EN    EN EN 
 
EN    EN  COMMISSION OF THE E UROPEAN COMMUNITIES 
Brussels, 18.7.2008 
SEC (2008) 2306 
  
COMMISSION STAFF WORKING DOCUMENT 
Annex to the 
COMMUNICATION FROM THE COMMISSI ON TO THE COUNCIL, THE 
EUROPEAN PARLIAMENT, THE EU ROPEAN ECONOMIC AND SOCIAL 
COMMITTEE, THE COMMITTEE OF THE REGIONS AND THE EUROPEAN 
CENTRAL BANK 
Seventh Report on the practical preparations  for the future enlargement of the euro 
area 
 
{COM(2008) 480 final} 
 
EN 2   EN COMMISSION STAFF WORKING DOCUMENT 
Annex to the 
COMMUNICATION FROM THE COMMISSI ON TO THE COUNCIL, THE 
EUROPEAN PARLIAMENT, THE EU ROPEAN ECONOMIC AND SOCIAL 
COMMITTEE, THE COMMITTEE OF THE REGIONS AND THE EUROPEAN 
CENTRAL BANK 
  
Seventh Report on the practical preparations  for the future enlargement of the euro 
area 
  
1. 
INTRODUCTION  
This Working Paper provides for detailed information on the state of the practical 
preparations for the introduction of the euro in the Member Stat es which yet have to adopt the 
euro. 
Section 2 of this paper summarises the situati on in each of the countri es concerned. Section 3 
presents the state of publ ic opinion with respect to the eu ro. Annex 1 provides on overview on 
how the countries concerned respect the provi sions of the Commissi on Recommendation of 
10 January 2008 on measures to faci litate future changeovers to  the euro (2008/78/EC) built 
on the experience acquired in the course of the introduction of euro cash in 2002, 2007 and 2008. Finally, Annex 2 gives a synoptic overview  of the state of the national changeover 
preparations.  
The preparations in Slovakia which aims at adopting the euro on 1 January 2009 are 
addressed in detail in the main text of th e Commission's Seventh re port on the practical 
preparations for the future enlargement of the euro area
1.  
2. PREPARATIONS AT NATIONAL LEVEL  
2.1. Bulgaria 
Bulgaria has not set a target date for the adop tion of the euro. The practical preparations for 
the introduction of the euro  have not yet started.   
                                                 
1 Six previous reports on this subject were published between November 2004 and November 2007. See: 
COM(2004)748 of 10 November 2004; COM(2005)545 of 4 November 2005; COM(2006)322 of 22 
June 2006; COM(2006)671 of 10 November 2006; COM(2007)434 of 16 July 2007; COM(2007)756 of 
27 November 2007.  
 
EN 3   EN 2.2. Czech Republic 
The Czech Republic has not set a target date for the adoption of the euro. The government 
adopted the first version of the National Euro Changeover Plan on 11 April 2007. On 29 
August 2007, an update of the Czech Republic's  Euro-area Accession Strategy was approved 
by the government. It is a joint document by the Czech government and the Czech National 
Bank. It deals with the capacity of the Czech economy to function in the euro area and discusses the economic policy challenges and prospects for the Czech Republic.  
Since 2004, the Ministry of Finance and the Czech  National Bank have been issuing regularly 
the 'Assessment of the Fulfillment of the Maas tricht Convergence Crite ria and the Degree of 
Economic Alignment of the Czech Republic with the Euro Area'. The latest edition of this 
Assessment was approved by the Government on 19 December 2007. Based on the conclusions of this exercise, it was decided th at the Czech Republic should not join ERM II in 
2008.  
The Government has agreed that the techni cal preparations and preparations for the 
information campaign should be carried on even in the absence of a changeover target date. 
The preparatory works for the update of the Na tional Changeover Plan were launched in the 
second half of 2007. It was decided to pub lish only a progress report to the National 
Changeover Plan, adopted by the Government of the Czech Republic on 9 April 2008. The document provides an overview of the practical preparations for the changeover carried out by 
the National Coordination Group for Euro Adopti on in the year 2007 (e.g. the publication of 
guidelines on rounding and smoothi ng of prices, the adoption of the timetable and guidelines 
for the 'umbrella law', an evaluation of budge tary costs due to smoothing of payments 
to/receipts from citizens). The Report also provi des an overview of the activities planned for 
2008-2009. 
Furthermore, a new euro related website www.zavedenieura.cz
 has been created and 
introduced to the general public on 1st March 2008. 
2.3. Estonia 
The first version of the euro adoption plan  was approved by the Estonian government on 
1 September 2005. The sixth version was adopted  on 29 November 2007 and is very close to 
the previous one. The National Communicati on Strategy was endorsed by the National 
Changeover Committee on 21 June 2005 an d updated on 18 May 2006. The website 
www.euro.eesti.ee  was launched in January 2006. The European Commission prolonged in 
February 2008 its Partnership Agreement with  Estonia for the comm unication on the euro. 
2.4. Latvia 
As already mentioned in the '6th Report on the Practical Prepara tions for the Enlargement of 
the Euro Area', the government of Latvia has dr opped a reference to the specific target date 
for euro introduction in the September 2007 update of the Na tional Euro Changeover Plan. 
The annexed Action Plan has been divided into  two parts: the firs t part contains the 
preparatory activities which are not directly linked to the target date (e.g. communication 
activities, adjustments of legisl ation, etc.) while the second part contains the measures to be 
taken once the target date is set.  
 
