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 - Eighth Report on the practical preparations for the future enlargement of the euro area {COM(2008) 843 final}
Date: 2008-12-12
Institutions: European Commission
Subjects: Economic and Monetary Union, Slovakia, euro, euro area, monetary integration

COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 12.12.2008 
SEC(2008) 3014 

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

{COM(2008) 843 final} 

EN 

   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 

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

1. 

INTRODUCTION 

This Working Paper is attached to the Eight Commission Report on the practical preparations 
for the future  enlargement of the euro area. It provides information on  the state of practical 
preparations for the changeover in the EU Member states which yet have to adopt the euro. 

The main part of this document summarises the situation in each of the countries concerned. 
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 will introduce the euro on 1 January 2009 are addressed 
in detail in the main text of the Commission's Eight 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.  

2.2. 

Czech Republic 

The  first  version  of  the  National  Euro  Changeover  Plan  was  adopted  on  11  April  2007. 
Although  the  Plan  does  not  set  a  target  date  for  the  euro  adoption,  it  specifies  the  basic 
principles for the changeover in the Czech Republic and lists the preparatory tasks which can 
be carried out even in the absence of the target date.  

1 

Seven  previous  reports  on  this  subject  were  published  between  November  2004  and  July  2008.  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, COM(2008)480 of 18 July 2008. 

EN 

2 

   EN 

 
 
 
                                                 
 
A  progress  report  on  the  fulfilment  of  the  National  Changeover  Plan  was  adopted  by  the 
Government of the Czech Republic on 9 April 2008. The document provides an overview of 
the  practical  preparations  for  the  changeover  which  were  carried  out  by  the  National 
Coordination  Group  for  the  Introduction  of  the  Euro  in  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  a  list  of  priorities  for  2008-2009.  The 
main  ones  are:  elaborating  the  details  of  consumer  protection  measures  for  the  changeover 
period (such as the dual display of prices, the Ethical Code, the Black list and the statistical 
price  monitoring)  and  developing  manuals  for  facilitating  the  preparations  of  SMEs  for  the 
currency changeover. Some of these tasks have been accomplished while the others are still 
under preparation. The next progress report should be discussed by the government in January 
2009. 

There  is  also  an  ongoing  debate  on  the  procedure  for  adapting  the  legislation  to  the  euro 
which  should  be  used  in  the  Czech  Republic.  The  government  should  decide  in  April  2009 
whether to use an 'umbrella law' or revise all affected legislative texts individually. 

The national information website on the changeover to the euro (www.zavedenieura.cz) has 
been created and introduced to the general public on 1st March 2008. It provides euro related 
information  for  different  sections  of  the  population  (general  public,  consumers,  businesses, 
students, media and administrations). 

2.3. 

Estonia 

The  first  version  of  the  Euro  Adoption  Plan  was  approved  by  the  Estonian  government  on 
1 September  2005.  The  latest  (i.e.  sixth)  update  was  adopted  on  29  November  2007.  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 

Although Latvia dropped a reference to a specific target date for the introduction of the euro 
in  the  September  2007  update  of  the  National  Euro  Changeover  Plan,  the  practical 
preparations are actively continuing. 

On  16  September  2008,  the  government  approved  the  10th  Report  of  the  Euro  Project 
Steering Committee on the activities carried out between 1 February 2008 and 31 July 2008. 
During this period, the Public Administration Working Group discussed the methodology for 
the  adaptation  of  Latvian  legal  system  to  the  euro  and  the  experience  of  other  euro  area 
Member states. The Cash and Payment Systems Working Group dealt with issues regarding 
the  membership  in  SEPA  and  development  of  contingency  plan  and  started  to  prepare  the 
inclusion of these tasks into the National Euro Changeover Plan. As a result of the discussion 
with  stakeholders,  the  Steering  Committee  decided  to  integrate  into  the  National  Euro 
Changeover Plan a couple of measures recommended by the Commission’s Recommendation 
of  10  January  2008  on  measures  to  facilitate  the  future  changeovers  to  the  euro  (e.g.  the 
provision of starter kits and mini kits etc.).  

EN 

3 

   EN 

 
The Public Awareness and Communication Working Group launched the update of the Euro 
Communication  Strategy  and  the  development  of  a  corresponding  communication  plan. 
Experiences  of  other  countries  were  studied  during  bilateral  meetings  with  experts  from 
Malta,  Cyprus  and  Slovakia.  More  in  depth  information  is  gathered  via  a  Twinning 
Programme between the Latvian authorities and the Belgian National Bank, supported by the 
Commission. 

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.  

The second version of the 'Public information and communication strategy on the adoption of 
the euro in 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  Commission  and  the 
Lithuanian  authorities  have  further  developed  their  cooperation  and  prepared  a  number  of 
communication  activities  for  2009  under  the  Partnership  Agreement  prolonged  in  February 
2008.  

