Communication from the Commission to the Council, the European Parliament, the European Economic and Social Committee, the Committee of the Regions and the European Central Bank - Fifth Report on the practical preparations for the future enlargement of the euro area
Date: 2007-07-16
Institutions: European Commission
Subjects: Cyprus, Economic and Monetary Union, Malta, Slovakia, euro, euro area, monetary integration, report

COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 16.7.2007 
COM(2007) 434 final 

COMMUNICATION FROM THE COMMISSION TO THE COUNCIL,  
THE EUROPEAN PARLIAMENT, THE EUROPEAN ECONOMIC AND SOCIAL 
COMMITTEE, THE COMMITTEE OF THE REGIONS AND  
THE EUROPEAN CENTRAL BANK 

Fifth report on the practical preparations for the future enlargement of the euro area 

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COMMUNICATION FROM THE COMMISSION TO THE COUNCIL,  
THE EUROPEAN PARLIAMENT, THE EUROPEAN ECONOMIC AND SOCIAL 
COMMITTEE, THE COMMITTEE OF THE REGIONS AND  
THE EUROPEAN CENTRAL BANK 

Fifth report on the practical preparations for the future enlargement of the euro area 

1. 

INTRODUCTION 

Since  the  adoption  of  the  euro  by  Slovenia  on  1  January  2007,  the  euro  area  consists  of 
thirteen  EU  Member  States.  Among  the  remaining  fourteen  EU  Member  States,  twelve  are 
"Member States with a derogation" which are expected to adopt the euro once the necessary 
conditions are fulfilled, while Denmark and the United Kingdom are not obliged to introduce 
the euro.  

In  addition  to  meeting  the  "Maastricht"  convergence  criteria,1  the  introduction  of  the  euro 
requires  Member  States  to  undertake  extensive  practical  preparations,  which  involve  all 
sectors of the countries' economies, the public sector as well as the public at large. Slovenia's 
successful euro changeover confirms the experience of the first-wave euro-area countries that 
timely and comprehensive practical preparations are crucial for a smooth changeover and its 
positive perception by the public.2 

The present  Report  assesses  the state of practical preparations for the future enlargement of 
the euro area.3 It focuses on the recent developments in Cyprus and Malta, as these countries 
will enter the euro area on 1 January 2008, following the Council's decisions that they fulfil 
the  necessary  conditions  for  the  adoption  of  the  euro.  Furthermore,  the  report  gives  special 
attention to the preparations in Slovakia which aspires to adopt the euro on 1 January 2009. 

2. 

STATE OF PREPARATIONS AT NATIONAL AND COMMUNITY LEVEL

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2.1. 

National euro adoption strategies 

A national target date provides impetus for timely preparations for introducing the euro and 
helps  to  focus  these  preparations,  provided  that  there  is  sufficient  credibility  as  to  the 
country's ability to fulfil the convergence criteria in time.  

In  the  course  of  2006,  several  countries  (Czech  Republic,  Estonia,  Latvia,  Lithuania, 
Hungary) withdrew their target dates for the adoption of the euro, mainly with respect to their 

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4 

In  their  Convergence  Reports, the  Commission  and  the  ECB  examine  whether  the  different  countries 
have met the formal requirements allowing them to adopt the euro. The latest Commission Convergence 
Reports  were  adopted  on  16  May  2007  at  the  request  of  Cyprus  (COM(2007)  255)  and  Malta 
(COM(2007) 258). The Commission will issue the next regular Convergence Report in 2008. 
On the Slovenian changeover, see Communication from the Commission "The introduction of the euro 
in Slovenia", COM(2007) 233, of 4 May 2007.  
It is the fifth report on this subject. 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. 
Based on information collected up to 2 July 2007.  

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difficulties  in  fulfilling  the  convergence  criteria as  originally  planned.  Bulgaria,  Poland  and 
Sweden  have  not  yet  put  forward  any  target  date.  In  Sweden,  preparations  are  stalled  in 
practice  since  the  negative  outcome  of  the  referendum  of  14  September  2003.  The  current 
situation concerning the national target dates is summarised in the table below. 

Romania set 2014 as its target year. 

Target date for euro adoption 

Member States 

1 January 2008 

1 January 2009 

2014 

To be (re-)determined 

2.2. 

Preparations in Cyprus 

2.2.1.  General framework 

Cyprus, Malta 

Slovakia 

Romania 

Bulgaria,  Czech  Republic,  Estonia,  Latvia, 
Lithuania, Hungary, Poland, Sweden 

Cyprus  will  adopt  the  euro  on  1  January  2008  under  a  "big  bang"  scenario5  with  a  dual 
circulation period6 of one month. 

In  the  Fourth  Report  on  the  state  of  practical  preparations,  the  Commission  concluded  that 
Cyprus'  national  changeover  plan  generally  covered  most  of  the  practical  issues  for  the 
introduction of the euro, while further measures were considered necessary in order to ensure 
consumer confidence in stable pricing around the changeover. It was moreover noted that the 
National  Changeover  Plan  was  still  short  of  detail  in  many  respects  and  several  elements 
needed to be further defined.  

Progress has been achieved during the last few months. An updated version of the National 
Changeover Plan, approved in July 2006, was adopted by the Ministry of Finance, with the 
consent of the Central Bank, on 21 June 2007. Moreover, the Central Bank updated the Cash 
Changeover Plan, national legislation on the introduction of the euro was adopted and the Fair 
Pricing Code was launched.  

2.2.2.  Financial sector and enterprises 

The Central Bank of Cyprus published the latest update of the Cash Changeover Plan in May 
2007.  The  details  of  the  frontloading  operation7  have  been  specified.  Frontloading  of  euro 
coins and banknotes will start on 22 October and 19 November 2007, respectively, and will be 
finalised  by  mid-December  2007.  Sub-frontloading  or  euro  cash  to  retailers  is  envisaged  to 

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Under the "big bang" scenario, euro banknotes and coins are introduced at the same time as the euro is 
introduced as the currency of the Member State concerned.  
The dual circulation period is the period starting on the day on which euro banknotes and coins are put 
into circulation (€-day) and during which both the national currency and the euro are legal tender in the 
Member State concerned. 
Frontloading  refers  to  the  supply  of  euro  banknotes  and  coins  by  the  national  central  bank  to  credit 
institutions  before  the  introduction  of  euro  cash.  Sub-frontloading  means  the  distribution  by  credit 
institutions of frontloaded  euro banknotes  and  coins  to  retailers  and other  businesses,  and possibly  to 
the public at large, before euro cash is introduced. 

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start at the same time as the frontloading operation. In addition, 40 000 pre-packed coin kits 
containing a suitable structure of denominations for cash transactions in the first days after €-
day  (starter-kits),  worth  €  172  each,  will  be  available  to  businesses  and  retailers  as  from 
3 December  2007.  250  000  mini-kits,  worth  CYP  10  each,  will  be  available  to  the  general 
public as from the same date.  

Around  70%  of  the  credit  institutions'  cash  dispensers  (ATMs;  approximately  500  in  total) 
will be converted to dispensing exclusively euro banknotes (€ 10 and 20) within the first hour 
of €-day, while the remaining 30% will be converted by noon on the same day at the latest. As 
from €-day, retailers will give change in euro only.  

On 1 January 2008, which is a bank holiday, a number of centrally located bank branches will 
open in every district to facilitate the exchange of Cyprus pounds into euro.  

In November 2006, the Central Bank of Cyprus launched a campaign encouraging citizens to 
use hoarded  national cash or  to  deposit it with banks, in order to contribute to reducing  the 
amount  of  Cyprus  pound  cash  in  circulation  at  the  end  of  2007.  An  intensified  advertising 
campaign for the use of hoarded cash is planned for September 2007. 

A special Coin Centre of the Central Bank of Cyprus was constructed, which will be used for 
the storage and distribution of euro coins (frontloading of banks and supply of coins during 
the  changeover),  and  thereafter  for  the  collection,  processing  and  destruction  of  national 
coins.  

The Central Bank provides training for professional cash handlers in the banking, retail and 
public sectors on the security features of euro cash. 

2.2.3.  Public administration 

On  15  March  2007,  the  Parliament  adopted  the  "Adoption  of  the  Euro  Law  2007"; 
amendments to this Law were adopted on 21 June 2007. This "umbrella law" establishes, inter 
alia, the length of the dual circulation period, the exchange of Cyprus pound banknotes and 
coins  into  euro  cash  by  commercial  banks  without  charges,  the  conversion  of  monetary 
amounts  and  rounding  rules,  the  dual  display  of  prices  and  the  establishment  of  Euro 
Observatories.  

Following a public call for tenders, Cyprus selected the Finnish Mint to produce its euro coins 
(see Annex 3 for the designs). Mass production started after the Council's Decision of 10 July 
2007 lifting Cyprus' derogation.  

2.2.4.  Consumers and the general public 

According to the "Adoption of the Euro Law 2007", the obligation for businesses and retailers 
to display prices both in Cyprus pound and in euro will be effective from 1 September 2007 
until  30  September  2008.  The  results  of  the  latest  Eurobarometer,  conducted  for  the 
Commission  in  March  2007,  confirm  that  a  very  strong  majority  of  respondents  in  Cyprus 
(83%)  fear  price  increases  or  even  price  abuses  on  the  occasion  of  the  changeover  to  the 
euro.8  According  to  a  survey  among  enterprises,  conducted  for  the  Commission  in  January 

8 

Flash  Eurobarometer  207,  Introduction  of  the  euro  in  the  New  Member  States.  All  Eurobarometer 
surveys on the euro are available at http://ec.europa.eu/public_opinion/euro_en.htm.  

