Commission staff working document - Annex to the 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 - Seventh Report on the practical preparations for the future enlargement of the euro area {COM(2008) 480 final}
Date: 2008-07-18
Institutions: European Commission
Subjects: Economic and Monetary Union, Slovakia, euro, euro area, monetary integration

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COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 18.7.2008 
SEC (2008) 2306 

COMMISSION STAFF WORKING DOCUMENT 

Annex to the 
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 
Seventh Report on the practical preparations for the future enlargement of the euro 
area 

{COM(2008) 480 final} 

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   EN 

 
 
 
  
 
COMMISSION STAFF WORKING DOCUMENT 

Annex to the 
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 

Seventh Report on the practical preparations for the future enlargement of the euro 
area 

1. 

INTRODUCTION 

This  Working  Paper  provides  for  detailed  information  on  the  state  of  the  practical 
preparations for the introduction of the euro in the Member States which yet have to adopt the 
euro. 

Section 2 of this paper summarises the situation in each of the countries concerned. Section 3 
presents the state of public opinion with respect to the euro. Annex 1 provides on overview on 
how the countries concerned  respect the provisions  of  the  Commission  Recommendation of 
10 January 2008 on measures to facilitate future changeovers to the euro (2008/78/EC) built 
on the experience acquired in the course of the introduction of euro cash in 2002, 2007 and 
2008.  Finally,  Annex  2  gives  a  synoptic  overview  of  the  state  of  the  national  changeover 
preparations.  

The  preparations  in  Slovakia  which  aims  at  adopting  the  euro  on  1 January  2009  are 
addressed  in  detail  in  the  main  text  of  the  Commission's  Seventh  report  on  the  practical 
preparations for the future enlargement of the euro area1.  

2. 

PREPARATIONS AT NATIONAL LEVEL 

2.1. 

Bulgaria 

Bulgaria has not set a target date for the adoption of the euro. The practical preparations for 
the introduction of the euro have not yet started.  

1 

Six previous reports on this subject were published between November 2004 and November 2007. See: 
COM(2004)748  of  10  November  2004;  COM(2005)545  of  4  November  2005;  COM(2006)322  of  22 
June 2006; COM(2006)671 of 10 November 2006; COM(2007)434 of 16 July 2007; COM(2007)756 of 
27 November 2007. 

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2.2. 

Czech Republic 

The  Czech  Republic  has  not  set  a  target  date  for  the  adoption  of  the  euro.  The  government 
adopted  the  first  version  of  the  National  Euro  Changeover  Plan  on  11  April  2007.  On  29 
August 2007, an update of the Czech Republic's Euro-area Accession Strategy was approved 
by the government. It is a joint document by the Czech government and the Czech National 
Bank.  It  deals  with  the  capacity  of  the  Czech  economy  to  function  in  the  euro  area  and 
discusses the economic policy challenges and prospects for the Czech Republic.  

Since 2004, the Ministry of Finance and the Czech National Bank have been issuing regularly 
the 'Assessment of the Fulfillment of the Maastricht Convergence Criteria and the Degree of 
Economic  Alignment  of  the  Czech  Republic  with  the  Euro  Area'.  The  latest  edition  of  this 
Assessment  was  approved  by  the  Government  on  19  December  2007.  Based  on  the 
conclusions of this exercise, it was decided that the Czech Republic should not join ERM II in 
2008.  

The  Government  has  agreed  that  the  technical  preparations  and  preparations  for  the 
information campaign should be carried on even in the absence of a changeover target date. 
The preparatory works for the update of the National Changeover Plan were launched in the 
second  half  of  2007.  It  was  decided  to  publish  only  a  progress  report  to  the  National 
Changeover  Plan,  adopted  by  the  Government  of  the  Czech  Republic  on  9  April  2008.  The 
document provides an overview of the practical preparations for the changeover carried out by 
the National Coordination Group for Euro Adoption in the year 2007 (e.g. the publication of 
guidelines on rounding and smoothing of prices, the adoption of the timetable and guidelines 
for  the  'umbrella  law',  an  evaluation  of  budgetary  costs  due  to  smoothing  of  payments 
to/receipts from citizens). The Report also provides an overview of the activities planned for 
2008-2009. 

Furthermore,  a  new  euro  related  website  www.zavedenieura.cz  has  been  created  and 
introduced to the general public on 1st March 2008. 

2.3. 

Estonia 

The  first  version  of  the  euro  adoption  plan  was  approved  by  the  Estonian  government  on 
1 September 2005. The sixth version was adopted on 29 November 2007 and is very close to 
the  previous  one.  The  National  Communication  Strategy  was  endorsed  by  the  National 
Changeover  Committee  on  21  June  2005  and  updated  on  18  May  2006.  The  website 
www.euro.eesti.ee  was  launched  in  January  2006.  The  European  Commission  prolonged  in 
February 2008 its Partnership Agreement with Estonia for the communication on the euro. 

