Another factor underpinning the confidence of the European public in their new currency is the quality and integrity of euro banknotes and coins as well as the smoothness with which they were introduced. The “cash changeover” , by now almost three years ago, was a very complex operation involving an unprecedented logistical effort.
Some 15 billion euro banknotes and 50 billion coins were prepared, produced and distributed, so that on 1 January 2002, over 300 million European citizens could hold the euro in their hands. Thanks to the thorough preparation by central banks, financial institutions and the private sector, the launch went very smoothly; the chaos predicted by some commentators never materialised.