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2007,9 almost one out of six enterprises indicated that it would adjust its prices upwards. In 
the  hotel  and  restaurants  sector,  as  many  as  27%  of  the  enterprises  mentioned  that  they 
envisaged such action.  

In  order  to  address  consumers'  fears  of  price  increases  and  to  encourage  'fair  pricing',  the 
government launched, on 26 June 2007, a campaign inviting businesses and retailers to adopt 
a Fair Pricing Code.10 The Code will be in effect from 10 July 2007 until 10 July 2008. Under 
the Code businesses and retailers commit to carry out the changeover fairly and not to seek 
advantage from it. The list of participating businesses will be published, while the businesses 
will  be  authorised  to  use  the  logo  of  the  Code  in  their  shop  or  enterprise.  The  initiative 
received public support from several larger enterprises and business organisations. 

In  each  of  the  provinces,  a  Euro  Observatory  became  operational  on  1  July  2007,  which 
consists  of  ten  members,  including  the  district  commissioner,  representatives  of  the 
government,  consumer  associations,  trade  unions  and  the  business  sector.  Assisted  by  more 
than  100  inspectors,  the  Observatories  monitor  the  introduction  of  the  euro  and  the 
compliance  of  businesses  with  the  Adoption  of  the  Euro  Law  2007,  coordinate  the  Fair 
Pricing Code and provide information on the euro to citizens.  

2.2.5.  Communication activities  

Since accession of Cyprus to the EU, the support of the general public for the euro has been 
declining from initially comparatively high levels. It was therefore obvious that the authorities 
had  to  embark  on  a  rather  intensive  communication  campaign  in  the  run-up  to  the  euro 
introduction to turn around this negative trend, in particular by explaining the benefits and by 
addressing  fears.  The  implementation  of  the  intense  phase  of  the  Cypriot  information 
campaign started with some delay because of problems in the tender process for the selection 
of a PR agency, which was only chosen in February 2007.  

Beforehand  several  communication  activities  were  carried  out,  some  of  them  in  close  co-
operation with the European Commission. Conferences on the euro changeover with internal 
and  external  stakeholders  were  organized  in  May  and  November  2006.  The  European 
Commission's  'Euro  Coins  Genesis'  exhibition  was  displayed  in  Cyprus  from  October  2006 
until  January  2007.  Seminars  were  organized,  including  for  the  financial  sector  and  for 
Cypriot  journalists  in  the  first  months  of  2007.  A  national  website  for  the  euro  was  set  up. 
Following  the  selection  of  the  PR  agency,  Cyprus  started  to  intensify  its  mass  media 
communication efforts for the introduction of the euro, particularly focussing on SMEs, rural 
areas and vulnerable groups, on countering expectations of unjustified price increases and on 
building  consumer  confidence.  A  long  running  television  media  campaign  strategy  was 
launched at the end of May 2007: in a first phase the campaign will focus on the changeover 
and  the  benefits  of  the  euro.  The  Cypriot  authorities  have  also  organized  several  press 
activities.  The  latest  Flash  Eurobarometer  results  confirm  that  these  activities  seem  to  bear 
fruit as the support has improved substantially over the last 6 months, but further progress is 
still necessary. 

The  European  Commission  is  supporting  Cyprus  through  its  central  activities  and  the 
provision  of  publications  and  promotional  materials.  It  is  also  partially  financing,  under  the 

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Flash Eurobarometer 200. See footnote 8. 
See http://www.euro.cy/euro/euro.nsf/dmlbusinesssector_en/dmlbusinesssector_en?OpenDocument. 

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umbrella  of  a  partnership  agreement,  the  work  of  several  communication  officers,  a  free 
telephone  help  line  (launched  on  11th  June  2007)  and  the  media  budget  for  the  campaigns 
during the second half of 2007 and into 2008. It will also provide portable stands for use in 
public buildings and work together with Cypriot schools to organize a national competition to 
raise the level of knowledge of the euro.  

The Central Bank of Cyprus, partly in cooperation with the European Central Bank, plans an 
extensive information campaign, in particular on the euro banknotes and coins as well as their 
security features.  

2.2.6.  Conclusion 

While Cyprus achieved progress in its practical preparations for the introduction of the euro, it 
should speed them up. Particular attention should be given to the effective and country-wide 
implementation of the Fair Pricing Code and of the communication campaign on the euro.  

2.3. 

Preparations in Malta 

2.3.1.  General framework 

Malta  will  adopt  the  euro  on  1  January  2008  under  a  "big  bang"  scenario  with  a  dual 
circulation period of one month. 

In the Fourth Report, the Commission concluded that Malta's "Second updated Masterplan for 
the Euro Changeover in  Malta"  addressed  the relevant  changeover  aspects in  a  detailed  and 
comprehensive manner, while some features required further specification. The National Euro 
Changeover Committee (NECC) published the "Third updated Masterplan" in February 2007 
and the "Final Masterplan" on 11 July 2007, both of which contain further specifications and 
improvements.  

2.3.2.  Financial sector and enterprises 

Since  January  2007,  banks  were  obliged  to  accept  deposits  of  euro  banknotes  into  euro 
denominated bank accounts without the imposition of bank charges. In the absence of fees for 
depositing  euro  cash  into  (euro)  accounts,  retailers  who  are  prepared  to  accept  euro  cash 
payments  already  in  2007  (e.g.  in  the  tourism  sector)  are  legally  required  to  do  so  at  the 
conversion rate (or, before the latter was fixed, at the central parity rate), without any charges.  

In addition, since the irrevocable conversion rate was fixed by the Council on 10 July 2007, 
credit  institutions  accept,  on  a  voluntary  basis,  euro  banknotes  deposited  by  their  business 
clients into Maltese lira accounts at the conversion rate and free of any exchange charges.  

Frontloading of euro banknotes to credit institutions will start in late September/early October 
2007, and frontloading of euro coins in late October/early November 2007. Sub-frontloading 
operations to businesses will start on 1 December 2007, together with the distribution of coin 
starter-kits  with  a  value  of  €131  for  small  businesses,  notably  retailers.  The  general  public 
will be able to buy mini-kits worth €11.65 as from 10 December 2007. 

In addition, as from 1 December 2007, credit institutions will exchange Maltese lira into euro, 
and  vice-versa,  at  the  irrevocably  fixed  conversion  rate  without  any  exchange  charges.  The 

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general  public  will  however  be  reminded  that  the  euro  will  only  become  legal  tender  on 
1 January 2008.  

Around 60% of all ATMs (approximately 150 in total) will dispense low denomination euro 
banknotes (€ 10 and 20) as from 1 January 2008 at 0:00, while the remaining ATMs will all 
be converted in the course of the same day. 

2.3.3.  Public administration 

On the basis of the Euro Adoption Act 2006, which entered into force on 29 September 2006, 
the Minister of Finance issued the Legal Notice 4 of 2007 on 'Dual Display and Euro Pricing' 
(see section 2.3.4.).11  

As Malta does not have a national mint, the Maltese euro coins (see Annex 3 for the designs) 
are produced by the Monnaie de Paris, following a public call for tenders. Mass production 
started after the Council's Decision of 10 July 2007 lifting Malta's derogation.  

2.3.4.  Consumers and the general public 

The dual display of prices in euro and Maltese lira became mandatory after the fixing of the 
conversion  rate  by  the  Council  on  10  July  2007,  and  will  continue  to  be  mandatory  until 
30 June 2008. All governmental entities, businesses, non-profit organisations or other entities 
have to apply the dual display of monetary amounts, prices or values of goods and services 
offered to the consumer, in line with the Legal Notice 4 of 2007 on 'Dual Display and Euro 
Pricing'. With a view to assisting businesses and informing consumers, the NECC published 
the 'Dual Display Guidelines'.  

In  order  to  address  consumers'  fears  of  price  increases  in  the  changeover  period  and  to 
contribute  to  stable  prices,  the  government and  the  NECC  launched  a  comprehensive  set  of 
measures. 

Firstly,  the  FAIR  (Fair-pricing  Agreements  in  Retailing)  initiative12  became  effective  in 
January  2007.  Businesses  subscribing  to  FAIR  commit  themselves  to  apply  correct  dual 
display  of  prices  and  not  to  increase  prices  of  goods  and  services  "for  the  reason  that  a 
monetary  changeover  is  taking  place".13  Enforcement  measures,  such  as  the  imposition  of 
fines,  shall  ensure  that  businesses  honour  their  commitments.  The  list  of  businesses 
participating in FAIR is published on the NECC's website; more than 5 000 businesses have 
subscribed to it so far. They are authorised to use the FAIR logo for advertising purposes, and 
receive support and training from the NECC for their changeover preparations. 

Secondly, the Euro Observatory, established in the last quarter of 2006, coordinates the FAIR 
initiative,  monitors  price  developments  during  the  changeover  period  and  carries  out 
investigations in cases of alleged infringements of the provision on the dual display of prices 
and of commitments under FAIR. The Euro Observatory is supported by 70 Euro Assistants. 

Thirdly, a series of anonymous 'mystery shopping' exercises are being conducted by a Trade 
Union on behalf of the NECC, following a call for tenders. The prices of 200 products and 40 

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Issued in January 2007. Available at http://www.doi.gov.mt/EN/legalnotices/2007/default.asp. 
See http://www.mfin.gov.mt/page.aspx?site=NECC&page=fair. 
See 11.(1)(d) of Legal Notice 4 of 2007 (footnote 11).  