2.4. 

Latvia 

As already mentioned in the '6th Report on the Practical Preparations for the Enlargement of 
the Euro Area', the government of Latvia has dropped a reference to the specific target date 
for  euro  introduction  in  the  September  2007  update  of  the  National  Euro  Changeover  Plan. 
The  annexed  Action  Plan  has  been  divided  into  two  parts:  the  first  part  contains  the 
preparatory  activities  which  are  not  directly  linked  to  the  target  date  (e.g.  communication 
activities, adjustments of legislation, etc.) while the second part contains the measures to be 
taken once the target date is set.  

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On  18  March  2008,  the  government  approved  the  9th  Report  of  the  Euro  Project  Steering 
Committee  summarizing  the  activities  carried  out  between  1  August  2007  and  31  January 
2008. During this period, the Committee decided to re-launch the survey on the impact of the 
euro introduction on Latvia's citizens and carried out an initial euro project risk analysis. The 
Committee  also  studied  the  country's  compliance  with  the  convergence  criteria  and  it 
concluded that Latvia will not be able to meet them in the next three years. As a consequence, 
the Committee decided there was no need to update the Action Plan in 2008.  

The  'Communication  Strategy  for  the  Euro  Changeover  in  Latvia'  was  approved  by  the 
Steering Committee on 12 April 2006. Updated information on the euro changeover process is 
available on the website of the Ministry of Finance (www.bank.lv/lat/main/euro/sapinfo/eiro). 
In  2007  a  national  logo  for  the  euro  introduction  was  chosen.  With  the  support  of  the 
European Commission, a Twinning Programme has been set up with the Belgian authorities 
with a view to exchanging information and expertise. Latvian Euro Project Manager  visited 
Cyprus  in  March  2008  in  view  of  exchanging  good  practices  on  euro  communication 
campaign. Similar meetings with the authorities of the other new euro area Member States are 
planned for this year. 

2.5. 

Lithuania 

The National Committee for the Coordination of the Changeover was established on 30 May 
2005. The national changeover plan was approved by the government on 29 September 2005 
and  updated  on  25  April  2007.  This  new  version  of  the  plan  does  not  foresee  any  specific 
target date for the adoption of the euro2. It provides for longer period of dual display of prices 
(120 days before and after €-day) and an earlier  start of the frontloading to commercial banks 
(before 1 December). 

The second version of the 'Public information and communication strategy on the adoption of 
the euro of Lithuania' was approved by the government on 25 April 2007. A national website 
(www.euro.lt)  provides  up  to  date  information  on  the  euro.  The  European  Commission  and 
the Lithuanian authorities prolonged in February 2008 their Partnership Agreement, providing 
for a cooperation and exchange of expertise. Under the Partnership Agreement the European 
Commission printed approximately 1.5 million copies of brochures on the euro and its history 
and  on  the  euro  introduction  in  Lithuania.  The  brochures  were  distributed  to  households  in 
early 2008.  

2.6. 

Hungary 

Hungary has not set a target date for the adoption of the euro. The National Euro Coordination 
Committee (NECC) was set on 12 September 2007. It is chaired by the Minister of Finance 
and co-chaired by the Governor of the Central Bank of Hungary. The Committee reports on 
its  activities  and  on  the  progress  made  in  technical  preparations  for  the  changeover  to  the 
government  twice  a  year.  The  report  to  the  respective  committees  of  the  Parliament  is 
submitted  once  per  year.  The  first  version  of  the  national  changeover  plan  prepared  by  the 
NECC shall be submitted for government's approval in 2008. 

2 

Lithuania  envisaged  adopting  the  euro  in  2007.  The  Commission  adopted  the  decision  that  Lithuania 
did not fulfil all convergence criteria on 16 May 2006. As a consequence, Lithuania's derogation was 
not lifted.  

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A Communication Committee, working under the NECC, met for the first time on 7 February 
2008.  It  should  coordinate  the  communication  activities  on  the  euro  and  draft  a  chapter  on 
communication for the national changeover plan.  

2.7. 

Poland 

Poland has not set a target date for the adoption of the euro. The Bureau for the Integration 
with  the  Euro  Area  established  by  the  National  Bank  of  Poland  is  preparing  a  report  on 
Poland's  membership  in  the  euro  area  which  should  be  finalised  by  the  end  of  2008.  The 
report should notably define the optimal economic conditions for the adoption of the euro in 
Poland and provide guidance for future decisions on this matter. 

There is no national communication strategy for the euro introduction. The National Bank of 
Poland  has  launched  a  website  on  euro  related  issues  (www.euro.nbportal.pl)  in  December 
2006. The Bank participates actively in debates with the media and specific target groups and 
has its own communication strategy on the euro.  

