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European Parliament Economy

Problems with introducing the euro

   Mon 25/09/2000

The political party D66 is concerned at the warning from Europe's largest retail concerns, in an open letter to the European Ministers of Finance, that financial transactions will come to a standstill when the euro is introduced in 2002. The retail trade bases this warning on research by Insead and the Koblenz School of Management. To avoid problems when the euro is introduced, industry wants consumers to be able to change money into euros before 1 January 2002. At the end of 2001 all Dutch consumers will be given a "kit" containing samples of all euro coins.

Does the Council agree that chaos when the euro is introduced could seriously undermine public support for the European currency?

Why is it that consumers cannot obtain euro banknotes before the euro is introduced?

Does the Council agree that issuing a symbolic amount of coins for promotional purposes, for example in the Netherlands, is no solution to the risk of monetary transactions coming to a standstill on 1 January 2002?

Does the Council agree that private individuals should have access not only to coins but also to banknotes prior to 1 January 2002 so that the introduction proceeds smoothly?