European Parliament resolution on means to assist economic actors in switching to the euro (2000/2278(INI))
Date: 2001-07-04
Institutions: European Parliament
Subjects: consumer information, euro, paper money, public awareness campaign, single monetary policy

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23.
Supports the commitment of the ESCB to help improve the institutional framework for the stability
of the financial system and underlines the need for close involvement of the ESCB in macro-prudential
supervision according to its mandate; stresses the importance of maintaining a clear distinction between
the responsibilities of financial supervisors and those of the monetary authorities in order to ensure that
the ECB has no conflict of interest with its primary objective of price stability;

24.
Stresses that the current reform of financial supervision in Member States must take into account
the role of the ECB and NCBs with respect to safeguarding financial stability and the development of
mechanisms for crisis prevention and resolution;

25.
Appreciates that the ECB has always given full support to Parliament(cid:146)s demands for improvements
to cross-border retail payments in Europe, as progress in this area is vital for public acceptance of the euro;

Urges the ECB to take more determined action on behalf of the ECB and the Commission, as bank-
26.
ing charges for cross-border payments continue to be significantly higher than for domestic transactions;
calls on all interested parties, notably the Commission, Council and the ECB, to agree a clear road map of
actions and deadlines to deliver a single payments area within the euro-area in which all payments will be
made on the same terms whether within national borders or across them;

27. Welcomes the fact that technical preparations for the final phase of the introduction of the euro are
well underway, in close cooperation with NCBs and governments;

Gives its active support to the euro 2002 information campaign aimed at preparing the changeover

28.
to euro banknotes and coins, which will make the euro a (cid:145)real life(cid:146) currency for citizens;

29.
Regrets that its repeated request to bring forward and extend frontloading of small denomination
banknotes to individual citizens has not been met, as it would have allowed them to become familiar with
the new money at an early stage, and invites the competent authorities to reconsider their position;

30.
Invites the ECB, the Commission and Member States to coordinate and intensify their efforts in
ensuring the cash changeover period is not misused for price increases; considers that governments must
set a good example in this respect;

Underlines that while the ECB is currently adequately staffed, it should be allocated adequate means

31.
in the event of new roles being granted to the ECB;

Recalls the right of the ECB staff and its legitimate unions to be informed thoroughly and in a

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timely manner of all matters relevant to the working conditions in the ECB;

Instructs its President to forward this resolution to the Council, the Commission and the European

33.
Central Bank.

14. Changeover to the euro

A5-0222/2001

European Parliament resolution on means to assist economic actors in switching to the euro
(2000/2278(INI))

The European Parliament,

(cid:129) having regard to the Commission Recommendation of 11 October 2000 on measures to facilitate the

preparation of economic operators for the changeover to the euro (2000/C 303/05) (1),

(cid:129) having regard to its resolution of 16 December 1998 on the communication from the Commission on

the information strategy for the euro, (COM(1998) 39 (cid:129) C4-0125/1998) (2),

(1) OJ C 303 24.10.2000, p. 6.
(2) OJ C 98, 9.4.1999, p. 167.

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(cid:129) having regard to its resolution of 2 December 1999 on the report from the Commission to the
the euro

the transitional period related to the introduction of

Council on the duration of
(COM(1999) 174 (cid:129) C5-0108/1999 (cid:129) 1999/2111(COS)) (1),

(cid:129) having regard to Commission Recommendation 98/287/EC concerning dual display of prices and

other monetary amounts (2),

(cid:129) having regard to its resolution of 13 January 1998 on the euro and the consumer (3),

(cid:129) having regard to its resolution of 10 March 1998 on the Commission communication on practical
aspects of the introduction of the euro (COM(1997) 491 (cid:129) C4-0524/1997) and the Commission
working paper entitled (cid:145)Preparations for the changeover of public administrations to the euro(cid:146)
(SEC(1997) 2384 (cid:129) C4-0025/1998) (4),

(cid:129) having regard to its resolution of 6 July 2000 on the Commission communication to the Council, the
European Parliament, the Economic and Social Committee and the Committee of the Regions on
communications strategy in the last phases of the completion of EMU (COM(2000) 57 (cid:129) C5-0104/
2000 (cid:129) 2000/2019(COS)) (5),