2.8. 

Romania 

Romania  has  set  2014  as  its  target  year  for  the  adoption  of  the  euro.  For  the  time  being, 
Romania prefers a changeover with a transition period rather than a 'big bang scenario'. The 
envisaged  length  of  the  dual  circulation  period  is  2  months.  A  detailed  national  cash 
changeover plan should be elaborated in 2009.  

Romania has not yet developed a national communication strategy for the euro introduction.  

2.9. 

Sweden 

In Sweden, preparations were stalled in practice by the negative outcome of the referendum of 
14 September 2003. Sweden has no target date for adopting the euro.  

3. 

STATE OF PUBLIC OPINION 

Since 2004, the European Commission makes Eurobarometer surveys on the public opinion in 
the recently acceded Member States concerning their attitudes towards and knowledge about 
the introduction of the euro. Gallup Europe carried out this survey on 5-9 May 2008. It was 
the seventh Eurobarometer survey of this kind. The surveyed population changed in the past 
months:  Slovenia  as  well  as  Malta  and  Cyprus  are  no  longer  covered  as  these  countries 
adopted  the  euro  in  2007  and  2008,  respectively.  Bulgaria  and  Romania  are  included  since 
2007. In total, over 9,000 randomly selected citizens were interviewed. 

3.1. 

Perceptions of and support for the single European currency 

Since April 2006, the support for the euro has stabilised at a rather high level even though the 
average  support  slightly  declined  in  spring  2008  compared  to  autumn  2007.  Citizens  in  the 
recently  acceded  Member  States  are  prepared  –  at  least  mentally  –  to  have  their  currency 
replaced  by  the  euro:  47%  are  very  or  quite  happy  about  a  future  changeover,  which  is 
essentially unchanged to autumn 2007 (46% in EU-9) and comparable to the survey results of 
April 2007 (48%) and September 2006 (47%) albeit with other countries. The support notably 
increased  by  5-8  percentage  points  in  all  three  Baltic  countries.  On  balance,  the  support 

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increased in four, remained unchanged in two and decreased in three countries compared to 
the previous survey.  

In  line  with  the  results  of  the  past  years,  citizens  in  the  nine  countries  expect  that  the 
advantages will be somewhat more positive for their country than for themselves even though 
this differentiation seems to fade away. Some 50% think that the introduction will have quite 
or  very  positive  effect  (compared  to  49%  in  autumn  2007)  for  the  country  (on  a  personal 
level,  it  is  47%  (+3)).  Very  negative  expectations  remained  on  a  low  level.  An  unchanged 
share of 26% would like the euro to become their currency as soon as possible. Overall, the 
results remained very close to those of the last survey. 

3.2. 

Familiarity and knowledge about the euro 

When  comparing  the  same  nine  countries,  the  recent  results  of  the  questions  on  familiarity 
and  knowledge  generally  do  not  show  any  major  changes  relative  to  the  autumn  survey. 
Respondents were relatively familiar with the common currency: 82% have already seen euro 
banknotes  (previously  80%)  of  which  65%  (previously  62%)  have  already  used  them,  and 
74% (relative to previously 76%) have already seen euro coins of which 63% (+2) have used 
them.  The  usage  of  euro  banknotes  and  coins  was  as  usual  particularly  high  in  the  Czech 
Republic and Romania.  

In  addition  to  these  practical  aspects,  the  survey  tested  the  respondents'  knowledge  of  the 
euro's  general  features.  A  growing  majority  of  respondents  was  aware  that  the  design  of 
banknotes is the same in all countries (52% relative to previously 45%) while more or less the 
same  share  of  people  knew  about  the  partly  different  designs  of  the  euro  coins  (36% 
compared  to  37%  in  autumn  2007).  The  membership  of  Slovenia,  Malta  and  Cyprus  in  the 
euro area is still relatively little known. Only 28% of the interviewees were able to give the 
correct answer that the euro area had 15 Member States (compared to 34% in autumn 2007 
knowing about 13 Members) while 25% admitted not to know (compared to 19% in autumn 
2007).  A  persistent  majority  of  citizens  (65%,  previously  64%)  in  the  surveyed  countries 
wrongly believes that their country has the possibility to decide whether it will 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  Slovakia 
expects  euro  adoption  in  2009  (94%  compared  to  86%).  The  absence  of  the  national  target 
dates produced in all other countries very diverging expectations reflecting the high degree of 
uncertainty.  Surprisingly,  42%  Bulgarians  expect  euro  adoption  in  the  period  2009-2010 
which is not feasible 

3.3. 

