Headlines

Good News for Euro

Currency rises in value as its introduction appears smooth

Published

22 years ago

January 3, 2002

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The euro has opened to good reviews. The new common currency of 12 European nations that debuted on Jan. 1, 2002, rose in value in its second day of existence.

The euro jumped 1.4 percent against the dollar in New York trading and about 2 percent against the Japanese yen. At the start of business today (January 3), a euro was worth 90.36 cents, up from 89.13 cents the day before. When the idea of the euro was first conceived, in early 1999, the amalgamation of francs, marks, lira and pesetas was valued at $1.17. At its lowest, in the fall of 2000, it stood at around 82 cents.

Analysts suggested that yesterday's bounce was a tribute to the smooth introduction of the currency in Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, The Netherlands, Austria, Portugal and Finland, rather than the chaos some had anticipated. They further suggested that the rally could be short-lived, sliding downward along with what is expected to be a stagnant European economy.

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