In many ways, 2002 was another historic year in the process of European integration. The first major event was the successful introduction of the euro banknotes and coins on 1 January, which was the final step towards completing Economic and Monetary Union (EMU). As the euro cash changeover was a complex, ambitious and unprecedented undertaking, a smooth and rapid changeover could only be achieved through systematic preparation and the co-ordination of all parties concerned. It was essential, therefore, to closely involve the banking sector, security carriers, retailers and the cash-operated machine industry – as well as institutions of the European Union (EU), the Eurosystem and national authorities – from an early stage.
The changeover also required substantial organisational, logistical, technical and economic efforts by everyone involved in the use and handling of banknotes and coins. Above all, however, the success of the euro cash changeover depended on the favourable attitude of and swift acceptance by all citizens. And now, the 300 million citizens of the euro area have fully embraced their new currency, thereby endorsing the idea of a more integrated Europe. [...]