(cid:129) having regard to the Commission communication (COM(2001) 190): Report on the preparations for

the introduction of euro notes and coins,

(cid:129) having regard to the agreements on information about the introduction of the euro entered into by

13 Member States, the Commission and the European Parliament,

(cid:129) having regard to the Euro 2002 information campaign carried out by the European System of Central

Banks,

(cid:129) having regard to Rule 163 of its Rules of Procedure,

(cid:129) having regard to the report of the Committee on Economic and Monetary Affairs (A5-0222/2001),

A. whereas the European single currency is the decisive identity-building factor in the process of Euro-

pean integration, and is of outstanding historical importance,

B. whereas the changeover to euro notes and coins will constitute unprecedented tangible evidence of
European integration for the people of Europe, and a smooth transition is therefore of inestimable
importance in cultivating awareness and appreciation of this integration.

C. whereas the already favourable effects of the euro on the European single market, the general econ-
omic stability, employment and growth should be increased after a smooth changeover to euro notes
and coins,

D. whereas the euro changeover is a formidable logistical challenge for national governments, the Euro-

system, the banking system and all European citizens,

E. whereas a general atmosphere of (cid:145)benign neglect(cid:146) has reigned, in particular among small and medium-
sized enterprises, towards the introduction of euro notes and coins, and it is a source of concern that
over a third of small and medium-sized enterprises have made no preparation for the euro change-
over,

F. whereas former information campaigns have not had the desired effect on the use of the euro among

consumers and companies,

G. whereas the governments of the Member States and the European Central Bank have ignored the cost
aspect of the changeover and no incentives have been given to certain target groups, such as retail
trade, with the result that the private sector has tended to adopt an excessively passive wait-and-see
attitude,

(1) OJ C 194, 11.7.2000, p. 91.
(2) OJ L 130, 1.5.1998, p. 26.
(3) OJ C 34, 2.2.1998, p. 38.
(4) OJ C 104, 6.4.1998, p. 69.
(5) OJ C 121, 24.4.2001, p. 459.

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H. whereas the European System of Central Banks and the Governments of the Member States have a
duty to do everything possible to ensure that every consumer can switch to the euro in the very first
days of 2002 without excessive inconvenience, and to ensure that retailers, especially small retailers,
are well prepared for the euro,

I. whereas the date on which the first euro coins are scheduled for distribution to the public, and

likewise the amounts concerned, vary considerably amongst the 12 countries concerned,

J. whereas advance supplies of euros to retailers are scheduled between 1 September and 1 December

2001 in the euro zone countries,

K. whereas a key element to make the changeover smooth in the European Parliament(cid:146)s view, the front-
loading of small denomination notes to the general public, has been consistently rejected by the ECB,

L. whereas the rationale behind the ECB position on this matter is weak and bringing forward the date
on which advance supplies of euros will be made to the public will not increase the risk of counter-
feiting,

M. whereas there is also a need for urgent practical considerations for a smooth changeover to be
brought forward and examined without delay (e.g. neutralising national banknotes, collecting in
national currencies, and bank opening times),

Urges the ECB to reconsider its position against the frontloading of small denomination euro notes to

1.
the general public;

2.
Proposes that from 27 December 2001, there be automatic dispensers in all the euro zone countries
which will simultaneously provide those citizens who voluntarily wish to stock up in advance with
advance supplies of small-denomination notes;

3.
Supports the Commission strategy to identify (cid:145)good practices(cid:146) and urges the Member States to make
final, major efforts to provide even more information about the euro and the changeover, and to adjust
their national changeover programs to take account of these good practices;

Recommends that customers be allowed to buy more than one euro-coin starter kit if they want to,

4.
in order to help the preliminary dissemination of euro coins into the economy;

Recommends that (cid:145)piggy bank(cid:146) operations, already announced in several countries, be extended to

5.
every euro area country to preventively reduce the volume of coins in circulation;

6.
Recommends, should the Dutch initiative to enable banks to open on 1 January 2002 not be
extended to the whole euro area, that an additional opportunity be given for banks to supply retailers
and consumers with an adequate amount of currency;

Recommends that only small denomination notes be stored in ATMs and distributed at bank