Expectations and fears regarding the adoption of the euro 

The May results broadly confirm previous surveys as regards the citizens' expectations on the 
euro.  In  general  there  is  a  broad  consensus  in  the  recently  acceded  Member  States  that  the 
euro  is  an  international  currency  (78%  v-a-v  previously  75%)  and  that  there  are  several 
benefits  associated  with  their  country's  adoption  of  the  euro,  most  notably  easier  travelling 
(94% compared to 91% in autumn 2007).  

The questionnaire was changed in 2007 to differentiate more clearly between short-term, one-
off  changeover  effects  and  medium-  and  long-term  expectations  on  prices.  While  in 
September 2006 only 28% stated that the euro will help to maintain price stability, 51% (54% 

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in the autumn 2007 survey) identified in September as one of the main advantages of the euro 
to  ensure  low  inflation  rates.  On  the  other  hand,  the  fears  regarding  the  changeover  period 
prevail  even  though  the  situation  improved:  71%  thought  that  the  euro  will  increase  prices 
which is some 8 percentage points lower than in autumn 2007. 

Regarding  the  euro's  economic  or  political  effects,  a  majority  of  respondents  acknowledges 
that the adoption of the euro has positive effects. The expectations are higher in the area of 
public finances (47%, +3). A stable 44% has a positive view about the impact on growth and 
employment. Respondents remain the least convinced about the impact on interest rates and 
debt charges (35%, unchanged). 

3.4. 

Information and information channels 

The  results  of  the  spring  2008  survey  reveal  a  slight  decrease  in  the  perceived  information 
level  on  average.  Some  40%  of  the  respondents  felt  rather  or  very  well  informed  (42%  in 
autumn 2007) while 59% (+2) thought the opposite. This is due to the rather steep decrease in 
the  level  of  perceived  information  in  Poland (-7)  and  Hungary  (-3).  The  situation  improved 
strongly in Slovakia, which now has the highest level of all countries covered by the survey 
(64% felt very or rather well informed, +17 percentage points) and reflects the impact of the 
intensifying national campaign for the euro introduction in 2009.  

Overall,  the  demand  for  information  seems  to  be  far  from  satisfied  for  the  time  being  and 
increases the closer the adoption date. In May 2008, 37% stated to desire information as soon 
as  possible  compared  to  30%  previously.  The  strongest  increases  in  immediate  information 
need were noted in Slovakia (+9) and in Poland (+7),  

As in all past surveys, the national central banks are the most trusted source of information: an 
average of 78.5% (autumn 2007: 80%) thought so. The European institutions were again 
perceived as the second most trusted source (results being slightly lower than in autumn 2007: 
70% compared to 72%). The survey results on channels and content have been rather stable 
over time and have not shown a noticeable variation. Most respondents continued to prefer 
mass media and banks as channels of information and were mainly interested in the practical 
information on the euro introduction, e.g. the value of the euro (92%), the changeover 
scenario (90%), the practical implications (88%), how to ensure that conversions rules are 
respected (87%). The results also show that people deem important the same issues as in 
previous changeovers. The survey confirmed once more that a dual display of prices is 
considered essential in preparing for the changeover, both in shops (84%) and on the utility 
bills (78%). 

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ANNEX 1 

Overview on how the countries meet the provisions of the Commission Recommendation of 
10 January 2008 on measures to facilitate future changeovers to the euro (2008/78/EC). It is 
solely based on publicly available information and may therefore not reflect all preparations 
which are under way.  

BG  CZ  EE  LV  LT  HU  PL  RO  SK  SE 

Article 1: Steering and organisation 

Set  up  of  appropriate  national 
coordination structures 

National changeover plan:  

1. Prepared 

2.Discussed  with 
operators 

3. Regularly updated 

economic 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

Article 2: Facilitating preparation of citizens 

Dual  display  of  prices 
national law 

in 

Separate display of any charges 
imposed by businesses before €-
day 

Prohibition  of  using  other  rate 
than the official conversion rate 

Min.6 months long dual display 
after €-day 

Max  1  year  long  dual  display 
after €-day 

Citizens 
security features of euro cash 

informed 

about 

Special  info  programmes  for 
vulnerable groups 

Training  sessions  for  personnel 
working  with  cash/in  direct 
contact with public 

1. By public administration 

2. By businesses 

EN 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

8 

X 

X 

X 

X 

X 

X 

X 

X 

X 

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BG  CZ  EE  LV  LT  HU  PL  RO  SK  SE 

Recurrent practical trainings for 
visually impaired 

Provision  of 
SMEs by: 

information 

to 

1.Public  administration  bodies 
and  

2.Professional 
of 
chambers 
business advisors 

associations, 
commerce, 

Provision  of 
credit 
customers 

information  by 
their 
to 

institutions 

of 
Monitoring 
through surveys 

preparations 

X 

X 

X 

Article 3: Ensuring a quick introduction of euro cash 

Dishoarding 
citizens 

campaign 

for 

X 

X 

Appropriate levels of: 