2.6. 

Hungary 

Hungary adopted the first edition of the National Changeover Plan in July 2008. The Plan was 
prepared  without  specifying  a  target  date  for  euro  adoption.  The  country  should  follow  the 
'big-bang'  scenario  with  1  January  as  €-day.  The  general  rules  of  the  changeover  should  be 
fixed by an 'umbrella law'. The principle of continuity of contracts shall be respected.  

The exact length of the dual circulation period is still to be decided but the Plan states that it 
should be shorter than one month. The dual display of prices should start as soon as possible 
after the Council decides on the irrevocably fixed exchange rate and should last until the end 
of  June  of  the  year  following  €-day.  The  euro  should  be  introduced  in  a  manner  that 
minimises inflationary perceptions, is consumer-friendly and engenders the minimum risk of 
disruptions  in  cash  circulation.  The  banking  sector  should  elaborate  customer-friendly 
solutions regarding the management of accounts in the changeover period and it should avoid 
any  unfair  price  increase.  The  banks  should  develop  a  communication  strategy  based  on 
principles common for all banks.  

The communication campaign should provide clear and simple messages and reach all sectors 
of  population  including  vulnerable  groups.  The  Communication  Committee  working  under 
the National Euro Coordination Committee met five times in 2008 and prepared the relevant 
chapter  of  the  National  Changeover  Plan.  The  Communication  Committee  is  currently 
involved  in  a  consultation  of  the  main  stakeholders  on  the  National  Changeover  Plan  that 
should be completed in the first quarter of 2009.  

2 

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

EN 

4 

   EN 

 
                                                 
2.7. 

Poland 

On 28 October 2008, the government of Poland adopted a Roadmap for euro adoption. The 
euro should replace the zloty at the beginning of 2012. The government's plenipotentiary for 
the introduction of the euro who should be in charge of coordinating the practical preparations 
shall be nominated in November 2008. The National Bank of Poland should finalise its report 
on  Poland's  membership  in  the  euro  area  by  the  end  of  2008  and  the  National  Changeover 
Plan  should  be  elaborated  in  the  first  quarter  of  2009.  The  procedure  of  adaptation  of  the 
Polish  constitution  to  the  euro  should  be  launched  at  the  beginning  of  2009.  The  Polish 
authorities wish to introduce the zloty into the ERM II by mid-2009.  

The Roadmap also provides for a timetable of the communication strategy on the euro. This 
timetable should be further developed in the National Changeover Plan. The National Bank of 
Poland  participates  actively  in  media  debates  and  information  sessions  for  specific  target 
groups and it has been involved in various information activities in the framework of its own 
communication strategy on the euro. The National Bank of Poland has launched a website on 
euro related issues (www.euro.nbportal.pl) in December 2006.  

2.8. 

Romania 

Romania keeps the 2014 as its target year for the adoption of the euro. The changeover with a 
transition  period  is  preferred  to  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 2010.  

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.  

EN 

5 

   EN 

 
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 

X 

X 

X 

X 

X 

X 

Article 2: Facilitating preparation of citizens 

Dual display of prices should be 
imposed by the national law 

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  compulsory 
dual display after €-day 

Citizens 
security features of euro cash 

informed 

about 

Special  info  programmes  for 
vulnerable groups foreseen 

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 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

6 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

   EN 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BG  CZ  EE  LV  LT  HU  PL  RO  SK  SE 

Provision  of 
SMEs by: 

information 

to 

1.Public administration bodies  

2.Professional 
of 
chambers 
business advisors 

associations, 
commerce, 

X 

Provision  of 
credit 
customers 

information  by 
their 
to 

institutions 

of 
Monitoring 
through surveys 

preparations 

X 

X 

X 

X 

X 

Article 3: Ensuring a quick introduction of euro cash 

Dishoarding 
citizens 

campaign 

for 

X 

X 

1. Frontloading 

2. Sub-frontloading 

Schedules put in place 

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 

X 

X 

ATMs adapted as of €-day 

X 

X 

X 

Temporary  closure  of  ATMs 
impossible 
for 
to 
technical reasons 

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 

X 

EN 

7 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BG  CZ  EE  LV  LT  HU  PL  RO  SK  SE 

X 

X 

X 

X 

X 

X 

X 

X 

X 

Giving of change in € only in 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 

X 

X 

X 

X 

X 

X 

X 

X 

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 the end of dual display 

information 

Weekly 
on 
evolution  of  prices  around  €-
day 

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

X 

X 

X 

X 

X 

X 

X 

X 

EN 

8 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changeover plan 

National target date for 
euro adoption 

National co-ordinating 
institution 

(Approved) National 
Changeover Plan 

ANNEX 2 

State of practical preparations (November 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 
preparations for the euro.  
On 28 March 2007, a new National Co-ordinator for 
Euro Adoption was appointed by the 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 

EN 

9 

   EN 

 
 
 
 
 
 
 
 
 
 
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 using 
the "big bang" scenario. The recommendation was 
approved by the Government on 25 October 2006. 

