FRANCE: BANK OF FRANCE EURO CURRENCY PRESS CONFERENCE

(3 Jan 1999) Eng/French/Nat

After days of working round the clock, banks and financial institutions across Europe are ready for the debut of the new common currency - or euro - on financial markets.

The stroke of midnight on New Year's Eve brought the long-anticipated fusion of 11 European currencies into one.

But the true test of the currency launch happens on Monday, the euro's first day of business.

Monday brings the first day of trading for the euro - and the French financial markets are ready to start trading in the new currency.

The Bank of France has been coordinating the operations needed to change the computer systems in bank dealing rooms and stock markets across the country.

Euro coins and bills will not enter cash registers and purses for another three years.

On paper though, the euro is now the main European currency for electronic transfers, checks and credit card payments.

Head of the Bank of France Jean-Claude Trichet was a happy man with what he said was a smooth changeover.

SOUNDBITE: (French)
"Well, it ( the changeover) has all gone exactly how we predicted it would - and when I say we, I mean, the Bank of France, all those who have been responsible for the arrangements, all the market operators and all the commercial banks and I would like to thank them for their hard work and the fact that everybody has worked so well together for the conversion process."
SUPERCAPTION: Jean-Claude Trichet, Head of the Bank of France

And Trichet remains positive for the future.

SOUNDBITE: (English)
"I have no particular worries at all in that respect , it seems to me that continuity will continue to be rule of the game - the euro is coming out of the merging of a number of European currencies that are solid, credible and all this launching has been anticipated over the last weeks and months and I expect the next weeks and months and also next days to be in line with what has been observed during the last period of time."
SUPERCAPTION: Jean-Claude Trichet, Head of the Bank of France

For now, three of the 15 nations in the European Union have not joined the common currency - Britain, Denmark and Sweden.

Greece failed to meet qualifying economic standards.

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