The Secretary of State in the Foreign Office Verheugen emphasized that the EU Commission and all Partner States had recognized the current unfairness involved in the division of the financial burden. The head of the CDU Schaeuble warns that the government should not expect too much, but also agrees that the German contributions to the EU must be lowered. Conversion to the Euro proceeding smoothly The European financial centers are pleased. The banks and exchanges all say that adjustments to computer and payment systems were running according to schedule. Even the responsible parties at the European Central Bank in Frankfurt, which is in charge of the monetary conversion, are pleased.
Many banks intend to conclude their work today.
As of yesterday, the monetary policy is effective for 290 million Europeans. For example, bank customers can now process transfers in the Euro and the stock trades will be exclusively conducted in Euro. On the first sales day after the introduction of the single European currency, the Euro hardly played a role in German businesses. According to the General Association of the German Retail Trade, there were very few customers who wanted to pay for their purchase with a check made out using the Euro, for example. The CDU and CSU want to begin circulating a nationwide petition against the planned reform of immgration and naturalization law.