COMMUNICATION FROM THE EUROPEAN COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN CENTRAL BANK THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS Tenth Report on the practical preparations for the future enlargement of the euro area
Date: 2010-07-27
Institutions: European Commission
Subjects: Economic and Monetary Union, Slovakia, euro, euro area, monetary integration

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EUROPEAN COMMISSION 

Brussels, 27.7.2010 
COM(2010)398 final 

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

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

SEC(2010)942 

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

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

1. 

INTRODUCTION 

Since the latest enlargement of the euro area to Slovakia on 1 January 2009, the group of the 
EU Member States using the single currency comprises 16 members. Following the Council 
Decision of 13 July 2010 that Estonia fulfils the necessary conditions for the adoption of the 
euro, it will enlarge to a 17th Member on 1 January 2011.  

Estonia  has  less  than  6  months  to  finalise  its  preparations  for  the  changeover.  This  report 
assesses the state of play of its practical preparations for introducing the euro and evaluates 
the  progress  made  in  preparing  the  changeover  related  communication  campaign.  It  also 
provides a short overview of the results of the latest opinion poll on the state of public opinion 
on  the  euro  in  eight  Member  States  which  have  not  yet  adopted  the  euro  (i.e.  excluding 
Sweden but including Estonia.  

The attached Commission Staff  Working Document provides for details on the preparations 
for the introduction of the euro in other EU countries that have not yet adopted it and do not 
have a legal opt-out (i.e. excluding Estonia but including Sweden).  

2. 

STATE OF PLAY OF THE PREPARATIONS FOR THE CHANGEOVER IN ESTONIA  

Estonia is going to be the fifth of the group of countries which joined the EU in 2004 to adopt 
the single currency. At the time of joining the EU, the practical preparations for entering the 
euro  were  already  under  way.  The  first  'Euro  Adoption  Plan'  was  adopted  on  1 September 
2005.  The  changeover  target  date  of  1  January 2007  was  subsequently  reconsidered  but  the 
preparations continued. The eighth version of the 'Euro Adoption Plan' introducing the target 
date of 1 January 2011 was adopted in April 2010.  

2.1. 

Organisation of the changeover, adaptation of the legal system and preparations 
of the public sector 

The  practical  preparations  for  the  adoption  of  the  euro  in  Estonia  are  coordinated  by  the 
National Expert Committee chaired by the Secretary General of the Ministry of Finance. The 
Committee  has  seven  sub-committees,  involving  representatives  of  both  public  and  private 
sector.  Contrary  to  most  of  the  current  euro  area  Member  States  in  the  run-up  to  the  euro, 
Estonia  decided  not  to  appoint  a  'Ms/Mr  Euro',  i.e.  a  person  who  would  work  full  time  on 
coordinating the changeover preparations, be the main press contact point for all changeover 
related questions and embody the changeover process for the general public.  

A comprehensive 'Act on the Introduction of the Euro' providing the basic principles for the 
changeover  (e.g.  the  length  of  the  dual  circulation  period,  the  procedures  for  exchanging 
kroons  for  euro  and  removing  kroons  from  circulation,  the  rules  for  rounding  of  prices,  the 

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principle of continuity of contracts etc.) and the list of legislation requiring adjustments with a 
view to introducing the euro was adopted in April 2010 together with the amendments of the 
Commercial  Code  and  the  State  Fees  Act.  The  Central  Bank  (Eesti  Pank)  Act  was  also 
amended  and  brought  into  conformity  with  the  rules  on  the  functioning  of  the  European 
Central Bank and the European System of Central Banks. 

