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E-Day
January 1, 1999, the New Year's day, coincided with the day when eleven
European nations officially launched the euro
as their shared currency. The name of the new European currency was decided
upon at the summit of the European Ministers of Finance, December 15 and
16, 1995 in Madrid. Information about the euro has been spreading since
the European Union agreed on the concept of a single currency with the
Maastricht
Treaty in 1992. Under the schedule set by the EU, the euro will co-exist
with the old currencies until December, 31, 2001. Starting from January,
1, 2002, and during the next six months the euro banknotes
and coins will replace the national currencies and become the single
valid currency.
Although new money won't be in circulation till 2002, all trading operations
on stock exchanges will be conducted in euros starting from January, 4,
the first business day after the switchover. Thus from January, 1, the
11 national currencies - Austrian schilling, Belgian franc, Dutch guilder,
Finnish markka, French franc, German mark, Irish punt, Italian lira, Luxembourg
franc, Portuguese escudo, and Spanish peseta - will become the euro subdivisions.
However, it doesn't mean that bank accounts will be immediately converted
in euros, banks will offer their clients the choice of euros or national
currencies. Some large international companies plan to switch at once,
but for the time being most companies will go on dealing with their national
currencies.
What is expected from the euro? One of the main targets is to launch
the single monetary policy that would make it easier and cheaper to transfer
funds from country to country and conduct financial international operations.
Most bank chiefs and business leaders agree that it will be much easier
for them to treat everything as euros rather than as national currencies.
Besides, there is a long transition
period to get adjusted to the new policy.
Financial institutions and banks in the euro countries start informing
people as for what to expect from the new currency, and when to expect
it. Government and mass media also help with seminars, brochures, information
units, teaching materials, web sites
- with anything that would come in handy for customers to understand the
euro.
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