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services  are  monitored.  The  results  are  analysed  with  a  view  to  publishing  sector  specific 
pricing trends as well as specific cases of high price increases in the changeover period.  

Finally,  as  a  general  rule,  monetary  amounts  in  national  legislation  and  any  amounts  to  be 
paid or accounted for (e.g. fees, penalties) will be replaced with the exact equivalent in euro 
resulting  from  the  application  of  the  conversion  and  rounding  rules.14  Smoothing,  i.e.  the 
adjustment of monetary amounts to convenient amounts in euro, is only applied in exceptional 
cases and in favour of the consumer, thus setting an example to the private sector.  

2.3.5.  Communication activities 

Given  the  initially  relatively  low  support  ratings  for  the  euro  in  Malta,  in  autumn  2006  the 
NECC  started  an  exceptionally  comprehensive  and  intensive  communication  campaign  in 
preparation for the changeover. The first phase of the information campaign (until May 2007) 
focused on creating awareness of the core messages and the benefits of the euro among the 
general  public  and  in  specific  consumer  sectors  via  a  telephone  helpline  ('154'),  daily 
television and radio spots, a euro newsletter, weekly adverts in national newspapers, targeted 
articles  in  magazines,  conferences  and  seminars.  The  campaign  that  will  be  intensified  in  a 
second phase, aims to reach every single group of society and therefore uses a multitude of 
channels and tailor-made tools (e.g. audiovisual and printed matter were developed to reach 
and educate vulnerable people and their tutors). The mass media campaign was supported by 
the  distribution  of  a  euro  calendar  to  all  households  and  the  telephone  helpline  ('154').  The 
intensified  mass  media  campaign  again  consists  of  daily  television  and  radio  spots,  a  euro 
newspaper for the general public, weekly adverts in all national newspapers, targeted articles 
in  magazines,  conferences  and  seminars.  For  business  target  groups  special  attention  was 
given to the FAIR Pricing Agreement in Retailing. These activities have clearly borne fruit as 
the latest Flash Eurobarometer results show an impressive improvement in support of the euro 
and in the perceived level of information. 

The European Commission partially financed, via a partnership agreement, the production of 
publications,  the  media  campaign  and  the  work  of  information  officers.  The  European 
Commission's  exhibition  'The  euro,  our  currency',  travelled  to  Malta  for  display  during  the 
International Trade Fair (27 June – 8 July 2007). A new partnership agreement was signed in 
June  2007,  covering  the  continued  employment  of  information  officers  and  a  large  media 
campaign during the second phase (June 2007 to 15 February 2008).  

2.3.6.  Conclusion  

Malta's  practical  preparations  for  the  introduction  of  the  euro  are  very  well  advanced.  The 
country's communication activities on the euro are exceptionally comprehensive and of a very 
high quality. Malta should maintain the current momentum of its preparations with a view to 
an efficient and smooth changeover.  

14 

See  Articles  4  and  5  of  Council  Regulation  (EC)  No  1103/97  on  certain  provisions  relating  to  the 
introduction  of  the  euro  (OJ  L  162,  19.6.1997,  p.  1),  amended  by  Council  Regulation  (EC)  No 
2595/2000 of 27 November 2000 (OJ L 300, 29.11.2000, p. 1).  

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2.4. 

Preparations in Slovakia 

2.4.1.  General framework  

Slovakia aspires to adopt the euro on 1 January 2009 under a "big bang" scenario with a dual 
circulation period of 16 days. Slovakia adopted a comprehensive national changeover plan on 
6 July 2005. Since then, preparations slowed down, mainly because of parliamentary elections 
in  June  2006.  On  21  March  2007,  the  government  approved  an  update  of  the  national 
changeover  plan,  which  covers,  inter  alia,  the  front-  and  sub-frontloading  of  euro  cash,  the 
dual display of prices and several initiatives dealing with consumer protection issues.  

2.4.2.  Financial sector and enterprises 

Frontloading  of  euro  coins  and  banknotes  to  commercial  banks  is  planned  to  start  in 
September and mid-November 2008, respectively. The sub-frontloading of the retail sector is 
envisaged  for  November  and  December  2008.  By  the  end  of  March  2008,  banks  should 
inform  the  National  Bank  of  Slovakia  of  their  requirements  for  euro  banknotes  and  coins 
broken down by denominations for the purpose of frontloading as well as the first two weeks 
of 2009. It is envisaged that as of 1 January 2009, all ATMs will distribute euro only, while 
retailers will give change in euro only. Sub-frontloading to the general public before €-day is 
currently  not  foreseen  as  a  significant  part  of  the  population  is  already  in  possession  of  a 
certain quantity of euro cash.  

The National Bank of Slovakia will continue to exchange national coins free of charge during 
five  years  after  €-day  and  national  banknotes  without  time  limit.  Commercial  banks  will 
exchange  koruna  coins  and  banknotes  for  euro  free  of  charge  until  the  end  of  June  and 
December 2009, respectively. 

2.4.3.  Public administration  

The National Coordination Committee for the Euro Changeover is the supreme managing and 
coordination  body  preparing  the  changeover  in  Slovakia.  The  committee  is  chaired  by  the 
Minister of Finance (which is the National Coordinator for the changeover) and co-chaired by 
the  Governor  of  the  Bank  of  Slovakia.  A  government  plenipotentiary  was  appointed  in 
December 2005 to intensify preparatory activities.  

The final designs of the national sides of the Slovak euro coins were approved in April 2007 
(see  Annex  3  for  the  designs).  A  Memorandum  of  Understanding  between  the  Slovak 
Republic, euro-area Member States and the European Commission on the start of preparatory 
tasks prior to the start of mass production of euro coins was signed in June 2007. 

Slovakia  has  designated  the  authorities  competent  for  the  protection  of  the  euro  against 
counterfeiting. In particular Slovakia has established a National Central Office at the Ministry 
of Interior as well as a national analysis centre (banknotes) and a coin national analysis centre, 
both situated within the National Bank of Slovakia. Slovakia also participates at the regular 
meetings  of  the  relevant  committees  as  well  as  at  the  training  actions  under  the  Pericles 
programme. 

2.4.4.  Consumers and the general public  

Dual  display  of  prices  both  in  Slovak  koruna  and  euro  will  be  mandatory  at  the  latest  one 
month  after  the  setting  of  the  irrevocable  conversion  rate.  This  obligation  will  last  for  12 

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months  following  the  euro  introduction.  The  National  Coordinator  for  the  euro  changeover 
recommends the retail sector to make a public commitment to maintain price stability and not 
to increase retail prices due to the changeover. An ethical code on fair behaviour during the 
changeover  period  was  prepared  by  the  business  community15  and  voluntarily  endorsed  by 
more  than  70  mostly  large  companies.  It  is  envisaged  that  municipalites  and  local 
administrations will adhere to the ethical code. Moreover, payments to the government (fees, 
taxes,  etc.)  will  be  rounded  downwards,  while  payments  by  the  government  to  the  citizens 
will be rounded upwards.  

The  Statistical  Office  of  the  Slovak  Republic  and  the  National  Bank  of  Slovakia  plans  to 
monitor  price  developments  in  co-operation  with  consumer  associations  by  using  a  limited 
basket of the most frequently purchased consumer goods. Consumers will be informed of the 
results on a regular basis.  

2.4.5.  Communication activities 

As an integral part of the updated national changeover plan, the Ministry of Finance and the 
National  Bank  of  Slovakia  prepared  a  Euro  Adoption  Communication  Strategy.  The 
communication  campaign  will  target  the  general  public  and  a  range  of  specific  population 
groups,  including  ethnic  minorities  and  vulnerable  groups.  During  the  first  half  of  2007, 
specific activities to inform small and medium sized enterprises about the benefits of the euro 
were  carried  out  by  the  National  Bank  of  Slovakia  and  government  departments.  The 
European  Commission  and  the  Slovak  authorities  are  preparing  the  conclusion  of  a 
partnership agreement in the autumn 2007.  

2.4.6.  Conclusion 

the  withdrawal  of  koruna  cash,  details  of 

The update of the national changeover plan is quite comprehensive but still short of detail in 
some  respects  and  several  important  elements  need  to  be  further  defined  (e.g.  details  of 
frontloading  and  sub-frontloading, 
the 
communication  strategy).  Starter-kits  for  the  general  public  should  be  foreseen,  so  that 
citizens have sufficient amounts of euro coins at their disposal for payments immediately as 
from €-day, which contributes to accelerating the cash changeover and to enabling retailers to 
give change in euro only. Further measures should be taken to ensure consumer confidence in 
stable  pricing  around  the  changeover,  such  as  the  implementation  of  a  comprehensive  fair-
pricing  strategy  agreed  between  consumers  and  retailers.  In  these  fields,  Slovakia  should 
definitely step up its preparations.  

2.5. 

Preparations in other countries 

The Czech Republic gives a good example of timely preparations for the changeover in the 
absence of a target date. The government adopted a comprehensive national changeover plan 
on  11  April  2007.  The  country  will  opt  for  a  "big  bang"  scenario  with  a  dual  circulation 
period  of  2  weeks.  The  national  changeover  plan  covers,  inter  alia,  frontloading  and  sub-
frontloading (starting three months and one month ahead of €-day, respectively), the exchange 
of  national  banknotes  and  coins,  dual  displays  of  prices,  a  fair-pricing  agreement  with  the 
retail business and outlines a communication strategy. A leaflet with general information on 
the euro has been distributed.  

