The
popular appeal of the new currency was widespread throughout Europe but not all
countries moved at the same speed in the adoption of the Euro.Transition in the Eurozone.
The
popular appeal of the new currency was widespread throughout Europe but not all
countries moved at the same speed in the adoption of the Euro.
Don't be
fooled, despite all the previously expected reluctance to replace the
Deutschmark with the Euro the Germans were the fastest ones to adopt it. In the
first day of circulation (a holiday) inside the EMU 25% of all transactions were
conducted in Euros. By the fourth day (a Friday) that fraction had climbed to
50% (75% in Germany).
This graph shows the percentage of ATM machines ready to dispense Euros starting 00:00:01, January 1st, 2002. Notice the low rate in Italy. This situation caused an exchange of press releases between the pro-European Foreign Affairs Minister (Renato Ruggiero) and the conservative (for lack of a better word) Prime Minister (Silvio Berlusconi.) Ruggiero was forced to resign and Berlusconi took over the role of Foreign Affairs Minister himself!!!