2 weeks starting from €-day 

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

yes 

Mandatory  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  agreement  with  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  launched 
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  by  the 
Working  Group  for  Legislation  of  the  National  Co-
ordination  Group.  The  government  should  decide 
whether  to  use  an  'umbrella  law'  approach  or  to  adapt 
individually all affected legal texts in April 2009. 

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 

EN 

10 

   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: 

Government/Ministry 
of Finance; 

Central Bank 

Partnership agreement 

Other issues 

ERM II entry 

Twinning agreement 

Bulgaria 

Czech Republic 

The suppliers should be chosen via tender.  

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 

National euro website: 

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. 

Cooperation  between  the  National  Bank  of  Belgium, 
Czech Ministry of Finance and the Czech National Bank 
started  in  September  2007.  Three  meetings  have  been 
held in Brussels and Prague. . 

EN 

11 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State of practical preparations (November 2008) 

Estonia 

Latvia 

Changeover plan 

National target date for euro 
adoption 

Not decided. 

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 

12 

   EN 

 
 
 
 
 
 
 
 
 
Estonia 

Latvia 

Frontloading and sub-
frontloading 

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

Banks  will  offer  to  change  kroons  into  euro 
banknotes  at  the  conversion  rate  and  without  a 
service fee at least one month prior to €-day. 

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

ATMs issuing euro only  

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

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

Change in euro only 

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

After the end of the dual circulation period.  

Dual display of prices 

Compulsory: 6 months before and after €-day. 

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 

Adaptation envisaged via an 'umbrella law' 

Euro banknotes and coins 

Design of the national side 

Design selected and published in December 2004. 

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. 

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

Addresses of websites on 
euro changeover: 

Government/Ministry of 
Finance;  

Central Bank 

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

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. 

EN 

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Partnership agreement 

Signed on 8 November 2005 

Estonia 

Latvia 

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 

14 

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State of practical preparations (November 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. A favourable period for Lithuania to 
join the euro area starts from 2010.  

Not decided. 

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  practical 
preparations for the changeover.  

the  Committee 

to  co-ordinate 

is 

and 

local 

security, 

governance 

The NECC is chaired by the Minister of Finance and co-
chaired by the Governor of Magyar Nemzeti Bank. The 
committee is composed of ministers of economy, justice 
and 
regional 
developments,  social  affaires,  the  Minister  in  charge  of 
Prime  Ministers’  Office,  the  President  of  the  Central 
Statistical  Office  and  the  Chairman  of  the  board  of  the 
Hungarian  Financial  Supervisory  Authority.  The 
Minister  of  Foreign  Affairs  has  a  permanent  observer 
status  in  the  NECC.  The  Committee  shall  report  on  its 
activities and the progress made in technical preparations 
for the changeover annually to the government and 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 government adopted the first version of the National 
Changeover  Plan  in  July  2008.  It  has  been  published  in 
Hungarian and in English: 

http://english.mnb.hu/Engine.aspx?page=mnb_euro_inde
x. 

Type of scenario 

"Big-bang" 

"Big-bang". 

Dual circulation period   15 days. 

Shorter than 1 month, exact length to be decided 

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.

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 

15 

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ATMs issuing euro only   As from €-day ATMs will dispense only 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 fixing of the conversion 
rate. 

Compulsory:  from  the  earliest  possible  date  after  the 
conversion rate is irrevocably fixed until 30 June of the 
year following €-day. 

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

Business  organisations  will  be  encouraged  to  adopt  a 
'Code of Good Business Practice' (correct conversion, no 
speculative  price  increases  etc.);  subscribers  will  be 
authorised to use a 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 
euro  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 

Voluntary  agreements  on  fair  pricing  should  be  signed 
with retailers and service providers. The signatories will 
be  entitled  to  use  a  special  logo.  Prices  should  be 
and 
regularly  monitored  by  public 
organisations  of  consumers.  The 
the 
monitoring are to be regularly communicated to citizens. 

institutions 
results  of 

The  National  Plan  provides  for  an  'umbrella  law'  plus 
individual adjustments of legal texts if necessary. 

To be decided in the first half of 2009. 

Nr of different coin 
designs 

Three designs 

To be decided in the first half of 2009. 

Coin supplier 

Lithuanian Mint 

To be decided before end 2008. 

Estimation on the need 
for banknotes and coins 

118 million banknotes and 290 million  

To be decided 24 months before €-day.  