1. Frontloading 

2. Sub-frontloading 

Euro coin kits for retailers 

Financially  attractive  differed 
debiting offered 

Mini coin kits for citizens: 

1. Production envisaged 

2. At least 1 kit per family 

X 

ATMs adapted as of €-day 

X 

X 

X 

Temporary  closure  of  ATMs 
impossible 
for 
to 
technical  

adapt 

Supply  of  ATMs  with  small 
denomination  notes  before  and 
after €-day 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

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BG  CZ  EE  LV  LT  HU  PL  RO  SK  SE 

X 

X 

X 

X 

Giving  of  change  in  €  only  in 
sales outlets as of €-day 

Ad-hoc  measures 
to 
increased  cash  volume  in  sales 
outlets 

due 

POS  terminals  switched  to  €  as 
of €-day 

Consumers  encouraged  to  use 
electronic payments means  

Extra  opening  days  in  credit 
institutions around €-day 

Extended  opening  hours 
credit institutions around €-day 

in 

X 

X 

X 

X 

X 

X 

Article 4: Preventive abusive practices and wrong perceptions on price evolutions 

Agreements  on  neutral  impact 
of  changeover  on  prices  (e.g. 
Ethical Code) 

Logo to identify the subscribers 

Advertisement for the logo 

Close monitoring of compliance 
with 
by 
commitments 
subscribers 

Dissuasive  measures  for  non-
compliance with the Code 

Monitoring  of  prices  from  the 
adoption  of  conversion 
rate 
until end of dual display 

X 

X 

X 

X 

X 

information 

Weekly 
evolution  of  prices  around  €-
day 

on 

Alignment  of  bank  charges  for 
payments in € with the ones for 
payments  in  national  currency 
before €-day 

X 

X 

X 

X 

X 

X 

EN 

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Changeover plan 

National target date for 
euro adoption 

National co-ordinating 
institution 

(Approved) National 
Changeover Plan 

ANNEX 2 

State of practical preparations (June 2008) 

Bulgaria 

Czech Republic 

The  preliminary  target  date  (1  January  2010)  was 
withdrawn by the government on 25 October 2006. The 
Czech  Republic’s  Updated  Euro-area  Accession 
Strategy  (approved  by  the  Czech  government  on  29 
August 2007) does not set any target date. 

The National Co-ordination Group was established and 
held its first meeting on 20 February 2006. 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/www.cnb.cz/en/monetary_policy/stra
tegic_documents/download/en_eurostrategie_09_2003.p
df. 

An  updated  version  was  approved  by  the  Czech 
government in August 2007: 

http://www.cnb.cz/www.cnb.cz/en/monetary_policy/stra
tegic_documents/download/eurostrategy_070829.pdf. 

The  Institutional  Arrangements  for  the  Introduction  of 
the  Euro  in  the  Czech  Republic  were  adopted  by  the 
Government on 23 November 2005. 

The  first  National  Changeover  Plan  was  approved  by 
the  Czech  government  on  11 April  2007.  It  was 
published  in  hardcopy,  in  both  English  and  Czech 
versions.  

http://www.mfcr.cz/cps/rde/xbcr/mfcr/NP_EN_06-08-
07.pdf 

Progress  Report  to  the  National  Changeover  Plan  was 
approved on 9 April 2008 by the Czech Government. 

http://www.zavedenieura.cz/cps/rde/xchg/euro/xsl/doku
menty_185.html 

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Changeover details 

Type of scenario 

Dual circulation period 

Exchange of national 
banknotes and coins 

Campaign for rapid 
withdrawal of national 
banknotes and coins 

Frontloading and sub-
frontloading 

ATMs issuing euro only 

Change in euro only 

Dual display of prices 

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

Adaptation of national 
law 

Euro banknotes and coins 

Design of the national 
side 

Bulgaria 

Czech Republic 

"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  m onths  period,  the  legacy 
currency  will  be  only  exchangeable  at  the  Czech 
National  Bank.  The  length  of  the  banknote  exchange 
period  has  still 
to  be  decided;  coins  will  be 
exchangeable for a period of 5 years. 

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 
envisaged.  These  measures  are  planned 
to  be 
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  was 
constituted  in  order  to  prepare  the  General  Act  on  the 
Euro Introduction in the Czech Republic. 

Competition under consideration. 

EN 

12 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nr of different coin 
designs 

Coin supplier 

Estimation on the need 
for banknotes and 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 

Bulgaria 

Czech Republic 

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.  

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

EU 

information 

department: 

Ministry of Finance: 

http:// www.mfcr.cz/euro 

New euro website was created: 

http:// www.zavedenieura.cz  

Czech National Bank:  

http://www.cnb.cz/en/international_relations/euro/  

Ministry of Industry and Trade:  

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

The leaflet “Preparations of the Czech Republic for the 
euro adoption” was printed and distributed nation-wide. 