As  far  as  the  basic  changeover  rules  are  concerned,  the  Commission  urged  in  it's 
'Recommendation on measures to facilitate future changeovers to the euro1' that sales outlets 
should be obliged to give change exclusively in euro as from its introduction, unless they are 
for practical reasons unable to do so. This principle was adopted in all previous changeovers 
and  its  implementation  was  thoroughly  controlled.  It  prevented  legacy  cash  from  being 
'recycled',  accelerated  its  withdrawal  from  circulation  and,  as  a  consequence,  lowered  the 
changeover costs for retailers by shortening the period where they handled two currencies at a 
time.  In  some  of  the  current  euro  area  Member  States,  giving  change  in  legacy  currency 
during  the  dual  circulation  period  was  prohibited  by  law.  Estonia  does  not  envisage 
prohibiting giving change in kroon and it only recommends, in a very soft way, that change 
should be given in euro. With a view to making the changeover smooth and fast, the relatively 
soft  recommendation  of  the  Estonian  authorities  on  giving  change  in  euro  only  should  be 
followed-up  by  clear  messages  in  the  communication  campaign  to  secure  the  broadest 
possible  implementation  of  this  principle.  Its  application  should  be  monitored,  especially  in 
the areas with no bank branches where the retailers often serve as 'exchange offices'. It is in 
retailers own interest to be properly supplied with euro cash before €-day and thus support the 
speedy withdrawal of kroons from circulation. 

The  Estonian  administration  uses  extensively  information  technologies  for  interacting  with 
the  general  public  (e.g.  70-80%  of  citizens  submit  their  tax  declarations  electronically). 
Making the IT systems euro-compatible is therefore one of the biggest challenges in the run 
up to the euro. Each Ministry has identified the necessary changes in its area of competence. 
The IT systems of most public institutions should be adjusted to the euro by 1 July 2010, i.e. 
sixth months before €-day. The three institutio ns with the most complex information systems 
(i.e. the Tax and Customs Board, the Social Insurance Board and the IT Centre of the Ministry 
of Interior) should make their systems euro-compatible by 1 November 2010 at the latest. The 
progress in the preparations made by different public institutions is regularly assessed in the 
monthly  meetings  of  the  sub-group  of  the  National  Expert  Committee  responsible  for 
technical readiness of public institutions. 

The  general  coordination  of  the  changeover  preparations  should  be  strengthened.  It  is 
important  to  ensure  that  all  sectors  are  properly  prepared  and  there  are  synergies 
between the preparations of various actors. The changeover coordinator (-s) should be 
available at all times around €-day with a vi ew to handling any potential problems. The 
recommendation  of  the  authorities  on  giving  change  in  euro  only  during  the  dual 
circulation  period  should  be  reinforced  and  its  application  controlled,  especially  in  the 
areas without bank branches. 

1 

Commission  Recommendation  2008/78/EC  of  10  January  2008  on  measures  to  facilitate  the  future 
changeovers to the euro, OJ L23 of 26 January 2008, p.30-32 

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2.2. 

Preparations of the financial and banking sector 

Estonia  plans  to  use  a  big-bang  changeover  scenario  and  a  dual  circulation  period  of  two 
weeks2. 

The  Estonians  are  advanced  users  of  electronic  means  of  payment  (i.e.  some  95%  of  adult 
population have bank accounts and almost 30% of payments in retail segment are electronic) 
which  should  make  the  cash  changeover  somewhat  easier  and  alleviate  the  burden  put  on 
financial institutions in the changeover period.  

Since Estonia does not have its own mint, it organised a competition for the procurement of 
euro coins. Based on the results of the tender, the Estonian euro coins will be produced by the 
Mint  of  Finland.  The  design  of  the  national  sides  of  Estonian  euro  coins  was  selected  via 
public competition. The winning design depicting the map of Estonia will be used for all euro 
coins denominations. Euro banknotes will be borrowed from the Eurosystem's stocks. For the 
changeover,  Eesti  Pank  ordered  42  million  euro  banknotes  and  194  million  euro  coins  of 
various denominations.  

Due to strong differences in the structure of denominations between the kroon and the euro, 
the Estonians will have to get used to pay more frequently with coins. More than 98% of the 
kroon cash in circulation is denominated in banknotes while the coins represent less than 2% 
of  the  circulating  kroon  cash  volume.  The  lowest  banknote  denomination  is  1  kroon 
(approximately 6 euro cents) and the smallest kroon coins have very little purchasing power 
and are therefore scarcely used by the Estonians. In the run up to the changeover, it is very 
important to explain the value and use of euro coins to citizens (i.e. according to the results of 
the recent Commission survey3, some 93% of Estonians would like to obtain information on 
the value of the euro in local currency) and try to dispel their fears of having too many euro 
coins in their wallets.  