EN 4   EN On 18 March 2008, the government approved the 9th Report of the Euro Project Steering 
Committee summarizing the activities carrie d out between 1 August 2007 and 31 January 
2008. During this period, the Committee decided to  re-launch the survey on the impact of the 
euro introduction on Latvia's ci tizens and carried out an initial euro project risk analysis. The 
Committee also studied the c ountry's compliance with the convergence criteria and it 
concluded that Latvia will not be able to meet them in the next three ye ars. As a consequence, 
the Committee decided there was no need to update the Action Plan in 2008.  
The 'Communication Strategy for the Euro Changeover in Latvia' was approved by the 
Steering Committee on 12 April 200 6. Updated information on the euro changeover process is 
available on the website of th e Ministry of Finance (www.bank.l v/lat/main/euro/sapinfo/eiro). 
In 2007 a national logo for the euro introdu ction was chosen. With the support of the 
European Commission, a Twinning Programme has been set up with the Belgian authorities 
with a view to exchanging information and expe rtise. Latvian Euro Pr oject Manager visited 
Cyprus in March 2008 in vi ew of exchanging good practi ces on euro communication 
campaign. Similar meetings with the authorities of the other new euro area Member States are 
planned for this year. 
2.5. Lithuania 
The National Committee for the Coordination of the Changeover was established on 30 May 
2005. The national changeover plan was appr oved by the government on 29 September 2005 
and updated on 25 April 2007. This new version of  the plan does not foresee any specific 
target date for the adoption of the euro2. It provides for longer period  of dual display of prices 
(120 days before and after €-day) and an earlier  start of the frontloadi ng to commercial banks 
(before 1 December). 
The second version of the 'Public information and communication strategy on the adoption of 
the euro of Lithuania' was approved by the government on 25 April 2007. A national website 
(www.euro.lt ) provides up to date information on th e euro. The European Commission and 
the Lithuanian authorities prolonged in Februa ry 2008 their Partnership Agreement, providing 
for a cooperation and exchange of expertise. Under the Partnership Agreement the European 
Commission printed approximately 1.5 million copi es of brochures on the euro and its history 
and on the euro introduction in Lithuania. The brochures were distributed to households in 
early 2008.  
2.6. Hungary 
Hungary has not set a target date for the adopti on of the euro. The National Euro Coordination 
Committee (NECC) was set on 12 September 2007. It  is chaired by the Minister of Finance 
and co-chaired by the Governor of the Cent ral Bank of Hungary. Th e Committee reports on 
its activities and on the progre ss made in technical preparati ons for the changeover to the 
government twice a year. The report to the re spective committees of the Parliament is 
submitted once per year . The first version of the nationa l changeover plan prepared by the 
NECC shall be submitted for government's approval in 2008. 
                                                 
2 Lithuania envisaged adopting the euro in 2007. The Commission adopted the decision that Lithuania 
did not fulfil all convergence criteria on 16 May 2006. As a consequence, Lithuania's derogation was 
not lifted.  
 
EN 5   EN A Communication Committee, working under the NE CC, met for the first time on 7 February 
2008. It should coordinate the communication activities on the euro and draf t a chapter on 
communication for the national changeover plan.  
2.7. Poland 
Poland has not set a target date for the adoption of the euro. The Bureau for the Integration 
with the Euro Area established by the Nationa l Bank of Poland is preparing a report on 
Poland's membership in the euro area which should be finalised by the end of 2008. The 
report should notably define the optimal economi c conditions for the adoption of the euro in 
Poland and provide guidance for fu ture decisions on this matter. 
There is no national communica tion strategy for the euro introduction. Th e National Bank of 
Poland has launched a website on euro related issues ( www.euro.nbportal.pl ) in December 
2006. The Bank participates actively in debates with the media a nd specific target groups and 
has its own communication strategy on the euro.  
2.8. Romania 
Romania has set 2014 as its target year for the adoption of the euro. For the time being, 
Romania prefers a changeover with a transition period rather than a 'big bang scenario'. The envisaged length of the dual circulation peri od is 2 months. A detailed national cash 
changeover plan should be elaborated in 2009.  
Romania has not yet developed a national commun ication strategy for th e euro introduction.  
2.9. Sweden 
In Sweden, preparations were st alled in practice by the negative  outcome of the referendum of 
14 September 2003. Sweden has no target date for adopting the euro.  
3. 
STATE OF PUBLIC OPINION  
Since 2004, the European Commission makes Euroba rometer surveys on the public opinion in 
the recently acceded Member States concerning their attitudes towards and knowledge about 
the introduction of the euro. Ga llup Europe carried out this survey on 5-9 May 2008. It was 
the seventh Eurobarometer survey of this kind. The surveyed population changed in the past months: Slovenia as well as Malta and Cyprus  are no longer covered as these countries 
adopted the euro in 2007 and 2008, respectivel y. Bulgaria and Romania are included since 
2007. In total, over 9,000 randomly sele cted citizens were interviewed. 
3.1. Perceptions of and support for the single European currency 
Since April 2006, the support for the euro has stab ilised at a rather high level even though the 
average support slightly  declined in spring 2008 compared to autumn  2007. Citizens in the 
recently acceded Member States are prepared – at least mentally – to have their currency 
replaced by the euro: 47% are very or quite happy about a future changeover, which is essentially unchanged to autumn 2007 (46% in EU -9) and comparable to the survey results of 
April 2007 (48%) and September 2006 (47%) albeit with other countries. The support notably increased by 5-8 percentage po ints in all three Ba ltic countries. On balance, the support 
 