7.
counters during the first two weeks of January 2002;

Recommends that, in places where ATMs are able to supply euro cash, the few ATMs still delivering
8.
NCUs should be disconnected after E-day in order to prevent NCUs from being reinjected into the cash
circulation;

Recommends that clearance sales or end-of-season sales be either brought forward to late December
9.
2001 or postponed until mid-January 2002, to avoid the changeover clashing with such high turnover
days;

Demands that a project day on the changeover to euro coins and banknotes be implemented in all

10.
schools of the euro zone;

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11. Welcomes the 2 April 2001 joint statement between consumer and retailer associations to keep
prices in check, and urges the Commission and consumer and retailers(cid:146) organisations to monitor closely
the situation to enforce this agreement, so as to defuse concerns of inflation among the public;

Wednesday 4 July 2001

Calls on companies and public administrations in the Member States, not to use, under any circum-

12.
stances, the introduction of euro coins and notes for (cid:145)hidden(cid:146) price increases;

Urges the Member States and regional and local authorities to round their administrative sums (for

13.
fees, fines, social benefits, etc.) to the benefit of consumers in order to set a good example;

Calls on businesses, particularly small and medium-sized undertakings, to draw up and implement
14.
plans and activities for the euro changeover, including an immediate changeover to the euro in their book-
keeping and in-service training for staff;

Recommends that the general public be more actively informed as regards the practicalities of the
15.
euro introduction, in particular how citizens can facilitate a smooth transition through their own actions;

Believes that the information campaigns should urge the citizens targeted to make systematic use of
16.
the euro as a means of payment from 1 January 2002, and dissuade them from waiting until the (cid:145)double
circulation(cid:146) period has expired before they start doing so;

Stresses the need for a firmer information campaign aimed at small and medium-sized enterprises

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and at local authorities, warning them of the costs of delaying any further the switchover to the euro;

Recommends that information campaigns aimed at (cid:145)sensitive(cid:146) sections of the public be launched as

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a matter of urgency;

19.
Stresses the crucial importance of an adequate communication campaign aimed at the holders of
hoarded currency, urging them either to wait until mid-January to exchange their hoarded currency or to
deposit it in an account some time before 1 January 2002;

20.
Recalls the importance of an effective information campaign aimed at those Member States which
are not changing over to the euro and third countries where the euro is widely used, highlighting the
continuity between NCUs and the euro in terms of advantages to users;

21.
Urges all responsible banks and credit institutions to facilitate the exchange of national currency for
euros for all members of the public and consumers without restrictions and, for a limited period, free of
charge;

22.
Recommends that retailers, who bear the bulk of the costs, be granted lower fees by credit-card
companies when accepting an electronic payments during a one-month transitional period, beginning on
1 January 2002, and also be granted delayed debit conditions by their banks;

Calls on the Commission to conclude swiftly the processing of all outstanding cases and/or com-

23.
plaints concerning abuses of dominant positions by producers of electronic means of payment;

24.
Draws attention to the fact that people will not see the point of switching to the euro if the joint
efforts of Parliament, the Commission and the ECB fail to end the excessively high charges for cross-border
payments of small amounts; calls therefore for small cross-border transfers within the EU internal market
involving amounts less than € 50 000 to be made cheaper, quicker and safer and treated in the same way
as national transfers, in terms of the level of charges and time taken; deplores the fact, in this connection,
that the European Parliament(cid:146)s calls for a European transfer system for small amounts to be established by
1 January 1999 are only now being acted upon, with effect from 1 January 2002;

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25.
Draws to the attention of Member States the fact that, at this stage, they can encourage the retail
trade to prepare quickly and optimally for the changeover by providing it with fiscal or other incentives
and that they can finance such incentives from the anticipated revenue arising from failure to exchange old
coins and banknotes;

26.
Highlights the fact that many Member State residents who travel regularly hold quantities of coins
which they cannot exchange in their home countries; believes therefore that recommendations should be
made to banks to ensure that coins from the 12 euro zone Member States can be exchanged on the same
terms as banknotes;

Instructs its President to forward this resolution to the Council, the Commission, the European

27.
Central Bank and the parliaments of Member States.