The  frontloading  of  euro  coins  to  credit  institutions  should  start  in  September  and  the 
frontloading  of  banknotes  in  December  2010.  The  credit  institutions  are  currently  finalising 
their estimates of frontloading euro cash needs. According to the first rough estimates, some 
240  million  euro  should  be  frontloaded  (i.e.  less  than  a  half  of  the  value  of  kroon  in 
circulation)  which  is  relatively  less  than  in  the  previous  changeovers.  Given  the  relatively 
high probability of bad weather conditions around €-day in Estonia, the frontloading volumes 
should be considered very carefully.  

The sub-frontloading of commercial banks' major clients with coins should start in September 
while smaller cash users will only be supplied as of December 2010. Estonia will be the first 
country to use the new simplified ECB sub-frontloading guidelines4 based on the experience 
acquired  in  some  of  the  previous  changeovers.  The  retailers  who  sign  a  simple  sub-
frontloading contract will be delivered up to €10 000, 5 days before €-day 5 . 

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In  the  first  12  countries  introducing  the  euro,  the  single  currency  was  first  introduced  as  electronic 
money while the euro cash was only introduced 3 years later. In Estonia, the euro banknotes and coins 
will  be  introduced  on  the  same  day  that  euro  becomes  the  country's  currency.  The  big-bang  scenario 
was used in all countries which joined the euro area after 2002. 
Flash Eurobarometer n°296  
ECB  Guideline  (ECB/2008/4)  of  19  June  2008  amending  Guideline  ECB/2006/9  on  certain 
preparations for the euro cash changeover and on frontloading and sub-frontloading of euro banknotes 
and coins outside the euro area. 
The experience highlighted the need of a simpler procedure with a view notably to convincing the small 
retailers  to  participate  in  sub-frontloading.  A  standard  sub-fronloading  contract  imposes  heavy 

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The major cash-in-transit company operating in Estonia will increase its transport capacity by 
more  than  one  third  in  order  to  cope  with  large  extra  workload.  Considering  the  significant 
volume of euro cash which is going to be on the roads around €-day, it 
is advisable to take 
extra measures with a view to ensuring adequate security throughout the changeover process.  

The general public will have a possibility to obtain the first Estonian euro coins by purchasing 
euro coin mini-kits for 200 kroon as of beginning of December. The total number of mini-kits 
which  are  going  to  be  provided  by  Eesti  Pank  has  not  been  decided  yet.  Based  on  the 
experience from the previous changeovers, it is recommended, to produce approximately one 
mini-kit  per  household.  The  cash-in-transit  company  envisages  to  prepare  some  50  000 
special coins kits6 for the sub-frontloading of small retailers who do not plan to sign a sub-
frontloading contract with their bank. Special arrangements for the small retailers who are in 
difficult  financial  situation  and  might  have  difficulties  to  be  sub-frontloaded  could  be 
considered. 

The Estonian authorities plan to launch an information campaign for the general public with a 
view  to  collecting  hoarded  cash  before  the  changeover  day.  It  is  expected  to  retrieve  some 
50% of kroon coins in circulation and 80% of banknotes. The commercial banks plan to use 
special machines for kroon coins deposits in their premises. The Eesti Pank and the cash-in-
transit  company  adjust  their  storing,  counting  and  packing  capacities  to  exceptionally  high 
amounts of cash to be handled in the changeover period. 

The  cash  exchanges  at  the  conversion  rate  and  without  a  service  fee  should  be  available  in 
commercial banks as from one month before and until six months after €-day 7. Thereafter, the 
Eesti Pank will change unlimited amounts of kroons into euro for an unlimited period of time. 
Virtually  all  921  automatic  teller  machines  (ATMs)  in  Estonia  should  distribute  only  euro 
banknotes as of the first hours of 1 January 2011. The adjustments of the point-of-sale (POS) 
terminals  were  already  launched  by  the  responsible  commercial  banks  with  a  view  to 
switching  instantaneously  on  1  January.  The  commercial  banks  currently  plan  loading  their 
ATMs  with  mainly  €10  and  €50  banknotes  in  th e  first  days  following  the  changeover. 
Considering the need to make it easier for the retail sector to give change exclusively in euro 
and current practice of Estonians to withdraw mostly small denomination banknotes, avoiding 
temporarily  the  use  of  €50  banknotes  in  ATMs  should  be  considered.  Banks  should  also 
refrain from introducing large denominations in the weeks before and after the changeover. 