The  conference  “The  euro  –  our  future  currency”  was 
held in October 2007 in Prague. 

Project  with  the  National  Bank  of  Belgium,  Czech 
Ministry  of  Finance  and  the  Czech  National  Bank 
started  in  September  2007.  Three  meeting  have  been 
held so far in Brussels and Prague. . 

EN 

13 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State of practical preparations (June 2008) 

Estonia 

Latvia 

Changeover plan 

National target date for euro 
adoption 

Estonia  targets euro  area  membership  as  soon  as 
possible (2011 being the earliest possible envisaged 
date according to current inflation forecasts). 

The  government  has  approved  the  euro  implementation 
perspective,  undertaking  to  set  the  target  date  for  the 
euro implementation day at least 24 months prior to the 
expected  implementation  day,  based  on  the  outlook  for 
Latvia's 
the 
fulfilment of the Maastricht criteria. Therefore the target 
implementation  day. 
the  euro 
date 
(http://www.mk.gov.lv/lv/mk/tap/?pid=30308178&mode
=mk&date=2007-09-25). 

is  defined  as 

convergence 

programme 

regarding 

National co-ordinating 
institution 

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

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

(Approved) National 
Changeover Plan  

The  first  draft  of  the  euro  adoption  plan  was 
approved by the government on 1 September 2005: 

http://www.fin.ee/index.php?id=13324. 

The sixth version of Estonia's National Changeover 
Plan was approved on 29 November 2007: 

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

The  Cabinet  of  Ministers  of  the  Republic  of  Latvia 
approved  the  Action  Plan  for  Implementation  of  the 
Single European Currency on 1 November 2005, and the 
first  version  of  Latvia's  National  Euro  Changeover  Plan 
on  28  February  2006  (Decree  No 148,  6  March  2006). 
On  25  September  2007  the  Cabinet  of  Ministers 
approved the updated version of "Latvia's National Euro 
Changeover  Plan"  and  Appendix  No  1  "Action Plan  for 
the  Introduction  of  the  Single  European  Currency  in 
Latvia" (Decree No 617, 8 October 2007). 

In  the  Action  Plan,  all  activities  are  divided  into  two 
groups:  

– Activities that are not directly related to the target date;

–  Activities  that  are  directly  related  to  the  euro 
implementation day (with the maximum starting time of 
24 months before the euro implementation day). 

Changeover details 

Type of scenario 

"Big bang" 

"Big bang" 

Dual circulation period  

Two weeks 

One month 

Exchange of national 
banknotes and coins 

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

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

Campaign for rapid 
withdrawal of national 
banknotes and coins 

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

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

EN 

14 

   EN 

 
 
 
 
 
 
 
 
 
Estonia 

Latvia 

Frontloading and sub-
frontloading 

Frontloading  2  months  before 
frontloading by credit institutions to major clients 1 
month before €-day (precondition: no distribution to 
general public before €-day). 

€-day; 

sub-

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

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. 

ATMs issuing euro only  

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

As  from  the  euro  implementation  day  ATMs  will 
dispense euro banknotes only. 

Change in euro only 

In  general,  change  will  be  given  in  euro,  but  the 
option  of  giving  change  in  kroon  remains  for  the 
dual circulation period. 

After the end of the dual circulation period.  

Dual display of prices 

Compulsory: 6 months before and after €-day. 

for 

the  euro 
Compulsory 
implementation  day  until  one  year  after  the  euro 
implementation day. 

three  months  before 

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

Monitoring  of  the  prices  of  certain  frequently 
purchased goods and services under the supervision 
of 
the  Ministry  of  Economic  Affairs  and 
Communication. 

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

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 

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

identify 

Euro banknotes and coins 

Design of the national side 

Design selected and published in December 2004. 

In process. 

Nr of different coin designs  One design 

Three designs. 

Coin supplier 

Following a call for tender, coins will be minted by 
the Mint of Finland. 

Coins will be minted abroad following a call for tender. 

Estimation on the need for 
banknotes and coins 

200-250 million coins 

87 million banknotes and 300 million coins. 

Communication activities  

Communication strategy 

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

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

EN 

15 

   EN 

 
 
 
 
 
 
 
Estonia 

Latvia 

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

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

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

Updated  information  on  the  euro  changeover  process  is 
available  on  the  website  of  the  Ministry  of  Finance: 
http://www.fm.gov.lv/page.php?id=105. 

Partnership agreement 

Signed 8 November 2005. 

Other issues 

ERM II entry 

28 June 2004 

2 May 2005 

Twinning agreement 

The  Twinning  Agreement  between  BE  and  LV 
Reference:  Project  Proposal  ECFIN  4876  dated  18 
December 2007. 