EN 6   EN increased in four, remained unc hanged in two and decreased in  three countries compared to 
the previous survey.  
In line with the results of the past years, ci tizens in the nine coun tries expect that the 
advantages will be somewhat more positive for their country than for themselves even though this differentiation seems to fade away. Some 50% think that the introduction will have quite or very positive effect (compared to 49% in  autumn 2007) for the country (on a personal 
level, it is 47% (+3)). Very negative expect ations remained on a low level. An unchanged 
share of 26% would like the euro  to become their currency as soon as possible. Overall, the 
results remained very close to  those of the last survey. 
3.2. Familiarity and knowledge about the euro 
When comparing the same nine countries, the recent results of the questions on familiarity 
and knowledge generally do not s how any major changes relati ve to the autumn survey. 
Respondents were relatively familiar with the co mmon currency: 82% have already seen euro 
banknotes (previously 80%) of which 65% (previously 62%) ha ve already used them, and 
74% (relative to previously 76%) have already seen euro coins of which 63% (+2) have used 
them. The usage of euro banknotes and coins wa s as usual particularly  high in the Czech 
Republic and Romania.  
In addition to these practical aspects, the su rvey tested the respondents' knowledge of the 
euro's general features. A growing majority of respondents was aware that the design of 
banknotes is the same in all count ries (52% relative to  previously 45%) while  more or less the 
same share of people knew about the partly different designs of the euro coins (36% 
compared to 37% in autumn 2007). The membersh ip of Slovenia, Malta and Cyprus in the 
euro area is still relativ ely little known. Only 28% of the interviewees were able to give the 
correct answer that the euro area had 15 Memb er States (compared to 34% in autumn 2007 
knowing about 13 Members) while 25% admitted not  to know (compared to 19% in autumn 
2007). A persistent majority of  citizens (65%, prev iously 64%) in the surveyed countries 
wrongly believes that their country has the possib ility to decide whether it will adopt the euro 
or not. 
Regarding the expected date of  introduction of the eu ro, the results show  a continued shift 
since 2006, corresponding to actual developmen ts. An overwhelming majority in Slovakia 
expects euro adoption in 2009 (94% compared to  86%). The absence of the national target 
dates produced in all other countries very dive rging expectations refl ecting the high degree of 
uncertainty. Surprisingly, 42% Bulgarians expect euro adoption in the period 2009-2010 
which is not feasible 
3.3. Expectations and fears regarding  the adoption of the euro 
The May results broadly confirm previous survey s as regards the citizens' expectations on the 
euro. In general there is a broad consensus in  the recently acceded Member States that the 
euro is an international currency (78% v-a- v previously 75%) and that there are several 
benefits associated with their country's adoption of the euro, most notably easier travelling 
(94% compared to 91% in autumn 2007).  
The questionnaire was changed in 2007 to differe ntiate more clearly between short-term, one-
off changeover effects and medium- and long- term expectations on prices. While in 
September 2006 only 28% stated that the euro will help to maintain pric e stability, 51% (54% 
 
EN 7   EN in the autumn 2007 survey) identified in September as one of the main advantages of the euro 
to ensure low inflation rates. On the other hand, the fears regardi ng the changeover period 
prevail even though the s ituation improved: 71% thought that the euro will increase prices 
which is some 8 percentage points lower than in autumn 2007. 
Regarding the euro's economic or political eff ects, a majority of respondents acknowledges 
that the adoption of the euro has positive effect s. The expectations are higher in the area of 
public finances (47%, +3). A stable 44% has a positive view about th e impact on growth and 
employment. Respondents remain the least convin ced about the impact on interest rates and 
debt charges (35%, unchanged). 
3.4. Information and information channels 
The results of the spring 2008 survey reveal a slight decrease in the perceived information 
level on average. Some 40% of the respondents felt rather or very well informed (42% in 
autumn 2007) while 59% (+2) thought the opposite. This is due to the rather steep decrease in 
the level of perceived information in Poland (-7) and Hungary (-3). The situation improved 
strongly in Slovakia, which now has the highest level of all countries covered by the survey 
(64% felt very or rather well informed, +17 perc entage points) and reflects the impact of the 
intensifying national campaign for the euro intro duction in 2009.  
Overall, the demand for information seems to be  far from satisfied for the time being and 
increases the closer the adoption date. In May 2 008, 37% stated to desire information as soon 
as possible compared to 30% previously. The strongest increases in immediate information 
need were noted in Slovakia (+9) and in Poland (+7),  
As in all past surveys, the national central banks are the most trusted source of information: an 
average of 78.5% (autumn 2007: 80%) thought so. The European institutions were again perceived as the second most trus ted source (results being sligh tly lower than in autumn 2007: 
70% compared to 72%). The survey results on ch annels and content have been rather stable 
over time and have not shown a noticeable vari ation. Most respondents continued to prefer 
mass media and banks as channels of information and were mainly interested in the practical 
information on the euro introduction, e.g. the value of the euro ( 92%), the changeover 
scenario (90%), the practical implications (88 %), how to ensure that  conversions rules are 
respected (87%). The results also  show that people deem important the same issues as in 
previous changeovers. The survey confirmed onc e more that a dual display of prices is 
considered essential in prepar ing for the changeover, both in shops (84%) and on the utility 
bills (78%). 
 
