EU trumpets success of the euro, five years on
(BRUSSELS) - The European Commission trumpeted the success of the euro on Thursday, saying the number of banknotes in circulation had virtually tripled in the five years since the single currency was introduced.
"The total value of banknotes in circulation has almost tripled since the changeover," from 221 billion euros in January 2002 to 595 billion euros in October 2006, the Commission said in a statement.
It said that according to European Central Bank figures 10 to 20 percent of the banknotes were used outside the euro area, which is to expand to 13 countries when Slovenia joins the eurozone on January 1.
The number of coins has grown from 13 billion euros to 17.6 billion euros.
The Commission noted that most euro-area residents were happy with the single currency but that many still associate it with price increases.
"The euro has brought us many advantages," EU Monetary Affairs Commissioner Joaquin Almunia said in a statement, listing low inflation and interest rates among them.
"Let's make people aware of these benefits ... so that they take advantage of them rather than using the euro as a scapegoat for other problems," he said.
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The commission is right to say that,
many associate the Euro with price rises-the fact is all prices rise dramatically and continually when joining nations have to adopt the euro. Britain, mercifully, is hopefully forever outside the eurozone and price hikes are bad enough here anyway,- they would be very much worse had we joined! I'll never forget buying two ice creams near Marseilles and hearing "neuf euro",(£6.30!!) which was, incredibly, a proper printed price,- not ascam. No thanks, I hope we stick with sterling for eternity.