Euro changeover smooth, says ECB

Frankfurt, Jan 1: The European Central Bank (ECB) said on Tuesday that the euro cash changeover was going very smoothly so far and expected almost all euro zone cash machines to be switched over to the new currency by midnight.

"So far no problems have been reported, everything is on schedule and running very smoothly," an ECB spokeswoman said.

"By lunchtime between 50-85 per cent of ATMs have been switched over to euros in the whole of the euro zone area and we expect that nearly 100 per cent will be switched over by the end of Tuesday," the spokeswoman said.

More than 300 million Europeans in 12 euro zone countries began swapping their national currencies for euros in one of biggest ever logistical exercises crowning an ambitious monetary union aimed at securing peace and greater prosperity.

While in most euro area countries national currencies will be gradually phased out of circulation until the end of February thousands of Europeans queued at cash machines already on New Year’s night to get their hand on new banknotes.

The ECB has said it would publish more detailed information about the changeover on Wednesday and will continue to offer regular updates
on the progress of the operation throughout this month. The information will be updated daily until January 11 with weekly updates following on January 18 and 25.

— Reuters