15 

See http://www.euro.gov.sk/index.php?ID=1434. 

EN 

10 

   EN 

 
                                                 
The  Estonian  government  approved  the  fifth  version  of  the  national  changeover  plan  on 
31 October 2006, which largely corresponds to the previous one. Due to the abandonment of a 
specific target date, it abstains from mentioning specific dates and refers to "€-day" instead.  

In  Lithuania,  an  update  of  the  national  changeover  plan  and  a  new  communication  strategy 
were  adopted  by  the  government  on  25 April  2007.  The  new  version  foresees,  inter  alia,  a 
longer period for dual display of prices (120 days before and after €-day) and an earlier start 
of the frontloading to the commercial banks (before 1 December at the latest).  

Romania set 2014 as its target year for the adoption of the euro. 

In the other Member States, there have been no noteworthy developments since the previous 
report. 

Annexes 1 and 2 provide a list of relevant changeover characteristics and an overview of the 
state of practical preparations at national level. 

3. 

STATE OF PUBLIC OPINION IN THE RECENTLY ACCEDED MEMBER STATES 

Annex  5  gives  an  overview  of  the  state  of  public  opinion  in  the  recently  acceded  Member 
States. 

EN 

11 

   EN 

 
ANNEX 1 

List of relevant changeover characteristics 

The table below provides an overview of certain relevant changeover characteristics in each 
Member  State  concerned.  It  is  solely  based  on  officially  approved  and  publicly  available 
information and does therefore not reflect preparations which are still under way. It should be 
noted that the state and degree of progress of preparations should be assessed in the context of 
the target date, as preparations tend to speed up as the changeover approaches.  

X: Officially approved/established and published 
(in particular in the national changeover plan) 

BG  CZ  EE  CY  LV  LT  HU  MT  PL  RO  SK 

SE 

the  general 

Changeover plan  
National target date 
National Changeover Plan 
National Changeover Committee  
Cash Changeover details 
Type of scenario  
Length of dual circulation period 
Exchange at commercial banks after 
dual circulation period 
Exchange  at  central  bank  after  dual 
circulation period 
Frontloading of financial institutions 
Sub-frontloading of retailers  
Sub-frontloading  of 
public 
Deferred debiting17 
Campaign for early cash withdrawal 
Arrangements  for  extended  bank 
opening hours around €-day 
ATMs dispensing euro only as from 
€-day 
Denominations  of  notes  in  ATMs 
specified 
Transport and storage for euro cash 
Transport  and  storage  for  legacy 
cash 
Change  only  given 
retailers as from €-day 
Coin starter kits for retailers 
Coins mini-kits for general public 
Design  of  national  side  of  the  euro 
coins 
Supply arrangements for euro coins 

in  euro  by 

X 
X 

X 
X 
X 

X 

X 
X 

X 
X 
X 

X 

X 
X 
X 

X 
X 
X 

X 

X 
X 
X 
X 
X16  X 

X 
X 

X 
X 
X 

X 

X 
X 

X 
X 
X 

X 
X 

X 
X 
X 

X 

X 
X 

X 
X 

X 
X 
X 

X 

X 

X 
X 

X 

X 
X 
X 

X 

X 

X 

X 

X 
X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 
X 
X 

X 
X 
X 

X 

X 
X 

X 

X 

X 

X 
X 
X 

X 
X 
X 

X 

X 
X 
X 

X 
X 
X 

X 

X 

X 
X 

X 

X 
X 
X 

X 

16 
17 

Exchange at banks at the conversion rate without service fees. 
I.e. debiting of frontloaded euro cash at a date later than the date of delivery of the frontloaded cash. 

EN 

12 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                 
BG  CZ  EE  CY  LV  LT  HU  MT  PL  RO  SK 

SE 

Further changeover details 
Necessary  adaptations  of  national 
law identified 
Dual display of prices before €-day 
Dual display of prices after €-day 
Dual display of utility bills 
Dual display of civil servants’ wages 
Voluntary dual display of prices 
Agreements on price stability or fair 
pricing  
Price monitoring projects 
Training for cash handlers 
Accounting adaptations  
Share capital conversion 
Rounding rules in legislation 
Evaluation  of  the  costs  involved  for 
the public sector  
Twinning agreement  
Communication activities 
Communication strategy  
Partnership agreement 

X 
X 

X 

X 
X 
X 

X 

X 
X 
X 
X 
X 

X 
X 

X 

X 
X 
X 
X 

X 

X 
X 
X 
X 
X 

X 

X 
X 

X 

X 
X 

X 

X 
X 
X 

X 

X 

X 
X 

X 
X 

X 

X 

X 
X 

X 

X 

X 
X 
X 
X 
X 
X 

X 
X 
X 
X 
X 

X 

X 
X 

X 

X 

X 
X 
X 

X 
X 

X 
X 
X 
X 
X 

X 

X 

EN 

13 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changeover plan 

National  target  date  for 
euro adoption 

National  co-ordinating 
institution 

(Approved) 
Changeover Plan 

National 

Changeover details 

Type of scenario 

Dual circulation period 

Exchange  of  national 
banknotes and coins 

State of practical preparations (June 2007) 

ANNEX 2  

Bulgaria 

Czech Republic 

The  preliminary  target  date  (1  January  2010)  has  been 
withdrawn  by  the  government  on  25  October  2006.  No 
new date has been officially set for the time being. 

On 23 November 2005, the Deputy Minister of Finance 
was appointed as the National Co-ordinator of Euro 
Adoption. The National Co-ordination Group was 
established and held its first meeting on 20 February 
2006. Two other meetings were organised during 2006 
and one in February 2007. Six Working Groups were 
established for 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. 

The  Czech  Republic’s  Euro  Accession  Strategy  was 
approved by the Government in October 2003: 

http://www.cnb.cz/euro_index.php. 

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:  

http://www.mfcr.cz/cps/rde/xbcr/mfcr/Narodni_plan_ver
ze_10-FV_pdf.pdf 

"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 government on 25 October 2006. 

The length of this period is intended to be 2 full calendar 
weeks as from €-day. 

The  Czech  National  Bank,  commercial  banks  and  other 
selected entities will exchange cash for at least 6 months 
after€-day.  After  the  6  months  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. 

EN 

14 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
for 

Campaign 
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) 

Adaptation  of  national 
law 

Euro banknotes and coins 

Design  of  the  national 
side 

Nr  of  different  coin 
designs 

Coin supplier 

Estimation  on  the  need 
for banknotes and coins 

Communication activities 

Communication 
strategy 

Bulgaria 

Czech Republic 

Frontloading of banks will start 3 months ahead of €-day 
and sub-frontloading of the non-financial sector will start 
one month ahead. 

Dual  display  of  prices  will  be  introduced  within  one 
month  after  the  fixing  of  the  conversion  rate  and  will 
continue for 12 months after the changeover date. 

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  protection  associations,  is 
to  be 
envisaged.  These  measures  are  planned 
implemented no later than one month after the fixing of 
the conversion rate. 

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  will  be 
constituted  in  order  to  prepare  the  General  Act  on  the 
Euro Introduction in the Czech Republic. 

Competition under consideration. 

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. 

230 million banknotes and 950 million coins. 

Under preparation within the framework of the Working 
Group for Communication.  

EN 

15 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Addresses  of  websites 
on  euro  changeover, 
activation date: 

Government/Ministry 
of Finance; 

Central Bank 

Partnership agreement 

Other issues 

ERM II entry 

Twinning agreement 

Bulgaria 

Czech Republic 

Governmental 
http://www.euroskop.cz/euro 

EU 

information 

department: 

Ministry of Finance: 

http:// www.mfcr.cz/euro 

Czech 
http://www.cnb.cz/cz/mezinarodni_vztahy/euro/ 

National 

Bank: 

of 

Ministry 
Industry 
http://www.mpo.cz/cz/eu-a-vnitrni-trh/euro-pristoupeni-
cr-k-eurozone/default.html 

and 

Trade: 

Project  with  the  National  Bank  of  Belgium,  Czech 
Ministry of Finance and the Czech National Bank, to be 
approved by the EC.  

EN 

16 

   EN 

 
 
 
 
 
 
 
 
 
 
State of practical preparations (June 2007) 

Estonia 

Cyprus 

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). 

1 January 2008 

National 
institution 

co-ordinating 

The  National  Changeover  Committee,  chaired  by 
the  Secretary  General  of  the  Ministry  of  Finance, 
was set up on 27 January 2005. 

Joint  co-ordination  by  the  Minister  of  Finance  and  the 
Central  bank  of  Cyprus,  established  on  29  December 
2004. 

(Approved) 
Changeover Plan  

National 

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  fifth  version  of  Estonia's  National  Changeover 
Plan  was  approved  by  the  government  on  31 
October 2006: 

http://euro.eesti.ee/EU/Prod/Euroveeb/Main_Page/l
eft_menu_content4748/Changeover_to_the_euro_in
_Estonia/europlaan_en.jsp 

The  National  Changeover  Plan  was  approved  by  the 
National Advisory Committee on 29 March 2006 and by 
the  Council  of  Ministers  on  13  July  2006.  An  updated 
version  was  approved  by  the  Ministry  of  Finance,  with 
the  consent  of  the  Central  Bank  of  Cyprus,  on  21  June 
2007. Part of the National Changeover Plan is the Cash 
Changeover  Plan,  which  was  published  by  the  Central 
Bank  of  Cyprus  as  a  separate  document.  Both plans  are 
published on the national euro website (www.euro.cy). 