EN 

16 

   EN 

 
 
 
 
 
 
State of practical preparations (June 2008) 

Lithuania 

Hungary 

Changeover plan 

National target date for 
euro adoption 

The  specific  target  date  has  not  been  set.  According  to 
the government, Lithuania will aim to join the euro area 
as  soon  as  possible  and  the  more  favourable  period  for 
Lithuania to join the euro area starts from 2010.  

The Convergence Programme of 1 December 2006 aims 
at meeting the Maastricht criteria (except for the ERM2 
membership),  in  2009.  The  government  has  not  set  a 
target date for the introduction of the euro. 

National co-ordinating 
institution 

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

The government decided on 12 September 2007 to set up 
the National Euro Coordination Committee. The key task 
of the Committee is to co-ordinate practical preparations 
for the changeover.  

of  Local  Governance 

The Committee is chaired by the Minister of Finance and 
co-chaired  by  the  Governor  of  Magyar  Nemzeti  Bank. 
The Committee is composed of the Minister of Economy 
and  Transport,  the  Minister  of  Justice  and  Security,  the 
Minister 
and  Regional 
Development, the Minister in charge of Prime Ministers’ 
Office and the Presidents of the Central Statistical Office 
and the Hungarian Financial Supervisory Authority. The 
Committee shall report on its activities and the progress 
made  in  technical  preparations  for  the  changeover  at  to 
the  government  at  biannual  basis  and  annually  to  the 
respective committees of the Hungarian Parliament 

(Approved) National 
Changeover Plan  

The second version of the National Changeover Plan was 
approved  by  the  government  on  25  April  2007  and 
published: 
http://www.euro.lt/documents/Changeover%20Plan_II_r
edakcija_EN.doc. 

The  first  version  of  the  National  Changeover  Plan  is 
under  preparation  by  the  National  Euro  Coordination 
Committee  It  is  expected  to  be  approved  by  the 
Government in 2008. 

Type of scenario 

"Big bang". 

"Big bang".  

Dual circulation period   15 days. 

It is under review.  

Exchange of national 
banknotes and coins 

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

It is under review.  

Campaign for rapid 
withdrawal of national 
banknotes and coins 

Frontloading and sub-
frontloading 

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

Frontloading of euro banknotes to commercial banks one 
month before €-day at the latest and of euro coins three 
months  before  €-day  at  the  latest.  Sub-frontloading  of 
euro  banknotes  and  coins  to  retailers  during  the  last 
month before €-day. 

EN 

17 

   EN 

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

Lithuania 

Hungary 

Change in euro only 

Recommendation to give change in euro only. 

Dual display of prices 

Compulsory:  120  calendar  days  before  €-day  until  120 
days after €-day; voluntary: recommendation to use dual 
display  as  early  as  possible  after  the  fixing  of  the 
conversion rate. 

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

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

Adaptation of national 
law 

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

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

Euro banknotes and coins 

Design of the national 
side 

Approved 

Nr of different coin 
designs 

Three designs 

Coin supplier 

Lithuanian Mint 

Estimation on the need 
for banknotes and coins 

Estimation  of  118  million  banknotes  and  290  million 
coins has been made on the condition that the euro will 
be introduced on 1 January 2007. 

Communication activities 

Communication 
strategy 

The  'Public  information  and  communication  strategy  on 
the  adoption  of  the  euro  of  Lithuania'  was  approved  by 
the  government  on  29  September  2005.  The  second 
version  was  approved  by  the  government  on  25  April 
2007 and published on the web:  

http://www.euro.lt/documents/2007%2004%2025%20Vi
suomenes%20informavimo%20strategija_EN.doc. 

It is under review. 

It is under review.  

EN 

18 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lithuania 

Hungary 

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

Addresses of websites 
on euro changeover, 
activation date: 

Ministry of 
Finance/Government; 
Central Bank 

National euro website (www.euro.lt). 

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

and  of 

Partnership agreement  Signed  on  8  November  2005.  Extension  signed  on  5 

February 2008. 

Other issues 

ERM II entry 

28 June 2004 

Twinning agreement 

Completed three Twining agreements: 

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

NL – SI – LT: communication and information strategy;  

BE – LT on tax-related questions;  

BE  –  LT  on  departmental  management  related  to  the 
changeover. 

EN 

19 

   EN 

 
 
 
 
 
 
State of practical preparations (June 2008) 

Poland 

Romania 

Changeover plan 

National target date for 
euro adoption 

2014 

National co-ordinating 
institution 

Inter-institutional working group between the Ministry of 
Finance and the National Bank of Poland. 