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. 

in 

The  section  on  communication 
the  National 
Changeover  Plan  defines  basic  principles,  actors, 
messages  and  target  groups  for  the  communication  on 
the  euro.  The  Communications  Sub-committee  should 
present a proposal to the NEC on a long-term strategy for 
the  changeover  campaign  by  30  November  2008.  The 
NEC should approve the strategy by 31 March 2009. 

EN 

16 

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Lithuania 

Hungary 

Addresses of websites 
on euro changeover: 

Ministry of 
Finance/Government;  

Central Bank 

National euro website (www.euro.lt). 

Regularly  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.  Prolongation  signed  on  5 

February 2008. 

Other issues 

ERM II entry 

28 June 2004 

Twinning agreement 

Three Twining agreements completed: 

NL  –  SI  –  LT  on  communication  and  information 
strategy;  

BE – LT on tax-related questions;  

BE  –  LT  on  departmental  management  related  to  the 
changeover. 

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

AT and HU on communication and information strategy 
(finalised). 

FR-  HU:  3  day  seminar  was  organised  on  legal  issues, 
public  sector  preparations  for  the  changeover  and 
communication issues. 

EN 

17 

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State of practical preparations (November 2008) 

Poland 

Romania 

Changeover plan 

National target date for 
euro adoption 

2012 

2014 

National co-ordinating 
institution 

National Euro Coordination Committee to be established 
in the first quarter of 2009; Government Plenipotentiary 
for the euro to be appointed by end-2008. 

(Approved) National 
Changeover Plan 

To be elaborated in the first quarter of 2009. 

Changeover 
details 

Type of scenario 

Not decided yet (probably a “big bang” scenario but a 
transitional period has not been ruled out). 

Transitional period envisaged 

Dual circulation period  1-2 months 

Exchange of national 
banknotes and coins 

Not decided yet (under consideration: commercial banks 
3 or 6 months after €-day free of charge; central bank at 
least 10-15 years or indefinitely, free of charge) 

2 months 

Indefinitely 

Campaign for rapid 
withdrawal of national 
banknotes and coins 

Frontloading and sub-
frontloading 

4 months before €-day 

ATMs issuing euro only 

Change in euro only 

Dual display of prices 

Compulsory: approximately 6 months before and after €-
day 

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

Ethical Code to be signed with retailers and banks by the 
end of 2010. Monitoring of price developments during 
and after dual display of prices (possible sanctions for 
abuses). 

Adaptation of national 
law 

Planned for second half of 2010 including drafting of 
new acts (e.g. umbrella law). 

EN 

18 

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Poland 

Romania 

Euro banknotes 
and coins 

Design of the national 
side 

Open competition and public survey (planned for first 
half of 2010). 

Nr of different coin 
designs 

Coin supplier 

Estimation on the need 
for banknotes and coins 

Original estimates: 4 -5 billion coins, new estimates 
under preparation. 

Communication 
activities 

Communication 
strategy 

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

Addresses of websites 
on euro changeover: 

Government/Ministry 
of Finance; 

Central Bank 

www.euro.nbportal.pl launched in December 2006 

Partnership agreement  Planned for the end of the first quarter of 2009 

Other issues 

ERM II entry 

Spring 2009 

Twinning agreement 

Germany– Poland: Communication and information 
strategy and other practical aspects of the changeover  

EN 

19 

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State of practical preparations (November 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)  

Updates  followed  in  March  2007,  April  2008  and 
September 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  in  the  last 
quarter of 2008. 

Commercial  banks  frontloaded  with  euro  coins  as  of 
September 2008 and with euro banknotes as of October 
2008. The sub-frontloading of the retail sector will take 
place in November and December 2008.  

ATMs issuing euro only   As of €-day ATMs will dispense euro only. 

Change in euro only 

As of €-day 

EN 

20 

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Slovakia 

Sweden 

Dual display of prices 

Compulsory:  24  August  2008  –  31  December  2009 
Voluntary: for further 6 months. 

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

Evolution  of  prices  are  closely  monitored  and 
consumers  are  regularly  informed  about  the  results; 
consumers can raise complaints with supervisory bodies 
(Slovak Trade Inspection, Ministry of Economy and the 
consumer  associations);  voluntary  'Ethical  Code'  has 
been  launched  by  the  Government  Plenipotentiary;  the 
statistical  monitoring  of  prices  performed  by  Slovak 
Statistical  Office  as  of  August  2008  in  10  days 
intervals; 

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.  The  necessary 
amendments to existing legislation identified by January 
2006.  

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: 

Government/Ministry 
of Finance;  

Central Bank 

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

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

www.euro.gov.sk  

www.euromena.sk  

Partnership agreement  Partnership agreement with the EC signed in December 

2007. 

Other issues 

ERM II entry 

28 November 2005 

EN 

21 

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Slovakia 

Sweden 

Twinning agreement 

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

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

EN 

22 

   EN