In the Estonian banking market (dominated by three commercial banks) there are a little under 
190 bank branches. The banks consider extending opening hours in the changeover period and 
special openings on 1 and 2 January. They also plan reinforcing the staff at the counters with 
the employees from the back-office. The capacity of branches for storing extraordinary large 
amounts of cash in the changeover period is currently being examined and the banks' staff is 
being trained on the security features of euro cash. The adjustments of banks' IT systems are 
ongoing; the final testing should take place in October-November 2010. 

The preparations of the financial and banking sector for the changeover are well on the 
way.  To  make  the  changeover  smoother,  the  supplies  of  euro  cash  to  banks  should  be 
well spread over time. In order to prevent retailers from running out of change because 

sanctions  for  leakage  of  the  sub-frontloaded  euro  cash  into  circulation  before  €-day,  requires  an 
important  reinforcement  of  security  of  the  companies'  premises  etc.  It  is  therefore  more  suitable  for 
bigger companies in need of large euro cash volumes. 
The value of the retailer coin-kit will be around €200 
12 months after €-day in restricted number of branches 

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of customers paying with high denomination banknotes, the supply of €50 banknotes to 
ATMs in the changeover period should be avoided. The banks should consider opening 
special counters for businesses in the changeover period. 

2.3. 

Preventing abusive practices and erroneous perception of the evolution of prices 
by the citizens  

According to the results of the latest Eurobarometer survey, the Estonians are among the most 
sceptical non-euro area countries' citizens as regards the impact of the changeover on prices 
(for details on Flash EB n°296 see part 3). Thus, the Estonian authorities face a big challenge 
in reassuring consumers and must take all necessary steps to prevent abusive practices in the 
changeover period.  

According  to  the  official  government  decision,  the  period  of  dual  display  of  prices  in  both 
kroons and euro should start on 1 July 2010 and last until six months after €-day. Since it is 
only after the adoption of the Council Decision on the abrogation of Estonia's derogation that 
the conversion rate becomes irrevocably fixed, the launch of dual display of prices as of the 
official determination of the conversion rate would be more appropriate.  

As  of  April  2010,  the  Estonian  Consumer  Protection  Board  (a  public  body)  enlarged  the 
basket  of  monthly  scanned  prices  of  goods  and  services  from  96  to  126  with  a  view  to 
providing  a  comprehensive  overview  of  the  price  evolution.  In  the  changeover  period,  the 
Board plans to monitor the prices in some 800 points of sale. The inspectors will also control 
whether the changeover rules (e.g. rounding rules, rules of dual display of prices) are applied 
correctly. The results of these controls should be collected via special software and published 
in press releases and on the national euro website.  

The Estonian Chamber of Commerce is preparing the Fair Pricing Agreement along the lines 
of  the  voluntary  initiatives  employed  successfully  in  the  previous  changeovers.  The 
subscribers of the Agreement (e.g. retailers, financial institutions, internet shops) will commit 
not to misuse the changeover for their own profit, respect the changeover rules and provide 
the  necessary  assistance  to  their  clients.  The  Estonian  authorities  plan  to  launch  the  call  for 
subscriptions at the end of August, i.e. almost two months after the start of the mandatory dual 
display of prices. In the previous changeovers, most mistakes in displaying the prices in two 
currencies  and  many  price  increases  have  been  detected  prior  or  just  after  the  start  of  dual 
display. An earlier start of the Fair Pricing initiative should therefore be carefully considered.  

