This is a unique and highly symbolic event for Europe. As regard France, the early changeover of non-cash payments in 2001, and the rapid introduction of banknotes and coins in euro in early 2002, proved to be a success and entirely in line with the scenarios devised in consultation with all the involved parties (the banking sector, cash-in-transit companies, the Police and the Army, retailers and the general public). In France, almost 70% of non-cash payments were in euro at the end of December 2001. Since 1 January, all transactions have been conducted in euro, and no major incidents came to light, thanks to the early use of non-cash payments by the general public throughout the second half of 2001. This was also a key factor in the rapid acceptance of the banknotes and coins by the public. Similar success has been witnessed in all European countries, thanks to national efforts and the co-ordination by the European Commission and the Eurosystem; a month and a half after the  introduction of euro banknotes and coins, more than 95% of cash transactions in the euro area are now being carried out in euro. Although the practical changeover to the euro might be considered as an outstanding achievement, we should nevertheless remain vigilant on the following issues: ·  First, price stability. Although some increases in prices of a certain number of consumer goods have been reported, it is likely that, overall, the effect on price stability will be marginal.
The intensive trade and financial links with the euro area are the main factors behind this choice. Of course, the adoption of a euro-based exchange rate arrangement is a unilateral decision, and does not involve any commitment from the Eurosystem. However, this growing use of the euro as a reference currency, and also the use of euro banknotes and coins outside the euro-area, may be seen as a sign of confidence in the stability-oriented macroeconomic policies of the euro area. The internationalisation of the euro might develop further, thanks to an established track record of the Eurosystem with reference to its primary objective of price stability and continuing integration of financial markets in the euro area. But the Eurosystem does not pursue the internationalisation of the euro as an independent policy goal: this implies that it neither fosters nor hinders this process. It does not mean that the international dimension is irrelevant for the Eurosystem. Of course, we take into account potential spillover effects on monetary policy. However, the impact of the internationalisation of the euro on monetary policy should not be over-stressed, as the Eurosystem’s monetary policy is sufficiently robust to take into account and accommodate its potential implications. At this point, one may ask what conditions are required to complete the success of the euro and EMU in the medium term. In my opinion, the metaphor of rugby is appropriate: by introducing banknotes and coins in euro, we have scored a try. Now, we must convert our gains.