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New Euro Currency Debuts Amid High Hopes, Big Fears.(ISSUES & INSIGHTS)(NATIONAL ISSUE)
Byline: CHARLES OLIVER
Say goodbye to the franc, lira and mark. Say hello to the euro. On Jan. 1, the European Economic and Monetary Union rolled out its new currency.
Over the next two months, all currencies in the EMU's 12 member nations will be phased out. Any notes and coins not changed to euros by March 1 become worthless.
For two years the euro has existed only as a virtual currency. Now, it will fill the pockets of ordinary people. For the first time since the Roman Empire, much of Europe has a single currency.
This is certainly a momentous event. But switching separate euro zone currencies for the euro and getting 50 billion new euro coins and 14.5 billion new bank notes into circulation is a huge project with clear winners and losers.
At the top of the list of winners, economists say, are consumers.
"When prices were marked in all those different currencies, it was hard to compare prices in the different national markets," said Jeff Thredgold, economic consultant to Zions Bank in Salt Lake City.
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