Note: The National Bank has established the 'Bureau for 
the  Integration  with  the  Euro  Area',  the  main  task  of 
which  is  to  prepare  a  report  on  Poland's  membership  in 
the  euro  area.  The  report,  which  is  planned  to  be 
finalised  by  the  end  of  2008,  will  notably  define  the 
optimal conditions for the adoption of the euro in Poland 
and  provide  guidance  for  decisions 
the 
process of the adoption of the euro. 

taken 

in 

Transitional period envisaged 

2 months 

Indefinitely 

(Approved) National 
Changeover Plan 

Changeover 
details 

Type of scenario 

Dual circulation period 

Exchange of national 
banknotes and coins 

Campaign for rapid 
withdrawal of national 
banknotes and coins 

Frontloading and sub-
frontloading 

ATMs issuing euro only 

Change in euro only 

Dual display of prices 

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

EN 

20 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Poland 

Romania 

Adaptation of national 
law 

Euro banknotes 
and coins 

Design of the national 
side 

Public survey 

Nr of different coin 
designs 

Coin supplier 

Estimation on the need 
for banknotes and coins 

Between 4 and 5 billion coins. 

Communication 
activities 

Communication 
strategy 

No National strategy, only the communication strategy 
of the National Bank of Poland. 

Addresses of websites 
on euro changeover, 
activation date: 

Government/Ministry 
of Finance; 

Central Bank 

Partnership agreement 

Other issues 

ERM II entry 

www.euro.nbportal.pl launched in December 2006 

Twinning agreement 

DE – PL: Communication and information strategy and 
other practical changeover issues. 

EN 

21 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State of practical preparations (June 2008) 

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.  A  new 
Plenipotentiary  of  the  government  for  the  introduction 
of the euro was nominated in January 2007. 

(Approved) National 
Changeover Plan  

The  first  version  of  the  National  Changeover  Plan  was 
approved on 6 July 2005.  

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

Two updates followed in March 2007 and April 2008: 

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

http://www.nbs.sk/MEDZINAR/EU/NP_0804.PDF 

Changeover details 

Type of scenario 

"Big bang" 

Dual circulation period   16 days 

Exchange of national 
banknotes and coins 

Commercial  banks  exchange  banknotes  until  end  2009 
and coins until June 2009 (free of charge). The Central 
Bank exchanges banknotes without time limit and coins 
for 5 years. 

Campaign for rapid 
withdrawal of national 
banknotes and coins 

Frontloading and sub-
frontloading 

Dishoarding  campaign  for  general  public  shall  be 
launched in July 2008. 

Commercial  banks  will  be  frontloaded  with  euro  coins 
from September 2008 and with euro banknotes October 
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 should be given in euro only. 

EN 

22 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Slovakia 

Sweden 

Dual display of prices 

Compulsory:  from  one  month  after  the  fixing  of  the 
conversion  rate  to  one  year  after  euro  adoption. 
Voluntary: for further 6 months. 

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

Evolution  of  prices  in  2008  and  2009  will  be  closely 
monitored;  consumers  will  be  informed  of  the  results; 
consumers can raise complaints with supervisory bodies 
(mainly  the  Slovak  Trade  Inspection,  the  Ministry  of 
Economy  and  the  consumer  associations);  voluntary 
'Ethical  Code'  has  been  launched  by  the  Government 
Plenipotentiary; the  statistical  monitoring  of  prices  and 
price perceptions will be done by the Slovak Statistical 
Office- as of June 2008 it will publish the reports every 
10 days; 

Adaptation of national 
law 

The  'umbrella  law'  on  the  introduction  of  the  euro  was 
approved by the government on 26 September 2007 and 
entered  into  force  on  1  January  2008,  following  the 
approval by the Parliament. The necessary amendments 
to  existing  legislation  have  been  identified  by  January 
2006  and  are  envisaged  to  be  adopted  in  2008  at  the 
latest. 

Euro banknotes and coins 

Design of the national 
side 

Final design of the national side for the euro coins was 
chosen by public tender followed by an opinion poll. 

Nr of different coin 
designs 

Three designs 

Coin supplier 

National Mint of Kremnica 

Estimation on the need 
for banknotes and coins 

188 million banknotes, 500 million coins. 

Communication activities 

Communication 
strategy 

The  final  version  of  the  Communication  Strategy  was 
approved by the Slovak authorities in October 2007. 

Addresses of websites 
on euro changeover, 
activation date: 

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

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

Government/Ministry 
of Finance;  

www.euro.gov.sk  

Central Bank 

www.euromena.sk  

Partnership agreement  Partnership agreement with the EC signed in December 

2007. 

EN 

23 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Slovakia 

Sweden 

Other issues 

ERM II entry 

28 November 2005 

Twinning agreement 

AT  –  SK:  communication  and  information  strategy 
(finalised); 

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

EN 

24 

   EN