The ECB is also addressing the issue of the euro cash changeover outside the euro area. We know that a significant number of banknotes issued by national central banks of euro area countries are circulating outside the euro area, especially in the accession countries. The citizens of these countries should be aware that several measures are currently under consideration to facilitate the exchange of these banknotes for euro banknotes. On the occasion of a seminar organised for the central banks of the accession countries at the ECB on 8 February 2001, the first steps to co-ordinate such measures were taken and agreed. Further steps are planned to facilitate the exchange process in countries outside the euro area.
Central banks are our natural counterparts to that end.
Campaign It is sometimes forgotten that the euro has already been in existence as a currency since 1 January 1999. Therefore, whenever we pay in cash with current banknotes, we are actually already paying in euro. However, owing to the lengthy preparations needed to produce the new high-quality euro banknotes, we are still obliged to use the current national banknotes. This, mainly psychological, drawback will disappear on 1 January 2002. The euro banknotes and coins will be easy to use throughout the euro area, will make our lives easier and will be visible proof that we have a common currency.