EN 8   EN ANNEX 1 
Overview on how the countries meet the provi sions of the Commissi on Recommendation of 
10 January 2008 on measures to facilitate future changeovers to the euro (2008/78/EC). It is 
solely based on publicly available information a nd may therefore not refl ect all preparations 
which are under way.  
 BG CZ EE LV LT HU PL RO SK SE 
Article 1: Steering and organisation  
Set up of appropriate national 
coordination structures           
National changeover plan:  
1. Prepared 2.Discussed with economic 
operators 
3. Regularly updated    
X X 
X X X 
X X X 
X X    X 
X X
  
Article 2: Facilitating preparation of citizens  
Dual display of prices in 
national law  X X X X    X  
Separate display of any charges 
imposed by businesses before €-day           
Prohibition of using other rate 
than the official conversion rate           
Min.6 months long dual display 
after €-day   X X X    X  
Max 1 year long dual display 
after €-day    X     X  
Citizens informed about 
security features of euro cash           
Special info programmes for 
vulnerable groups   X X X    X  
Training sessions for personnel 
working with cash/in direct contact with public 
1. By public administration 2. By businesses    
 
X  
 
X     
 
X X  
 
EN 9   EN  BG CZ EE LV LT HU PL RO SK SE 
Recurrent practical trainings for 
visually impaired         X   
Provision of information to 
SMEs by: 
1.Public administration bodies 
and  
2.Professional associations, 
chambers of commerce, 
business advisors          
 
X 
 
X  
Provision of information by 
credit institutions to their customers         
X  
Monitoring of preparations 
through surveys   X X X    X  
Article 3: Ensuring a quick introduction of euro cash 
Dishoarding campaign for 
citizens   X  X    X  
Appropriate levels of: 
1. Frontloading 2. Sub-frontloading           
Euro coin kits for retailers           
Financially attractive differed 
debiting offered     X    X  
Mini coin kits for citizens: 
1. Production envisaged 2. At least 1 kit per family     
    X   
ATMs adapted as of €-day   X X X    X  
Temporary closure of ATMs 
impossible to adapt for technical      
    X   
Supply of ATMs with small 
denomination notes before and after €-day   X  X    
X  
 
EN 10   EN  BG CZ EE LV LT HU PL RO SK SE 
Giving of change in € only in 
sales outlets as of €-day   X  X    X  
Ad-hoc measures due to 
increased cash volume in sales outlets         
X  
POS terminals switched to € as 
of €-day   X  X    X  
Consumers encouraged to use 
electronic payments means          X  
Extra opening days in credit 
institutions around €-day         X  
Extended opening hours in 
credit institutions around €-day         X  
Article 4: Preventive abusive practices and wrong perceptions on price evolutions 
Agreements on neutral impact 
of changeover on prices (e.g. Ethical Code)    X X    
X  
Logo to identify the subscribers         X  
Advertisement for the logo         X  
Close monitoring of compliance 
with commitments by subscribers         
  
Dissuasive measures for non-
compliance with the Code           
Monitoring of prices from the 
adoption of conversion rate until end of dual display   
X X X    
X  
Weekly information on 
evolution of prices around €-day         
X  
Alignment of bank charges for 
payments in € with the ones for payments in national currency before €-day          
X  
 
EN 11   EN  
ANNEX 2 
State of practical preparations (June 2008) 
 
 Bulgaria Czech Republic 
Changeover plan   
National target date for 
euro adoption   The preliminary target date (1 January 2010) was 
withdrawn by the government on 25 October 2006. The 
Czech Republic’s Updated Euro-area Accession 
Strategy (approved by the Czech government on 29 
August 2007) does not set any target date. 
National co-ordinating 
institution  The National Co-ordination Group was established and 
held its first meeting on 20 February 2006. Six Working 
Groups were established fo r particular areas of 
preparatory activity for the euro.  
On 28 March 2007, a new National Co-ordinator for 
Euro Adoption was appointed by the Czech 
government. 
(Approved) National 
Changeover Plan  The Czech Republic’s Euro  Accession Strategy was 
approved by the Government in October 2003:  
http://www.cnb.cz/www.cnb.cz /en/monetary_policy/stra
tegic_documents/download/ en_eurostrategie_09_2003.p
df. 
An updated version was approved by the Czech 
government in August 2007:  
http://www.cnb.cz/www.cnb.cz /en/monetary_policy/stra
tegic_documents/downl oad/eurostrategy_070829.pdf . 
The Institutional Arrangements for the Introduction of 
the Euro in the Czech Republic were adopted by the 
Government on 23 November 2005.  
The first National Changeover Plan was approved by the Czech government on 11 April 2007. It was 
published in hardcopy, in both English and Czech 
versions.  
http://www.mfcr.cz/cps/rde/xbcr/mfcr/NP_EN_06-08-
07.pdf  
Progress Report to the Nati onal Changeover Plan was 
approved on 9 April 2008 by the Czech Government. 
http://www.zavedenieura.cz/cps/rde/xchg/euro/xsl/doku
menty_185.html 
 
