The euro Preparing for take-off

摘要

Awkward times continue for the Euro-pean Central Bank (ecb). Although euro-area growth is slowing, inflation is rising and the euro has weakened again. Nobody was surprised when the ecb held interest rates at 4.5% on June 7th. But the ecb has more than monetary policy on its mind. The euro is by far the biggest currency never to have had a physical manifestation. Until now, most of the euro-area's 300m people have had little to do with it, carrying on with d-marks, francs or lire as if nothing had changed; without notes and coins, the euro doesn't seem real. However, on January 1st 2002, euro money is due to arrive. By the end of February, the notes and coins of the area's 12 countries will be gone.