A subscriber who breaches the rules of the Fair Pricing Agreement can be fined up to EEK 50 
000 (approximately €3200). The Consumer Protecti on Board plans using all its 40 inspectors 
and at least as many volunteers for monitoring the compliance with the Agreement. In cases 
of a clear breach of the rules, the fine can be imposed within 48 hours. In more complicated 
cases, the procedure can last up to one month. In order to fight erroneous perception of  the 
evolution  of  prices  by  the  citizens,  the  detected  irregularities  should  be  addressed  quickly. 
Suspicious price increases detected by the inspectors as well as those lodged by consumers on 
the  phone  line  of  the  Consumer  Protection  Board  should  be  properly  investigated  and  the 
results should be published. If the price increase was deemed unjustified, the subscriber of the 
Agreement should lose the right to use the logo of the Fair Pricing initiative.  

The  measures  aimed  at  preventing  abusive  practices  and  erroneous  perceptions  of  the 
evolution of prices by the citizens should be strengthened. The corrective action against 
subscribers who fail to deliver on their commitments under the Fair Pricing Agreement

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should  be  taken  as  quickly  as  possible.  Their  right  to  claim  the  respect  of  the  Fair 
Pricing Agreement (i.e. to use the subscribers' logo) should be withdrawn immediately.  

2.4. 

Changeover preparations in rural areas and the preparations of enterprises 

Estonia has very low population density when compared to the EU average8. The country is 
composed of 226 municipalities, 33 of them being urban and 193 rural. Over two-thirds of the 
municipalities  have  a  population  of  under  3  000.  One  of  the  major  challenges  of  this 
changeover will therefore be to make it smooth in scarcely populated rural areas with limited 
infrastructure. 

The penetration of internet and cashless banking is high (e.g. all pensions are distributed by 
bank transfers) which makes the distribution of information and cash changeover somewhat 
easier.  The  facilities  for  exchanging  kroons  for  euro  and  retrieving  legacy  cash  must 
nevertheless be put in place in all areas.  

More than one third of commercial banks branches are located in the capital city. Therefore, 
in the changeover period, the Post offices which currently provide a limited scope of banking 
services  in  cooperation  with  one  of  the  commercial  banks  should  also  provide  for  cash 
exchanges  in  the  municipalities  without  a  proper  bank  branch.  The  offering  of  a  cash 
exchange  service  by  the  Post  offices  should  be  carefully  planned  (frontloading  and  sub-
frontloading, opening hours extra staff, security issues.). The staff of the Eesti Post, notably 
employees  in  direct  contact  with  clients,  should  be  properly  trained  for  handling  two 
currencies  at  the  same  time  and  providing  information  to  citizens.  The  commercial  banks 
should  also  consider  using  mobile  cash  exchange  offices  in  addition  to  the  existing  mobile 
ATMs.  

Besides  media  and  internet,  the  local  authorities  would  often  serve  as  the  only  information 
provider in remote areas. They should therefore be thoroughly prepared and trained. Almost 
75%  of  municipalities  have  the  same  IT  provider.  The  software  adaptations  should  be  well 
scheduled so that the sole provider has enough time to serve all clients on time. The Ministry 
of  Finance  e-mails  regularly  the  instructions  concerning  the  adjustments  to  be  made  to  all 
municipalities.  The  Eesti  Pank  organises  trainings  on  the  security  features  of  euro  cash  and 
the  prevention  of  counterfeiting.  The  umbrella  organisations  for  urban  and  rural 
municipalities  are  supposed  to  report  to  the  Ministry  of  Finance  on  the  progress  of  the 
preparations. To make sure that all local authorities are actually prepared, the progress should 
be monitored regularly and in a structured way. It is advisable to provide municipalities with a 
check list containing the list of tasks to be accomplished complemented with a timeline and 
ask a changeover coordinator of every municipality to report regularly on its implementation 
to  the  umbrella  organisations.  Regular  gatherings  of  local  changeover  coordinators  would 
provide them with a possibility to exchange experience in preparing for the introduction of the 
euro.  

The  local  branches  of  consumer  organisations,  agencies  and  various  non-governmental 
organisations  should  be  actively  involved  in  the  preparations  in  order  to  increase  the  local 
ownership of the changeover. 

