Many banks were closed on 1 January and an enthusiastic general public wanted to get hold of the new cash as quickly as possible, preferably on New Year's Eve. This meant that there was tremendous pressure on converting the ATMs to euro as quickly as possible at the end of the year, which the banks succeeded in achieving. On 2 January, 91 per cent of the ATMs in the euro area had been converted to euro, and it took only a couple more days until they all worked with  BIS Review 23/2002  1  euro banknotes. Many countries also distributed lower denomination banknotes (five and ten euro) via the ATMs to facilitate change for retailers. Despite this, and despite the advance distribution of coins, there arose a shortage of coins and of five-euro banknotes in a few places, although the system worked well on the whole. With regard to other types of machines, it has been reported that, for instance petrol machines could not accept euro banknotes at first. However, this is being overcome. The changeover to the euro was done in different ways in different countries. Naturally, help was required from all those who handle cash, and despite this there were long queues in many places. However, the customers seem to have accepted this with relative equanimity, perhaps because it was a holiday period and many had vacation at that point in time. The situation improved rapidly in the retail trade, but it took a little longer in the banks.
It is worth remembering, in this  BIS Review 23/2002  3  context, that there is no reason why a cash changeover should have to be made at the start of a year, for practical reasons it would be better implemented in March or October. Another alternative described in the report is known as "Big Bang", i.e. to begin a cash changeover at the same time as the krona exchange rate is fixed and full membership of the monetary union occurs. This scenario requires a preparation period of 2-2.5 years. This makes the demand that the euro can be handled in all transactions in Sweden, both physical and electronic, and by everyone in Sweden, from the corner tobacconist to the National Swedish Social Insurance Board and the major banks from the first day of membership. As this alternative involves a simultaneous changeover in IT systems, other practicalities such as accounting and payment of taxes, as well as a physical cash changeover, it makes high demands on co-ordination and information. Taking into account the longer preparation period prior to the actual EMU membership required in this alternative, it would take longer until Sweden could fully participate in all forums for co-operation and decision-making within the monetary union than would be the case with a gradual transition process. The advantage of this scenario is that it would avoid uncertainty arising among the general public over the position of the euro during the transition period in that the euro could be used everywhere immediately.