Euro & Life 10 years on

1st January 2012 marked the 10th anniversary of the Euro. Ten years ago at the stroke of midnight the Deutschmark together with some other European currencies ceased to be of legal tender. However the Euro was actually introduced in a non-physical form (traveller's cheques, electronic transfers, banking, etc.) at midnight on 1 January 1999. That was when the exchange rate of the currencies of participating countries (the eurozone) were locked at fixed rates against the Euro. The notes and coins for the old currencies, however, continued to be used as legal tender until new euro notes and coins were introduced on 1 January 2002. Whereas the Euro was full of promises 10 years ago it now is associated with crisis.

News about the Euro's 10th anniversary made me recall the preparation I and my ex-colleagues had to make just before 1999. The company had many outstanding contracts with contractors and suppliers from Germany, France and Italy. We had to make changes to our budgeting, purchasing and accounts payable software systems for the conversion into Euro. However it was not the technicalities I recalled. What I remembered was having one of our bankers over to brief all our users, mainly engineers from various departments, about the new currency and the technicalities involving payments etc. It was a large gathering. If I am not mistaken it was held in our theatrette. Because of the very friendly and collegial atmosphere, I remembered the banker making a remark that the gathering was like a big family reunion. Yes, back in 1999 the company was like a big family. Other than minor squabbles between departments, people are generally co-operative and there was little or no back stabbing. Those were really good times and the work life balance was wonderful (if not a bit underweight on 'work' haha). I was able to knock off at 6 pm to spend time with my kids in the evenings.

Come to think of it, my generation is quite fortunate. At least we had many years of comfortable life relative to the long hours that the current workforce had to put in. But I always wonder whether the current work culture is peculiar only to Singapore and certain Asian countries. If so how is it other countries can manage with shorter working hours and a more balanced lifestyle. I think we are brain washed through years of political reminders that we need to strive to succeed as the country lacks natural resources. The national archetype is hence that of efficiency and hardwork. To this end the government has probably succeeded but it now faces the problem of low fertility rate when its people have no time and energy to raise kids.

Well even governments like ours and the European Union are hit by curve balls. Maybe it is a reminder to avoid having tunnel visions and being overly confident of apparent best line of actions.