 
EN 12   EN  Bulgaria Czech Republic 
Changeover details   
Type of scenario  "Big bang". 
On 30 June 2006, the National Co-ordination Group 
adopted a recommendation to the government 
concerning the changeover scenario, suggesting that it 
opt for the "big bang" scenario. The recommendation 
was approved by the govern ment on 25 October 2006. 
Dual circulation period  The length of this period is intended to be 2 full 
calendar weeks as from €-day. 
Exchange of national 
banknotes and coins  The Czech National Bank, co mmercial banks and other 
selected entities will exchange cash for at least 6 months 
after €-day. After the 6 m onths period, the legacy 
currency will be only exchangeable at the Czech 
National Bank. The length of the banknote exchange 
period has still to be decided; coins will be 
exchangeable for a period of 5 years. 
Campaign for rapid withdrawal of national 
banknotes and coins   
Frontloading and sub-
frontloading  Frontloading of banks will start 3 months ahead of €-
day and sub-frontloading of the non-financial sector will 
start one month ahead. 
ATMs issuing euro only   
Change in euro only   
Dual display of prices  Dual display of prices will be introduced within one 
month after the fixing of th e conversion rate and will 
continue for 12 months after the changeover date. 
Consumer confidence building measures (e.g. 
agreements with 
retailers)  A voluntary commitment of retailers (fair-pricing 
agreement) is planned. In addition, a 'memorandum of 
understanding', to be signed by  the retail and services 
sector and the consumer pr otection associations, is 
envisaged. These measures are planned to be 
implemented no later than on e month after the fixing of 
the conversion rate. 
Adaptation of national 
law  The necessary adaptations of national law for the 
introduction of the euro are being analysed in the 
framework of the Working Group for Legislation of the 
National Co-ordination Group. A special group was 
constituted in order to prepare the General Act on the 
Euro Introduction in the Czech Republic. 
Euro banknotes and coins   
Design of the national 
side 
  Competition under consideration. 
 
EN 13   EN  Bulgaria Czech Republic 
Nr of different coin 
designs   
Coin supplier  Not decided yet. 
The current coin supplier, the Czech Mint, is an 
independent division of Jablonex Group a.s.; the Czech 
Mint is connected with the National Bank by business 
contracts based on tender procedures. 
Estimation on the need for banknotes and coins  230 million banknotes and 950 million coins. 
Communication activities   
Communication 
strategy  Under preparation within the framework of the Working 
Group for Communication.  
Addresses of websites 
on euro changeover, 
activation date: 
Government/Ministry 
of Finance; 
Central Bank  Governmental EU info rmation department: 
http://www.euroskop.cz/euro  
Ministry of Finance: 
http:// www.mfcr.cz/euro  
New euro website  was created: 
http:// www.zavedenieura.cz   
Czech National Bank:  
http://www.cnb.cz/en/intern ational_relations/euro/   
Ministry of Industry and Trade:  
http://www.mpo.cz/cz/eu-a-vni trni-trh/euro-pristoupeni-
cr-k-eurozone/default.html  
Partnership agreement   
Other issues  The leaflet “Preparations of the Czech Republic for the 
euro adoption” was printed and distributed nation-wide. 
The conference “The euro – our future currency” was 
held in October 2007 in Prague.  
ERM II entry   
Twinning agreement  Project with the National Bank of Belgium, Czech 
Ministry of Finance and the Czech National Bank 
started in September 2007. Three meeting have been 
held so far in Brussels and Prague. . 
 
EN 14   EN State of practical preparations (June 2008) 
 
 Estonia Latvia 
Changeover plan   
National target date for euro 
adoption  Estonia targets euro area membership as soon as 
possible (2011 being the earliest possible envisaged 
date according to current inflation forecasts). The government has approved the euro implementation 
perspective, undertaking to set the target date for the 
euro implementation day at l east 24 months prior to the 
expected implementation day, based on the outlook for 
Latvia's convergence programme regarding the 
fulfilment of the Maastricht cr iteria. Therefore the target 
date is defined as the euro implementation day. 
(http://www.mk.gov.lv/lv/mk/tap/?pid=30308178&mode
=mk&date=2007-09-25 ). 
National co-ordinating 
institution The National Changeover Committee, chaired by 
the Secretary General of the Ministry of Finance, 
was set up on 27 January 2005. The Steering Committee for the preparation and co-
ordination of the euro changeover was established on 18 
July 2005. 
(Approved) National 
Changeover Plan  The first draft of the euro adoption plan was 
approved by the government on 1 September 2005: 
http://www.fin.ee/index.php?id=13324 . 
The sixth version of Estonia's National Changeover 
Plan was approved on 29 November 2007: 
http://euro.eesti.ee/EU/Prod/Euroveeb/Main_Page/l
eft_menu_content4748/Changeover_to_the_euro_in
_Estonia/europlaan_en.jsp  The Cabinet of Ministers of the Republic of Latvia 
approved the Action Plan for Implementation of the 
Single European Currency on 1 November 2005, and the 
first version of Latvia's National Euro Changeover Plan 
on 28 February 2006 (Decree No 148, 6 March 2006). 
On 25 September 2007 the Cabinet of Ministers 
approved the updated version of  "Latvia's National Euro 
Changeover Plan" and Appendi x No 1 "Action Plan for 
the Introduction of the Single European Currency in 
Latvia" (Decree No 617, 8 October 2007). 
In the Action Plan, all activities are divided into two 
groups:  
– Activities that are not directly related to the target date;
– Activities that are directly related to the euro 
implementation day (with th e maximum starting time of 
24 months before the eu ro implementation day). 
Changeover details    
Type of scenario "Big bang" 
 "Big bang" 
 
