WRITTEN QUESTION No. 1217/97 by Peter SICHROVSKY to the Commission. Euro information campaign on the impact of European monetary union in the USA
Date: 1997-04-07
Institutions: European Parliament
Subjects: Asia, Economic and Monetary Union, United States, capital market, dissemination of EU information, euro, financial market, foreign enterprise, public awareness campaign













EUR-Lex - 91997E1217 - EN






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91997E1217

WRITTEN QUESTION No. 1217/97 by Peter SICHROVSKY to the Commission. Euro information campaign on the impact of European monetary union in the USA  


Official Journal C 391 , 23/12/1997 P. 0054 





WRITTEN QUESTION E-1217/97 by Peter Sichrovsky (NI) to the Commission (7 April 1997)Subject: Euro information campaign on the impact of European monetary union in the USARecent opinion polls have revealed that the majority of American firms have a sceptical attitude to the forthcoming introduction of the euro, since it appears impossible to predict what impact it will have on trade relations between the EU Member States and the USA.1. Is the EU planning special action to prepare firms in the USA as part of its information activities concerning monetary union?2. If so, what specific actions are planned in the USA in order to make it easier for American firms to adapt to the new European currency?3. What funds will be available for a possible 'pro-euro campaign' in the USA?Answer given by Mr de Silguy on behalf of the Commission (10 June 1997)The Commission attaches great importance to promoting awareness of the euro in the wider world. The Member of the Commission with special responsibility for economic and monetary affairs recently visited the United States for that purpose, and a similar trip to Asia is scheduled to take place in the autumn. The Commission has noted a constructive attitude towards the euro on the part of the US administration and American business circles. US firms with subsidiaries in Europe have a highly pragmatic vision of the benefits to be derived from the single currency, and their main concern is how it will work in practice.With a view to consolidating the Commission's communications strategy for financial markets in respect of economic and monetary union (EMU), actions will be targeted on banks and investors in the world's leading financial centres, with roadshows organized in the United States and Asia. This method of presenting new information is frequently used in capital markets and has proved to be efficient.It should be noted, however, that similar efforts will be undertaken to cover European financial centres, particularly London, Frankfurt, Paris and Zurich. Detailed proposals are currently being drawn up.During the first half of 1997, separate one-week roadshows are planned in Asia, on the East Coast of the United States and Canada, in the Mid-West and on the Pacific Coast of the United States. The main target groups identified are central banks, government departments and agencies, investment banks, financial intermediaries and their sales forces, investors and non-bank intermediaries. These meetings will be organized by the Commission in close cooperation with local Community representative offices, which have good contact networks and can provide the necessary infrastructure. In Washington, these meetings could be arranged through the World Bank.Apart from administrative costs directly covered by the Commission, these actions should be funded from the euro information campaign budget that the Commission has set up together with Parliament.