The  Cash  Changeover  plan  is  also  published  on  the 
of  Cyprus 
the  Central  Bank 
website 
(http://www.centralbank.gov.cy/nqcontent.cfm?a_id=476
4). 

of 

Changeover details 

Type of scenario 

"Big bang". 

"Big bang". 

Dual circulation period  

Two weeks. 

1-31 January 2008. 

Exchange 
banknotes and coins 

of 

national 

Campaign 
withdrawal 
banknotes and coins 

for 
of 

rapid 
national 

Banknotes  and  coins:  commercial  banks  at  least 
6 months after €-day free of charge, some branches 
12  months.  Central  Bank  indefinitely,  free  of 
charge. 

'The  exchange  of  national  banknotes  and  coins  is 
governed  by  the  'umbrella  law'  ('Adoption  of  the  Euro 
Law  2007').  The  Law  provides  for  the  exchange  of 
banknotes  and  coins  by  the  Central  Bank  for  10  years 
and  2  years,  respectively.  Commercial  banks  will 
exchange  national  banknotes  and  coins  for  euro,  free  of 
charge,  at  least  for  the  amount  of  CYP  1000  for 
banknotes  and  CYP  50  for  coins  per  transaction,  for  a 
period of 6 months after €-day. There will be no limits or 
charges  for  deposits  at  commercial  banks  of  national 
banknotes and coins during the 6-months period.  

Campaign  for  collection  of  coins  before  €-day 
planned;  credit  institutions  are  recommended  to 
launch early cash deposit campaigns. 

A campaign to encourage citizens to use hoarded cash or 
to  deposit  it  with  banks  before  the  introduction  of  the 
euro  has  been  launched  in  November  2006  and  will  be 
intensified in September 2007. 

EN 

17 

   EN 

 
 
 
 
 
 
 
 
 
Estonia 

Cyprus 

Frontloading 
frontloading 

and 

sub-

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 and sub-frontloading of banknotes will start 
on  19  November  2007,  and  frontloading  and  sub-
frontloading of coins on 22 October 2007. 

The frontloading of coins will be carried out from a Coin 
Centre.  

Starter-kits will be available at banks both to businesses 
and the general public as from 3 December 2007. 

ATMs issuing euro only  

All ATMs will dispense euro only within 48h as of 
€-day. 

dispense 

banks  will 

small 
only 
Commercial 
denomination  euro  banknotes 
(10-  and  20-euro 
banknotes)  from  ATMs  as  from  €-day.  During  the  first 
hour  of  1  January  2008,  around  70%  of  each  banks' 
ATMs, which includes all machines operating at central 
locations,  will  dispense  only  euro  banknotes.  The 
remaining  ATMs  will  be  converted  to  dispensing  only 
euro banknotes at the latest by noon on the same day. 

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. 

The retail sector will be sub-frontloaded with euro coins 
so as to give change in euro only as from €-day. 

Dual display of prices 

Compulsory: 6 months before and after €-day. 

According  to  the  'Adoption  of  the  Euro  2007  law',  the 
dual  display  of  prices  will  be  mandatory  from  1 
September 2007 until 30 September 2008. 

Consumer 
building  measures 
agreements with retailers) 

confidence 
(e.g. 

Monitoring  of  the  prices  of  certain  frequently 
consumed goods and services under the supervision 
of 
the  Ministry  of  Economic  Affairs  and 
Communications. 

The Ministry of Finance is implementing an action plan 
for  enhancing  consumer  confidence.  The  measures 
undertaken include mandatory dual display of prices, the 
establishment of euro observatories and the introduction 
of the Fair Pricing Code. 

Leaflets  containing  information  on  the  euro  were 
made available to the public in summer 2006. 

Adaptation of national law  Draft Act on the Introduction of the Euro ('umbrella 
law')  and  draft  amendments  to  the  Business  Code 
are 
inter-ministerial 
the 
in 
consultation.  

stage  of 

final 

The 'Adoption of the Euro 2007 law' for the introduction 
of  the  euro  was  adopted  by  Parliament  on  15  March 
2007. Amendments to this law were adopted on 21 June 
2007. 

Euro banknotes and coins 

Design of the national side 

Design selected and published in December 2004. 

The government of Cyprus approved the designs for the 
national  sides  of  the  euro  coins  on  22 June  2006.  The 
designs were unveiled on 11 October 2006 

Nr of different coin designs  One design. 

Three designs. 

Coin supplier 

Coins  will  be  minted  by  the  Finnish  Mint  which  was 
selected through a tender procedure. 

Estimation  on  the  need  for 
banknotes and coins 

150-200 million coins. 

79 million banknotes (value €1730m), 395 million coins 
(value € 100.26m). 

EN 

18 

   EN 

 
 
 
 
 
Estonia 

Cyprus 

Communication activities  

Communication strategy 

Endorsed  by  the  National  Changeover  Committee 
on 21 June 2005 and updated on 18 May 2006. 

A Comprehensive Strategic Communication Plan for the 
Adoption  of  the  Euro  in  the  Republic  of  Cyprus  was 
approved by the Council of Ministers on 5 April 2006. In 
addition,  the  Central  Bank  of  Cyprus  prepared  its  own 
euro 
information  campaign  plan.  Both  plans  are 
published on the national euro website (www.euro.cy). 

The  Central  Bank’s  euro  information  campaign  plan  is 
also 
website 
(http://www.centralbank.gov.cy/nqcontent.cfm?a_id=442
5). 

published 

Bank’s 

the 

on 

Realisation  of  the  planned  communication  activities  is 
handled  by  a  PR/Advertising  agency  in  close  co-
operation  with  the  Ministry  of  Finance  and  the  Central 
Bank  of  Cyprus,  especially  for  issues  relating  to 
consumer  confidence  building  measures  and  cash 
changeover matters. 

According  to  the  communication  campaign  plans,  the 
campaign  will  be  intensified  immediately  after  the 
abrogation  of  the  derogation,  and  all  events  will  be 
announced on the national euro website and the Central 
Bank’s website.  

www.euro.cy,  activated  on  31  May  2006  as  part  of  the 
communication campaign's official kick-off event. Other 
government  websites  provide  links  to  the  changeover 
website. 
website 
Central 
(www.centralbank.gov.cy) also provides information and 
links regarding the changeover.  

Bank's 

The 

Addresses  of  websites  on 
euro  changeover,  activation 
date:  Government/Ministry 
of Finance; Central Bank 

www.euro.eesti.ee, launched in January 2006. 

On  11  June  2007,  a  free  telephone  line  has  been 
launched.  

Partnership agreement 

Signed 8 November 2005. 

Signed on 5 May 2006. 

Other issues 

ERM II entry 

Twinning agreement 

28 June 2004 

2 May 2005 

Between IE – MT – CY: communication and information 
strategy  (finalised);  between  GR  –  CY:  technical  issues 
related to the changeover. 

EN 

19 

   EN 

 
 
 
 
 
 
 
 
State of practical preparations (June 2007) 

Latvia 

Lithuania 

Changeover plan 

National  target  date  for 
euro adoption 

The specific target date has not been set. 

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.  

National  co-ordinating 
institution 

The  Steering  Committee  for  the  preparation  and  co-
ordination of the euro changeover was established on 18 
July 2005. 

Commission for the Co-ordination of the Adoption of the 
Euro in Lithuania, established on 30 May 2005. 

(Approved) 
Changeover Plan  

National 

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 draft of Latvia's National Euro Changeover Plan on 
28 February 2006 (Government Order No 148, 6 March 
2006). 

Changeover details 

The second version of the National Changeover Plan was 
approved  by  the  government  on  25  April  2007  and 
published: 
http://www3.lrs.lt/pls/inter3/dokpaieska.showdoc_l?p_id
=296518&p_query=&p_tr2= 
preparation and will be posted on www.euro.lt) 

(Translation 

is  under 

Type of scenario 

"Big bang". 

"Big bang". 

Dual circulation period   One month. 

15 days. 

Exchange  of  national 
banknotes and coins 

Commercial  banks,  currency  exchange  offices  and  post 
offices for 6 months after €-day free of charge; the Bank 
of Latvia will exchange without time limit free of charge.

Commercial  banks:  free  of  charge  for  60  days  after  €-
day. Central bank: free of charge for an unlimited period.

for 

Campaign 
rapid 
withdrawal  of  national 
banknotes and coins 

Frontloading  and  sub-
frontloading 

Not envisaged due to the high nominal value of coins in 
Latvia and their intensive use in day-to-day payments. 

Consumers  will  be  encouraged  to  deposit  cash  with 
banks as early as possible. 

Frontloading  to  banks  starts  one  month  before  €-day 
(1 December), sub-frontloading two weeks before €-day 
(15 December) - (precondition: euro banknotes and coins 
may not be publicly circulated before €-day). 

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. 

ATMs issuing euro only   As from € day ATMs will dispense euro banknotes only.  As from €-day ATMs will dispense euro banknotes. 

Change in euro only 

After the end of the dual circulation period.  

Recommendation to give change in euro only. 

EN 

20 

   EN 

 
 
 
 
 
 
 
 
Latvia 

Lithuania 

Dual display of prices 

Compulsory  three  months  from  before  until  one  year 
after €-day. 

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. 
with 
agreements 
retailers) 

Monitoring  of  price  developments  in  the  retail  trade, 
verification  of  the  accuracy  of  price  displays  and  'fair 
trader' campaign envisaged. 