Dual circulation period  Two weeks One month 
Exchange of national 
banknotes and coins Banknotes and coins: comme rcial banks at least 
6 months after €-day free of charge, some branches 
12 months. Central Bank indefinitely, free of 
charge. Commercial banks, currency exchange offices and post 
offices for 6 months after the euro implementation day 
free of charge; the Bank of Latvia will exchange without 
time limit free of charge. 
Campaign for rapid withdrawal of national 
banknotes and coins Campaign for collection of coins before €-day 
planned; credit institutions are recommended to 
launch early cash de posit campaigns. Not envisaged due to the high nominal value of coins in 
Latvia and their intensive us e in day-to-day payments. 
 
EN 15   EN  Estonia Latvia 
Frontloading and sub-
frontloading Frontloading 2 months before €-day; sub-
frontloading by credit institutions to major clients 1 
month before €-day (precondition: no distribution to 
general public before €-day). 
Banks will offer to change kroons into euro 
banknotes at the conversion rate and without a 
service fee at least one month prior to €-day. Frontloading to banks starts one month before the euro 
implementation day (1 December), sub-frontloading two 
weeks before €-day (15 December) - (precondition: euro 
banknotes and coins may not be publicly circulated 
before the euro implementation day). 
ATMs issuing euro only  All ATMs will dispense euro only within 48h as of 
€-day. As from the euro implementation day ATMs will 
dispense euro banknotes only. 
Change in euro only In general, change will be given in euro, but the 
option of giving change in kroon remains for the 
dual circulation period. After the end of the dual circulation period.  
Dual display of prices Compulsory: 6 months before and after €-day. Compulsory for three months before the euro 
implementation day until one year after the euro 
implementation day. 
Consumer confidence building measures (e.g. 
agreements with retailers) Monitoring of the prices of certain frequently 
purchased goods and services under the supervision 
of the Ministry of Economic Affairs and 
Communication. 
Leaflets containing information on the euro were 
made available to th e public in summer 2006. Monitoring of price developments in the retail trade, 
verification of the accuracy of price displays and 'fair 
trader' campaign envisaged. 
Adaptation of national law Draft Act on the Introduction of the Euro ('umbrella 
law') and draft amendments to the Business Code 
are in the final stage of inter-ministerial 
consultation.  'Umbrella law' on basic provisions for the euro 
changeover in Latvia is currently being prepared. All 
ministries are involved in re viewing national legislation 
to identify the necessary amendments and new 
legislation required. 
Euro banknotes and coins    
Design of the national side Design selected and published in December 2004. In process. 
 
Nr of different coin designs One design Three designs. 
Coin supplier Following a call for tender, coins will be minted by 
the Mint of Finland. Coins will be minted abroad following a call for tender. 
Estimation on the need for 
banknotes and coins 200-250 million coins 87 million banknotes and 300 million coins. 
Communication activities    
Communication strategy Endorsed by the National Changeover Committee 
on 21 June 2005 and updated on 18 May 2006. 'Communication strategy for the euro changeover in 
Latvia' approved by the Steering Committee of Latvia's 
euro implementation proj ect on 12 April 2006. 
 
EN 16   EN  Estonia Latvia 
Addresses of websites on 
euro changeover, activation 
date: Government/Ministry 
of Finance; Central Bank www.euro.eesti.ee  launched in January 2006. Planned euro changeover website: www.eiro.lv . A 
working group has been set up to develop the concept of 
this site. The tender for creating the euro changeover 
website has been initiated. 
Updated information on the euro changeover process is 
available on the website of the Ministry of Finance: 
http://www.fm.gov.lv/page.php?id=105. 
Partnership agreement Signed 8 November 2005.  
Other issues    
ERM II entry 28 June 2004 2 May 2005 
Twinning agreement  The Twinning Agreement between BE and LV 
Reference: Project Proposal ECFIN 4876 dated 18 
December 2007. 
 
