There were no significant technical problems in this complex logistical process and the fact that national banknotes were largely withdrawn well before the final deadline of their ceasing to be legal tender confirms that the European public became familiar with the new banknotes and coins very quickly.
We should start answering such a question by recognizing that there is always a chance of some market volatility. Nonetheless, we need to take into account that the New York Fed’s Open Market Desk enhanced its information-gathering efforts after and, in part, as a response to the experience of the taper tantrum along two important dimensions.