Business  organisations  will  be  encouraged  to  adopt  a 
Code of Good Business Practice (on correct conversion, 
increases  etc.);  enterprises  committing 
no  price 
themselves  will be  authorised  to  use  the  special logo  of 
the Code. 

Adaptation  of  national 
law 

the  euro 
law'  on  basic  provisions  for 
'Umbrella 
changeover  in  Latvia  is  currently  being  prepared.  All 
ministries  are  involved  in  reviewing  national  legislation 
to 
the  necessary  amendments  and  new 
legislation required. 

identify 

A  Law  on  the  Adoption  of  the  Euro  has  been  drafted 
(rules  on  conversion  and  exchange  of  the  litas  to  the 
euro, withdrawal of litas from circulation, publication of 
the  images  of  notes  and  coins,  redenomination  of 
securities,  dual  display  of  prices  etc.).  The  law  will  be 
adopted once the decision to lift the derogation has been 
taken.  

All  existing  legal  acts  that  need  to  be  adapted  with  a 
view to the euro were identified by December 2005.  

Euro banknotes and coins 

Design  of  the  national 
side 

In process. 

Nr  of  different  coin 
designs 

Four designs. 

Approved. 

Three designs. 

Coin supplier 

Coins will be minted abroad following a call for tender.  Lithuanian Mint. 

Estimation  on  the  need 
for banknotes and coins 

87 million banknotes and 300 million 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. 

Communication activities 

Communication 
strategy 

'Communication  strategy  for  the  euro  changeover  in 
Latvia'  approved  by  the  Steering  Committee  of  Latvia's 
euro implementation project on 12 April 2006. 

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 
published: 
http://www3.lrs.lt/pls/inter3/dokpaieska.showdoc_l?p_id
=296518&p_query=&p_tr2= 
preparation and will be posted on www.euro.lt) 

.  (Translation  is  under 

and 

Addresses  of  websites 
on  euro  changeover, 
activation date: 

Planned  euro  changeover  website:  www.eiro.lv.  A 
working group has been set up to develop the concept of 
this site. 

Ministry 
Finance/Government; 
Central Bank 

of 

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. 

A  national  website  (www.euro.lt)  was  launched  in  May 
2007. 

Websites of the Bank of Lithuania (www.lb.lt) and of the 
Ministry of Finance (www.finmin.lt).  

EN 

21 

   EN 

 
 
 
 
 
 
 
 
 
Partnership agreement 

Other issues 

Latvia 

Lithuania 

Signed on 8 November 2005. 

ERM II entry 

2 May 2005 

28 June 2004 

Twinning agreement 

Between NL – SI – LT: communication and information 
strategy;  

between BE – LT on tax-related questions;  

between  BE  –  LT  on  departmental  management  related 
to the changeover.  

EN 

22 

   EN 

 
 
 
 
 
 
State of practical preparations (June 2007) 

Hungary 

Malta 

Changeover plan 

National target date for 
euro adoption 

The Convergence Programme of 1 December 2006 aims 
at meeting the Maastricht criteria in 2009. A new target 
date for the adoption of the euro has not been specified. 

1 January 2008 

National  co-ordinating 
institution 

Preparatory  work  is  ongoing  in  the  Ministry  of  Finance 
and Magyar Nemzeti Bank (Central Bank of Hungary). 

(Approved) 
Changeover Plan  

National 

In  2006,  the  Central  Bank  prepared  a  proposal  for  a 
national  changeover  plan  focusing  on  its  tasks.  A 
summary  of  this  proposal  was  published  in  October 
2006. 

Changeover details 

Type of scenario 

"Big bang".  

Dual circulation period  

One month. 

Exchange  of  national 
banknotes and coins  

Credit  institutions  and  post  offices:  at  least  during  the 
dual circulation period.  

Magyar  Nemzeti  Bank:  in  the  case  of  banknotes  for  20 
years and in the case of coins for 5 years after the end of 
the dual circulation period. 

for 

Campaign 
rapid 
withdrawal  of  national 
banknotes and coins 

Two Committees appointed on 13 June 2005: a Steering 
Committee and a National Euro Changeover Committee 
(NECC) reporting to it. 

The Second Updated Master Plan for the Euro 
Changeover in Malta was adopted by the government on 
12 June 2006:  
http://mfin.gov.mt/page.aspx?site=NECC&page=downlo
ads. 
The Third Updated Master Plan for the Euro Changeover 
in Malta was published by the NECC in February 2007: 
http://mfin.gov.mt/page.aspx?site=NECC&page=downlo
ads. 
The 'Final Masterplan' was published by the NECC on 
11 July 2007: 
http://mfin.gov.mt/page.aspx?site=NECC&page=downlo
ads. 

"Big bang". 

January 2008. 

As from 2 January 2008, credit institutions will exchange 
Maltese lira notes and coins into euro notes and coins, 
free of charge for their clients and up to a 'household 
amount' of MTL 250 for non-bank clients. In the case of 
bank clients, exchange amounts of more than 250 MTL 
may be subject to a ‘2 day’ notice period. For both notes 
and coins, free exchange is planned to be provided until 
the end of March 2008.  
The Central Bank of Malta will continue to exchange 
Maltese lira coins and notes for two years and ten years, 
respectively, after the Maltese lira ceases to be legal 
tender (31 January 2008). All cash exchanges will be 
subject to anti-money-laundering regulations. 

A de-hoarding campaign is planned by the NECC and 
the Central Bank of Malta. The campaign will target the 
general public and specific target groups and unfold as of 
mid-2007 (after the decision lifting Malta's derogation). 
The Currency and Bank Deposits Registration Scheme 
(Amendment) Regulations (Legal Notice 126 of 2007) 
provided an opportunity for the general public and 
businesses to register undeclared income until the end of 
July 2007 
(http://www.doi.gov.mt/EN/legalnotices/2007/04/LN%2
0126.pdf). 

EN 

23 

   EN 

 
 
 
 
 
 
 
 
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) 

Hungary 

Malta 

Frontloading to credit institutions is planned to start from 
late September/early October 2007 and sub-frontloading 
by credit institutions to businesses and other cash 
handlers is planned to start from 1 December 2007. 
As from 1 December 2007, credit institutions will 
exchange Maltese lira into euro, and vice versa, at the 
irrevocably fixed conversion rate without exchange 
charges. 
Coin starter-kits for businesses (worth € 131) will be 
available at commercial banks from 1 December 2007, 
while mini-kits for the public (worth € 11.65) will be 
available from the banks and authorised channels from 
10 December 2007. In addition, from 1 December 2007 
commercial banks will offer low denomination euro 
notes to the business community (with exchange charges 
waived), subject to availability. 

Around 60% of all ATMs (at least one ATM in all major 
localities) will dispense euro banknotes as from 1 
January 2008 at 00:00h, while the remaining ATMs will 
be converted in the course of the same day – 85 to 90% 
by noon and the remaining by 16:00h on 1 January 2008. 
This agreement was reached following a study on 
historic data concerning typical withdrawal cycles on 31 
December 2005 and 2006, to ensure that enough ATMs 
will remain meeting demand requirements for Maltese 
lira notes on 31 December 2007. 

As from 1 January 2008, all change will be given in 
euro. 

Mandatory dual display of prices from the irrevocable 
fixing of the conversion rate until 30 June 2008. 
Voluntary dual display has been promoted by the NECC 
since 1 January 2007. Government departments and 
agencies have been fully dual display compliant since 
April 2007. 

In order to address consumers' fears of price increases in 
the changeover period, the government and the NECC 
launched initiatives that intend to empower the consumer 
and to prevent the retailer from increasing prices: 
The FAIR (Fair-pricing Agreements in Retailing) 
initiative became effective in January 2007. The 
initiative invites businesses to voluntarily subscribe to 
FAIR and thus to commit themselves to apply correct 
dual display of prices and not to increase prices due to 
the euro changeover. Legislation and enforcement 
measures, including the possibility to impose 
administrative fines, are in place to ensure that 
businesses honour their commitments. The FAIR 
initiative receives positive feedback from the business 
community, with well over 5 000 businesses having 
subscribed to it so far. 
The Euro Observatory, which was established in the last 
quarter of 2006, is in charge of co-ordinating the FAIR 
initiative and of monitoring pricing trends during the 
changeover period. Moreover, 70 Euro Assistants are 
responsible for providing support and training to the 
retail sector, with a view to ensuring that the rules on 
dual display of prices are correctly applied and that the 
commitments undertaken by businesses under the FAIR 
initiative are honoured.  

EN 

24 

   EN 

 
 
 
 
 
 
Hungary 

Malta 

A 'Price Watch' Initiative is being conducted. A twinning 
agreement is well underway with the former Austrian 
Price Commission, where one of the main deliverables of 
the agreement was the planning and starting up of this 
initiative. 
A series of anonymous 'mystery shopping' exercises are 
being conducted. The results of the shopping exercises 
are being analysed with a view to publishing sector 
specific pricing trends, as well as specific cases of high 
price increases over the changeover period. 

The Euro Adoption Act 2006 entered into force on 29 
September 2006. Legal Notice 4 of 2007, issued in 
January 2007, mainly regulates details of the mandatory 
dual display of prices. 

The three designs for the national sides of the Maltese 
euro coins were selected following a public consultation; 
the final designs were published by the Central Bank on 
13 October 2006. 

Three designs. 

As Malta does not have a national mint, the Maltese euro 
coins will be produced by the Monnaie de Paris, the mint 
chosen following a public call for tenders 

Adaptation  of  national 
law 

Euro banknotes and coins 

Design  of  the  national 
side 

Nr  of  different  coin 
designs 

Coin supplier 

National Mint. 