EN 17   EN State of practical preparations (June 2008)  
 Lithuania Hungary 
Changeover plan   
National target date for 
euro adoption  The specific target date has not been set. According to 
the government, Lithuania will aim to join the euro area 
as soon as possible and the more favourable period for 
Lithuania to join the euro area starts from 2010.  The Convergence Programme of 1 December 2006 aims 
at meeting the Maastricht criteria (except for the ERM2 
membership), in 2009. The government has not set a 
target date for the introduction of the euro. 
National co-ordinating institution Commission for the Co-ordination of the Adoption of the 
Euro in Lithuania, established on 30 May 2005. The government decided on 12 September 2007 to set up 
the National Euro Coordination Committee. The key task 
of the Committee is to co-ordinate practical preparations 
for the changeover.  
The Committee is chaired by the Minister of Finance and 
co-chaired by the Governor of Magyar Nemzeti Bank. 
The Committee is composed of the Minister of Economy 
and Transport, the Minister of Justice and Security, the 
Minister of Local Governance and Regional 
Development, the Minister in charge of Prime Ministers’ 
Office and the Presidents of th e Central Statistical Office 
and the Hungarian Financial Supervisory Authority. The 
Committee shall report on its activities and the progress 
made in technical preparations for the changeover at to 
the government at biannual basis and annually to the 
respective committees of the Hungarian Parliament 
(Approved) National Changeover Plan  The second version of the National Changeover Plan  was 
approved by the government on 25 April 2007 and 
published: 
http://www.euro.lt/documents/Changeover%20Plan_II_r
edakcija_EN.doc.  The first version of the National Changeover Plan is 
under preparation by the National Euro Coordination 
Committee It is expected to be approved by the 
Government in 2008.  
   
Type of scenario "Big bang". "Big bang".  
Dual circulation period  15 days. It is under review.  
Exchange of national 
banknotes and coins Commercial banks: free of charge for 60 days after €-
day. Central bank: free of ch arge for an unlimited period.It is under review.  
Campaign for rapid 
withdrawal of national 
banknotes and coins Consumers will be encouraged to deposit cash with 
banks as early as possible.  
Frontloading and sub-
frontloading Frontloading of euro banknotes to commercial banks one 
month before €-day at the latest and of euro coins three 
months before €-day at the latest. Sub-frontloading of 
euro banknotes and coins to retailers during the last 
month before €-day.  
 
EN 18   EN  Lithuania Hungary 
ATMs issuing euro only  As from €-day ATMs will dispense euro banknotes.  
Change in euro only Recommendation to give change in euro only.  
Dual display of prices Compulsory: 120 calendar days before €-day until 120 
days after €-day; voluntary: recommendation to use dual 
display as early as possible after the fixing of the 
conversion rate.  
Consumer confidence 
building measures (e.g. 
agreements with 
retailers) Business organisations will be  encouraged to adopt a 
'Code of Good Business Practice' (on correct conversion, 
no price increases etc.); enterprises committing 
themselves will be authorised  to use the special logo of 
the Code.  
Adaptation of national 
law A Law on the Adoption of the Euro has been prepared 
(rules on conversion and exchange of litas to the euro, 
withdrawal of litas from ci rculation, dual display of 
prices, presentation of designs  of notes and Lithuanian 
coins, redenomination of securities, etc.). The law will be 
adopted once the decision to lift the derogation is taken.  
All existing legal acts that need to be adapted with a 
view to euro adoption were identified by December 
2005.   
Euro banknotes and coins    
Design of the national 
side 
 Approved  
Nr of different coin 
designs Three designs  
Coin supplier Lithuanian Mint It is under review. 
Estimation on the need 
for banknotes and coins Estimation of 118 million banknotes and 290 million 
coins has been made on the condition that the euro will 
be introduced on 1 January 2007. It is under review.  
Communication activities    
Communication 
strategy The 'Public information and communication strategy on 
the adoption of the euro of Lithuania' was approved by 
the government on 29 September 2005.  The second 
version was approved by the government on 25 April 
2007 and published on the web:  
http://www.euro.lt/documents/2007%2004%2025%20Vi
suomenes%20informavimo %20strategija_EN.doc .  
 
EN 19   EN  Lithuania Hungary 
Addresses of websites 
on euro changeover, 
activation date: 
Ministry of 
Finance/Government; 
Central Bank National euro website ( www.euro.lt ). 
Constantly updated Websites of the Bank of Lithuania 
(www.lb.lt ) and of the Ministry of Finance 
(www.finmin.lt ). National euro website (www.euro.mnb.hu) activated in 
December 2006.  
Partnership agreement Signed on 8 November 2005. Extension signed on 5 
February 2008.  
Other issues    
ERM II entry 28 June 2004  
Twinning agreement Completed three Twining agreements: 
NL – SI – LT: communication and information strategy;  
BE – LT on tax-related questions;  
BE – LT on departmental ma nagement related to the 
changeover. Between AT and HU: communication and information 
strategy (finalised) 
 
EN 20   EN State of practical preparations (June 2008) 
 Poland Romania 
Changeover plan    
National target date for 
euro adoption   2014 
National co-ordinating 
institution Inter-institutional working group between the Ministry of 
Finance and the National Bank of Poland. 
 
