January 2002 - Nr. 1
Starter Kits Unleash Euro-phoria
TWIG - The beer flowed, prominent politicians partied, and customers queued
up in long lines at bank branches all over Germany as local citizens
celebrated the long-awaited arrival of euro cash currency Monday (December
17). Many banks opened at midnight to satisfy a storm of customers eager to
get their hands on the first euro "starter kits." The kits, which sell for
DM20 (US$9.10) in Germany, contain coins totalling 10.23 euros. More than 53
million kits - a total of more than 1 billion coins - were released in the
euro zone prior to the official introduction of the currency on January 1 in
hopes of familiarizing the public with and stirring enthusiasm for the new
currency. Euro coins debuted in Greece and Portugal on Monday as well. Most
other European countries in the monetary union presented the new coins to
the public last Friday, in some cases sparking runs on local banks.
German banks had prepared themselves for the throngs with extra tellers, counters and longer hours. Still, in Munich, Stuttgart and Frankfurt, lines snaked out of bank branch doors, where many customers waited in the bitter cold and falling snow. In Cologne, a regional bank supplied waiting clients with draught beer to soothe nerves and animate buyers. "In one hour, we sold 5,000 kits," claimed a bank spokesperson. In the German capital, starter kits were sold out by midday in most places, though long lines were scarce. "Things were calm, but demand was brisk," said a euro project director for the Berliner Volksbank. In Wuppertal, federal president Johannes Rau joined a line of fellow citizens to collect his own starter kits from a bank in his hometown. Rau said, "I think we’ll quickly grow accustomed to [the new currency]." After collecting his euros, Rau marvelled at the new coins along with everyone else. As soon as the president left, his security guards jumped on line themselves.
Deutsche Bundesbank (German federal reserve bank) president Ernst Welteke described the public’s reaction as "euphoric." He praised a massive Europe-wide educational campaign for driving much of the excitement surrounding Monday’s euro introduction. A "euro info" tour, sponsored by the European and German central banks, has been making the rounds of more than 100 cities, distributing some 1.5 million informational brochures.
Euros proved to be the hottest Christmas gift of the year and many customers snapped up multiple kits, especially for children or senior citizens who may have more trouble familiarizing themselves with the new money. Despite the clamour for kits, the German banking association assures the public that there are plenty of euro coins to go around. Welteke said the Bundesbank would make another batch of starter kits available, but warned customers not to squirrel away the new currency - especially after January 1, when 4.8 billions banknotes and 17 billion coins notes become legal tender.