Estimation  on  the  need 
for banknotes and coins 

0,5 billion banknotes and 1 billion coins. 

Estimated 80 million euro notes. 
Estimated 200 million euro coins. 

Communication activities 

Communication 
strategy 

'Multi-annual communication strategy in preparation for 
the adoption of the euro (2006-2008)' adopted by the 
Steering Committee for the adoption of the euro on 19 
April 2006. 
The NECC has prepared a detailed action plan for 2006 
and 2007 including a significant information campaign 
reaching specific target groups, such as consumers, the 
business community, children, the elderly and vulnerable 
groups. It has recruited a team of information officers to 
assist the general public and has also launched a national 
helpline to assist the different target groups. 
The NECC launched its information campaign in June 
2006. The NECC unveiled the slogan 'the euro – in our 
common interest' and launched a three-digit helpline 
which has proven popular among the general public. The 
campaign includes public relations initiatives, articles on 
national newspapers and magazines and an advertising 
campaign. The team of information officers is also 
constantly participating in television and radio 
programmes as well as giving public talks to NGOs, 
local councils and other important multipliers. A specific 
campaign targeting businesses in planned in autumn. 

EN 

25 

   EN 

 
 
 
 
 
 
 
 
 
 
 
Hungary 

Malta 

www.euro.mnb.hu (activated in December 2006) 

NECC: http://www.euro.gov.mt 
Central Bank of Malta: 
http://www.centralbankmalta.com/site/euroadoption.html
Ministry of Finance: http://mfin.gov.mt 

Addresses  of  websites 
on  euro  changeover, 
activation date: 

Ministry 
Finance/Government; 
Central Bank 

of 

Partnership agreement 

Other issues 

ERM II entry 

Twinning agreement 

Between  AT  and  HU:  communication  and  information 
strategy (finalised) 

Signed on 5 May 2006. 

2 May 2005 

Between IE – MT – CY: communication and information 
strategy (finalised). 
Between AT-MT: establishing procedures around price 
monitoring and analysis, as well as measures for building 
up price awareness and consumer confidence in the 
changeover period. 
Between FR-MT: The main objective of this twinning is 
to build the NECC’s capacity, enabling it to educate and 
provide public and consumer information. This includes: 
Study visits to learn about the challenges posed by 
changeover in euro zone countries; 
Training in communication with 
vulnerable/disadvantaged groups; 
Training in Six Sigma Methodology; 
Training to euro assistants on how to inform and educate 
retailers; 
Cooperation with representatives of sectoral committees 
and task forces; 
Support to the business awareness campaign; 

Training on broadcasting. 

EN 

26 

   EN 

 
 
 
 
 
 
State of practical preparations (June 2007) 

Poland 

Romania 

Changeover plan 

National target date for 
euro adoption 

2014 

National  co-ordinating 
institution 

Inter-institutional  working  group  Ministry  of  Finance  / 
national central bank. 

Note:  The  national  central  bank  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 adoption of the euro in Poland 
and  provide  guidance  for  decisions 
the 
process of the adoption of the euro 

taken 

in 

(Approved) 
Changeover Plan 

National 

Changeover details 

Type of scenario 

Dual circulation period 

Exchange  of  national 
banknotes and coins 

for 

Campaign 
rapid 
withdrawal  of  national 
banknotes and coins 

Frontloading  and  sub-
frontloading 

ATMs issuing euro only 

Change in euro only 

Dual display of prices 

confidence 
Consumer 
building  measures  (e.g. 
agreements 
with 
retailers) 

Adaptation  of  national 

EN 

27 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Poland 

Romania 

law 

Euro banknotes and coins 

Design  of  the  national 
side 

Public survey. 

Nr  of  different  coin 
designs 

Coin supplier 

National Mint. 

Estimation  on  the  need 
for banknotes and coins 

Between 4 and 5 billion coins. 

Communication activities 

Communication 
strategy 

Addresses  of  websites 
on  euro  changeover, 
activation date: 

Government/Ministry 
of Finance; 

Central Bank 

Partnership agreement 

Other issues 

ERM II entry 

Twinning agreement 

Between DE – PL: communication and information 
strategy and practical issues. 

EN 

28 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State of practical preparations (June 2007) 

Slovakia 

Sweden 

Not decided. 

Changeover plan 

National target date for 
euro adoption 

1 January 2009 

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. 

(Approved)  National 
Changeover Plan  

The  first  version  of  the  National  Changeover  Plan  was 
approved  on  6  July  2005.  On  21  March  2007,  the 
government endorsed an update of this plan: 

http://www.nbs.sk/EURINT/EURO/NP_AKT.PDF 
(Slovak) 

http://www.nbs.sk/ZAKLNBS/PUBLIK/BROZURY/N
ARPLANA.PDF (English). 

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 without time limit and coins 
for 5 years. 

for  rapid 
Campaign 
withdrawal  of  national 
banknotes and coins 

Frontloading  and  sub-
frontloading 

Commercial  banks  will  be  able  to  receive  from  the 
National Bank of Slovakia frontloaded supplies of euro 
coins  from  September  2008  and  supplies  of  euro 
banknotes 
from  mid-November  2008.  The  sub-
frontloading  of  the  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 will be given in euro only. 

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. 

EN 

29 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Slovakia 

Sweden 

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 complaints with supervisory bodies 
or  apply  to  the  courts;  voluntary  ethical  code  has  been 
drafted with retailers and entrepreneurs. 

With  the  aim  of  facilitating  the  euro  changeover  for 
citizens and of protecting them against unjustified price 
increases,  the  Ministry  of  Economy  of  the  Slovak 
Republic  prepared  a 
'White  Paper  on  Consumer 
Protection in the euro changeover process'. 

Adaptation  of  national 
law 

'Umbrella  law'  is  planned  to  be  adopted  by  the  end  of 
2007 so that it could be effective from 1 January 2008. 
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 and 
announced in December 2005. Slightly revised designs 
were approved in April 2007. 

Nr  of  different  coin 
designs 

Three designs. 

Coin supplier 

National Mint. 

Estimation  on  the  need 
for banknotes and coins 

188 million banknotes, 400 million coins. 

Communication activities 

Communication 
strategy 

Communication strategy on the euro introduction in the 
Slovak  Republic  is  part  of  the  National  Changeover 
Plan. 

Addresses  of  websites 
on  euro  changeover, 
activation date: 

Government/Ministry 
of Finance;  

http://www.nbs.sk/EURINT/EURO/INDEX.HTM  

http://www.nbs.sk/MEDZINAR/EU/INDEXA.HTM 

http://www.finance.gov.sk/En/Default.aspx 

Central Bank 

www.euro.gov.sk  

www.euromena.sk  

Partnership agreement 

Other issues 

ERM II entry 

28 November 2005 

EN 

30 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Slovakia 

Sweden 

Twinning agreement 

Between  AU  –  SK:  communication  and  information 
strategy (finalised); 

Between  BE  –  SK:  technical  issues  related  to  the 
changeover (finalised). 

EN 

31 

   EN 

 
 
 
 
Euro coins designs of the future national sides of Slovakia, Malta and Cyprus 

ANNEX 3 

Cyprus 

2 euro, 1 euro 

50 cent, 20 cent, 10 cent 

5 cent, 20 cent, 1 cent 

Malta 

2 euro, 1 euro 

50 cent, 20 cent, 10 cent 

5 cent, 20 cent, 1 cent 

Slovakia  

2 euro, 1 euro 

50 cent, 20 cent, 10 cent 

5 cent, 20 cent, 1 cent 

EN 

32 

   EN 

 
 
 
 
 
 
 
 
 
 
 
Information and communication policy at Community level 

ANNEX 4 

The  European  Commission  has  continued  to  implement  a  whole  range  of  communication 
activities  on  the  euro  and  EMU  in  close  co-operation  with  Member  States  and  other 
Community institutions. In particular it continued to implement partnership agreements with a 
number  of  Member  States  preparing  for  the  introduction  of  the  euro:  Slovenia,  Estonia, 
Lithuania,  Malta  and  Cyprus.  The  partnership  agreement  with  Slovenia  was  successfully 
brought to a close following the introduction of the euro on 1 January 2007, and discussions 
are  now  at  an  advanced  stage  with  the  Slovak  Republic  for  the  conclusion  of  a  new 
partnership agreement in the second half of the year.  

The purpose of the partnership agreements is to provide technical and financial support to the 
Member  States  for  their  national  euro  communication  campaigns.  They  provide  the 
framework  within  which  the  Commission  supports  various  activities  developed  by  the 
national  authorities,  such  as  publications,  media  campaigns,  promotional  material, 
conferences and seminars, competitions, opinion polls, etc. The Commission also concluded 
grant agreements in June with Malta and Cyprus to co-finance their national communication 
activities. 

The  Commission  has  also,  since  the  beginning  of  the  year,  conducted  on  its  own  account  a 
number  of  activities  linked  to  the  enlargement  of  the  euro  area,  such  as  opinion  polls  and 
surveys, conferences, and seminars for journalists both in Brussels and in the Member States. 
It has also produced brochures, posters, CD-ROMS and promotional material for the general 
public18  and  a  new  website  dedicated  to  the  euro.19  Moreover,  it  has  developed  a  new 
exhibition on the euro and EMU which will travel to various Member States, starting in Malta 
in June/July and in Cyprus after the summer break.  

Preparing  citizens  in  Cyprus  and  Malta  for  the  euro  introduction  has  been  a  priority  for  the 
Commission's communication policy in the first half of 2007 and will continue to be so for the 
remainder of the year.  