Note:  The National Bank has established the 'Bureau for 
the Integration with the Euro Area', the main task of 
which is to prepare a report on Poland's membership in 
the euro area. The report, which is planned to be 
finalised by the end of 2008, will notably define the 
optimal conditions for the adop tion of the euro in Poland 
and provide guidance for decisions taken in the 
process of the adoption of the euro.  
(Approved) National 
Changeover Plan   
Changeover 
details    
Type of scenario  Transitional period envisaged 
Dual circulation period  2 months 
Exchange of national 
banknotes and coins  Indefinitely 
Campaign for rapid 
withdrawal of national 
banknotes and coins   
Frontloading and sub-
frontloading   
ATMs issuing euro only   
Change in euro only   
Dual display of prices   
Consumer confidence 
building measures (e.g. 
agreements with 
retailers)   
 
EN 21   EN  Poland Romania 
Adaptation of national 
law   
Euro banknotes 
and coins    
Design of the national 
side 
 Public survey  
Nr of different coin 
designs   
Coin supplier   
Estimation on the need 
for banknotes and coins Between 4 and 5 billion coins.  
Communication 
activities    
Communication 
strategy No National strategy, only the communication strategy 
of the National Bank of Poland.  
Addresses of websites 
on euro changeover, 
activation date: 
Government/Ministry 
of Finance; 
Central Bank  
 
 
 
www.euro.nbportal.pl  launched in December 2006  
Partnership agreement   
Other issues    
ERM II entry   
Twinning agreement DE – PL: Communication and information strategy and 
other practical changeover issues.  
 
 
EN 22   EN State of practical preparations (June 2008) 
 
 Slovakia Sweden 
Changeover plan    
National target date for 
euro adoption  1 January 2009 Not decided. 
National co-ordinating 
institution The National Coordination Committee is the supreme 
managing and coordination body preparing the euro 
changeover. It is chaired by the Minister of Finance 
(being the National Coordinator for the changeover) and 
the Governor of the Bank of Slovakia. A new 
Plenipotentiary of the government for the introduction 
of the euro was nominated in January 2007.  
(Approved) National 
Changeover Plan  The first version of the National Changeover Plan was 
approved on 6 July 2005.  
http://www.nbs.sk/EURINT/EURO/NP_AKT.PDF  
(Slovak)   
Two updates followed in March 2007 and April 2008:  
http://www.nbs.sk/ZAKLNBS/PUBLIK/BROZURY/N
ARPLANA.PDF (English).  
http://www.nbs.sk/ME DZINAR/EU/NP_0804.PDF   
Changeover details    
Type of scenario "Big bang"  
Dual circulation period  16 days  
Exchange of national 
banknotes and coins Commercial banks exchange banknotes until end 2009 
and coins until June 2009 (free of charge). The Central 
Bank exchanges banknotes w ithout time limit and coins 
for 5 years.  
Campaign for rapid 
withdrawal of national 
banknotes and coins Dishoarding campaign for general public shall be 
launched in July 2008.  
Frontloading and sub-
frontloading Commercial banks will be frontloaded with euro coins 
from September 2008 and with euro banknotes October 
2008. The sub-frontloading of th e retail sector will take 
place in November to December 2008.   
ATMs issuing euro only  As of €-day ATMs will dispense euro only.  
Change in euro only Change should be given in euro only.  
 
EN 23   EN  Slovakia Sweden 
Dual display of prices Compulsory: from one month after the fixing of the 
conversion rate to one year after euro adoption. 
Voluntary: for further 6 months.  
Consumer confidence 
building measures (e.g. 
agreements with 
retailers) Evolution of prices in 2008 and 2009 will be closely 
monitored; consumers will be informed of the results; 
consumers can raise complain ts with supervisory bodies 
(mainly the Slovak Trade Inspection, the Ministry of 
Economy and the consumer associations); voluntary 
'Ethical Code' has been launched by the Government 
Plenipotentiary; the statistical monitoring of prices and 
price perceptions will be done by the Slovak Statistical 
Office- as of June 2008 it w ill publish the reports every 
10 days; 
  
Adaptation of national 
law The 'umbrella law' on the introduction of the euro was 
approved by the government on 26 September 2007 and 
entered into force on 1 January 2008, following the 
approval by the Parliament. The necessary amendments 
to existing legislation have been identified by January 
2006 and are envisaged to be adopted in 2008 at the 
latest.  
Euro banknotes and coins    
Design of the national 
side 
 Final design of the national side for the euro coins was 
chosen by public tender followed by an opinion poll.  
Nr of different coin 
designs Three designs  
Coin supplier National Mint of Kremnica  
Estimation on the need 
for banknotes and coins 188 million banknotes, 500 million coins.  
Communication activities    
Communication 
strategy The final version of the Communication Strategy was 
approved by the Slovak aut horities in October 2007.  
Addresses of websites 
on euro changeover, 
activation date: 
Government/Ministry 
of Finance;  
Central Bank http://www.nbs.sk/MEDZ INAR/EU/INDEXA.HTM  
http://www.finance.gov .sk/En/Default.aspx  
www.euro.gov.sk   
www.euromena.sk    
Partnership agreement Partnership agreement with the EC signed in December 
2007.  
 
EN 24   EN  Slovakia Sweden 
Other issues    
ERM II entry 28 November 2005  
Twinning agreement AT – SK: communication and information strategy 
(finalised); 
BE – SK: technical issues related to the changeover 
(finalised).