumped 1.32 cents to 90.39, a robust 1.5% gain.
Twelve currencies were retired for the euro -- from Belgium's franks to Finland's markkas.
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