Bulletin n. 1/2009
July 2009
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • European Economy News
    Changeovers made easy
    in European Economy News , April 2009 - Issue 13 ,  2009
    Introducing euro cash is a logistical challenge of the first order – and the EU has risen to it on every occasion. The collective experience gathered during the euro ‘big bang’ of 2002 and subsequent changeovers has set a ‘gold standard’ for the switch which maps out the smoothest route for new entrants into the euro area. Cast your mind back to 1 January 2002, ‘E-Day’ as it became popularly known. As fireworks went off at midnight, euro notes and coins officially became legal tender in 12 European countries with a population of over 300 million, with curious citizens queuing at cashpoints to withdraw their first euros. But this massive currency switchover, the largest in human history, was a complex logistical operation which involved the printing and minting of an astonishing 7.4 billion notes and 38.2 billion coins. This money then needed to be distributed by citizens through banks and businesses, such as retailers, while the old ‘legacy’ currencies had to be eased out of circulation. Despite a certain amount of apprehension that chaos might ensue, the smoothness of the whole changeover surprised everyone. By 3 January 2002, an astonishing 96% of all cash dispensers in the euro area were issuing euro banknotes, and only a week after the introduction more than half of all cash transactions were in euros.
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