OSAKA -- The official launch of the euro in 12 European Union nations on Jan. 1 will make life easier for both Japanese corporations and individuals, the EU's top representative in Japan said Friday.
Speaking at an Osaka symposium on the euro, EU ambassador Ove Juul Jorgensen called the introduction of the single currency system the largest logistic undertaking ever attempted in peacetime.
"The euro will add a degree of stability to Japanese investment in the euro area, and, of course, will make it much easier on Japanese tourists who are traveling through the EU, as they will not have to constantly change money," Jorgensen said. "From Jan. 1 to Feb. 28, euro bank notes and coins will be available from nearly 140,000 cash machines in euro area countries."
On March 1, the national currency of countries within the euro area must be exchanged for euro notes at commercial banks.
"Fifteen billion bank notes, ranging in value from 50 to 500 euro, as well as 50 billion coins, ranging in value from 1 euro cent to 2 euro, will be replacing the national currencies of 12 EU nations," the ambassador said.
The euro area includes Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, The Netherlands, Austria, Portugal and Finland.