Just something popped into my head European countries had different currencies and different prices for goods when they switched to Euro, how did they value the goods in the new currency ? What was the change price - did you all change your local currency unit to the same number in Euros through banks ? Did you lose or win in this process ? I know it's strange to think about it now but sometimes i get some strange thought in my damn head
I remember the Euro change over going pretty smoothly here in Ireland.. I don't remember thinking i had lost out on anything.. Some things got a little cheaper and somethings got a little more expensive.. Loads of info here
Most european currencies that converted already had a fixed exchange rate compared to each other for a few years.. there were no currency fluctuations anymore between them. When the euro was introduced, the rate of 1 euro against to each currency was set in advance. So months before you already knew how many BEF, FFR, DM, .. you had to convert into 1 euro. For example 1 euro = 40.3399 BEF and 1 euro = 2.xx guilders
The market pretty much sets the original price (or exchange rate) and then it's locked in to freeze that portion of the currency market until the final transformation is made. They usually transform the banking system to the new currency first, and then gradually make the changes in the consumer market as they distribute the fiat currency (physical paper and coin money).
most of the things became more expensive and 1,37 easily became 1,40,you can figure out the rest yourself