18 
19 

http://ec.europa.eu/economy_finance/publications/general/general_en.htm 
http://ec.europa.eu/economy_finance/euro/our_currency_en.htm 

EN 

33 

   EN 

 
 
                                                 
ANNEX 5 

State of public opinion in the recently acceded Member States 

The  European  Commission  commissioned  a  Eurobarometer  survey  on  public  opinion  in  the 
recently acceded Member States concerning their attitudes towards and knowledge about the 
introduction of the euro, and Gallup Europe conducted the survey at the end of March 2007.20 
It was the fifth such Eurobarometer survey (following the ones in September 2004 and 2005 
as well as in April and September 2006). Slovenia was no longer covered since it adopted the 
euro  on  1  January  2007.  Bulgaria  and  Romania,  however,  were  covered  for  the  first  time, 
having joined the EU on the same date. In total, over 11 000 randomly selected citizens were 
interviewed. 

1. 

Familiarity with and knowledge about the euro 

The March 2007 results broadly confirm the results of the previous surveys as to familiarity 
and  knowledge  about  the  euro.  Respondents  were  relatively  familiar  with  the  common 
currency: 77% had already seen euro banknotes of which some 62% had already used them, 
and 68% had already seen euro coins of which 60% had used them already. The usage of euro 
banknotes and coins was as usual particularly high in the Czech Republic, Cyprus and Malta – 
and also this time in Romania.  

In addition to these practical aspects, the survey also tested the respondents' knowledge of the 
euro's general features. Here the results were mixed. More respondents than in the last survey 
were aware that the design of banknotes was the same in all countries (50%, up from 45%) 
but fewer people knew about the partly different designs of euro coins (31%, down from 37% 
in autumn 2006). The enlargement of the euro area to Slovenia unsurprisingly increased the 
uncertainty as to how many euro-area Member States there are. Only 28% of the interviewees 
were able to give the correct answer of 13 countries (down from 40% in autumn 2006) while 
25%  did  not  know,  up  from  17%  previously.  A  relatively  stable  majority  of  citizens  (64%, 
previously  67%)  in  the  surveyed  countries  believed  that  their  country  had  the  option  of 
deciding whether it would adopt the euro or not. 

Regarding  the  expected  date  of  introduction  of  the  euro,  the  results  show  a  continued  shift 
since 2006, corresponding to actual developments. An overwhelming majority in Cyprus and 
Malta expect the euro to be adopted in those countries in 2008, which is indeed the official 
national  target  date,  and  a  strong  majority  in  Slovakia  expect  euro  adoption  in  2009.  The 
absence of national target dates in most other countries results in very diverging expectations 
among the population, reflecting the high degree of uncertainty.  

2. 

Perceptions of and support for the single European currency 

Similarly  to  previous  2006  findings,  citizens  in  the  recently  acceded  Member  States  are 
prepared – at least mentally – to have their currency replaced by the euro: 48% were very or 
rather happy about a future changeover, which is comparable to April and September 2006. 
The trends vary strongly from one country to another, with the relative share of citizens happy 
about  the  euro  changeover  increasing  in  five  of  the  eleven  recently  acceded  Member  States 

20 

Flash Eurobarometer 207.  

EN 

34 

   EN 

 
                                                 
compared  to  the  results  of  the  autumn  2006  survey.  Most  notably,  the  support  increased  in 
Cyprus by 8 percentage points to a support rate of 40% and in Malta by 6 percentage points to 
a support rate of 54%. The level of support in the other four countries had slightly decreased 
or  remained  unchanged  from  September  2006  (no  comparison  can  be  made  in  the  case  of 
Bulgaria and Romania since they were covered here for the first time).  

  Are people happy that the euro will replace their national currency?

% very and rather happy

% very a nd rather unhappy

CYPRUS

53

52

58

40

5
0
0
2
/
9

39

6
0
0
2
/
4

32

6
0
0
2
/
9

LITHUANIA

49

40

4
0
0
2
/
9

49

40

7
0
0
2
/
4

69

58

56

53

55

34

4
0
0
2
/
9

25

5
0
0
2
/
9

33

6
0
0
2
/
4

32

6
0
0
2
/
9

31

7
0
0
2
/
4

SLOVAKIA

50

50

54

55

57

42

4
0
0
2
/
9

42

5
0
0
2
/
9

36

36

36

6
0
0
2
/
4

6
0
0
2
/
9

7
0
0
2
/
4

39

4
0
0
2
/
9

59

23

4
0
0
2
/
9

LATVIA

64

64

64

65

21

5
0
0
2
/
9

28

6
0
0
2
/
4

26

6
0
0
2
/
9

24

7
0
0
2
/
4

BULGARIA

45

33

7
0
0
2
/
4

4
0
0
2
/
9

5
0
0
2
/
9

6
0
0
2
/
4

6
0
0
2
/
9

CZECH REPUBLIC

ESTONIA

HUNGARY

55

58

52

47

46

44

46

6
0
0
2
/
9

7
0
0
2
/
4

64

60

57

57

57

29

4
0
0
2
/
9

24
5
0
0
2
/
9

31

6
0
0
2
/
4

32

33

6
0
0
2
/
9

7
0
0
2
/
4

56

33

4
0
0
2
/
9

49

37

5
0
0
2
/
9

56

35

6
0
0
2
/
4

46

49

45

6
0
0
2
/
9

37

7
0
0
2
/
4

33

5
0
0
2
/
9

39

6
0
0
2
/
4

MALTA

POLAND

49

48

42

41

40

41

4
0
0
2
/
9

5
0
0
2
/
9

6
0
0
2
/
4

48

41

6
0
0
2
/
9

ROMANIA

4
0
0
2
/
9

5
0
0
2
/
9

6
0
0
2
/
4

6
0
0
2
/
9

54

33

7
0
0
2
/
4

59

24

7
0
0
2
/
4

49

40

4
0
0
2
/
9

54

50

49

46

34

39

41

42

5
0
0
2
/
9

6
0
0
2
/
4

6
0
0
2
/
9

7
0
0
2
/
4

Q12.(200 7)/Q15(200 6). Are y ou per son ally  happy 
or  not that th e euro c ou ld repl ace the 
(NATIONAL CURRENC Y)?

Generally,  citizens  expect  that  the  euro  will  be  more  positive  for  their  country  than  for 
themselves as individuals. 53% (up from 50% in autumn 2006) think that it will have a rather 
or  very  positive  effect  for  the  country.  48%  (up  from  44%)  expect  very  or  rather  positive 
consequences for themselves personally. Only 24% of the respondents would like the euro to 
become their currency as soon as possible.  

3. 

Expectations and fears regarding the adoption of the euro 

The September results broadly confirm previous surveys as regards citizens' expectations of 
the euro. There is still a broadly shared recognition in the recently acceded Member States of 
the  euro’s  status  as  an  international  currency  and  that  there  are  a  number  of  benefits 
associated with their country's adoption of the euro.  

The questionnaire was changed this time to differentiate more clearly between expectations of 
one-off  changeover  effects  in  the  short  term,  and  expectations  of  medium-  and  long-term 
effects on prices. Thus, while in the previous survey only 28% believed that the euro would 
help  maintain  price  stability,  this  time  55%  identified  ensuring  price  stability  as  one  of  the 
main advantages of the euro. On the other hand, the survey sends a clear message about the 
fears during the changeover period: 75% thought that the euro will increase prices when first 
introduced. 

EN 

35 

   EN 

 
 
Regarding  the  euro's  economic  or  political  effects,  respondents  generally  acknowledge  that 
positive effects will appear in the area of public finances (46%, +2). Citizens also seem to be 
more positive about the impact of the euro on growth and employment: now 43% (+3) think it 
will improve the situation in this area while 36% (-3) think it will have a negative effect.  

4. 

Information and information channels 

The  results  of  the  March  2007  survey  reveal  a  slight  decrease  in  the  perceived  information 
level on average. 37% of the respondents thought that they were rather or very well informed 
(40%  in  autumn  2006)  while  61%  think  they  are  not  (up  from  58%).  This  is  due  both  to 
Slovenia, which had a very high level of perceived information, no longer being covered by 
the survey, and a significant fall in the figure for Poland. For all other countries, the perceived 
information level remained stable or increased. The increase was most conspicuous in Malta 
(+33)  and  in  Cyprus  (+14)  where  the  national  information  campaigns  for  euro  adoption  in 
2008  are  at  full  speed  or  have  recently  been  intensified,  though  there  was  also  a  notable 
increase in Slovakia. The results suggest that the demand for information, which increases as 
the adoption date approaches, is still considerable.  

As  in  past  surveys,  national  central  banks  are  the  most  trusted  source  of  information:  an 
average of 79% (autumn 2006: 77%) thought so. European institutions were again perceived 
as the second most trusted source (results being slightly higher than in September 2006: 69% 
relative  to  67%).  As  to  which  information  channels  were  preferred,  most  respondents 
continued to prefer mass media and banks; and, as regards the type of information they were 
looking  for,  they  were  mainly  interested  in  practical  information  on  the  introduction  of  the 
euro, e.g. the value of the euro (90%), the changeover scenario (87%), practical implications 
(85%),  and  how  to  ensure  that  conversion  rules  are  respected  (83%).  The  survey  confirms 
once more that that the public consider an essential element in preparing for the changeover to 
be the dual display of prices, both in shops (83%) and on utility bills (75%). 

EN 

36 

   EN