8 

In  2007-2008,  Estonia  had  30.9  inhabitants  per  km2  compared  to  the  EU  average  of  114.  Source: 
Eurostat 

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Due to the past experience (i.e. the abandoning of the changeover target date in 2006) most 
enterprises  have  been  postponing  the  preparations  until  gaining  more  certainty.  The 
information activities (brochures, seminars) planned  by the Chamber  of Commerce, Traders 
Association, Eesti Pank and Banking Association should help them to prepare properly and on 
time. It should be ensured that all enterprises, including those who will not actively seek for 
information, will be adequately prepared. 

The preparations of local authorities for the changeover need to be steered and regularly 
monitored to make sure that all necessary adjustments are taken care of.  

The participation of Eesti Post in the cash changeover is essential and should therefore 
be carefully prepared. Commercial banks should envisage using more mobile devices for 
kroon collection and euro cash distribution. 

The  preparations  of  enterprises  should  start  with  full  speed  and  be  supported  and 
monitored by the responsible authorities. Special attention should be paid to small and 
medium sized enterprises.  

2.5. 

Communication on the euro 

The updated 'Communication Strategy for the adoption of the euro in Estonia' was endorsed 
by  the  National  Changeover  Committee  on  15  March  2010.  It  includes  an  overview  of  the 
organisation, goals, target groups, messages and channels for communicating on the euro and 
its introduction. The main objective is to ensure that at least 90 % of all Estonian residents are 
well  informed  about  the  practical  aspects  of  the  changeover.  The  communication  plans  are 
well structured, balanced and cover the implementation period from March 2010 until January 
2011.  The  Commission 
the 
implementation  of  the  communication  plans  both  by  in  kind  contributions  and  via  a  grant 
agreement for up to 50 % of the eligible costs such as salaries of communication experts, the 
mass media campaign, public opinion polls, seminars and trainings and information material 
to all households. 

intends,  under  a  Partnership  Agreement, 

to  support 

Although the Commission has urged the Estonian authorities to accelerate the implementation 
of the communication plans, the larger scale communication activities will only start after the 
adoption of the Council Decision on 13 July.  

Timely information about the changeover, its schedule, measures aimed at tackling the fear of 
price  increases  and  abusive  practices  of  retailers  in  the  changeover  period  and  support 
measures for the preparations of enterprises are vital. Up until now, the Estonian authorities 
have been concentrating on reaching information multipliers via targeted presentations and on 
relations  with  press.  The  impact  of  these  measures  is  not  known.  More  passive  information 
dissemination is ongoing via the national euro website. 

The Commission urges the Estonian authorities to accelerate the implementation of the 
communication plans for the euro introduction in order to reach all Estonian residents 
timely  with  the  necessary  information.  This  will  increase  the  awareness  about  and  the 
support for the changeover to the single European currency. 

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3. 

STATE OF PUBLIC OPINION IN THE RECENTLY ACCEDED MEMBER STATES 

Since  2004,  the  European  Commission  has  commissioned  'Eurobarometer'  surveys  in  the 
countries which joined the EU in 2004 and 2007 and have yet to adopt the euro in order to 
gauge citizens' attitudes towards and knowledge about the introduction of the euro. The spring 
2010 'NMS-8'9 survey (Flash EB n°296) is the tenth of its kind. The fieldwork for the survey 
was carried out between 17 and 21 May 2010. 

For  the  purposes  of  this  report,  the  results  of  the  latest  Eurobarometer  survey  were  mostly 
compared  with  the  results  of  the  previous  survey  conducted  in  the  NMS  (Flash  EB  n°280, 
September 2009). It should be noted that despite the difficult current economic climate, the 
latest results only showed a slight deterioration in NMS-8 citizen's support for the euro 
introduction  since  September  2009.  Actually,  the  current  levels  of  support  are  still  higher 
than during the first two waves of this survey conducted in 2004 and 2005. 

3.1. 

Support for the euro 

Between September 2009 and May 2010, NMS-8 citizens’ support for the introduction of the 
euro in their countries decreased only slightly. Relative majorities of respondents expected the 
introduction of the euro to have positive consequences for their country (49%, -3pp) and for 
themselves  (48%,  no  change);  negative  impacts  were  expected  by  37%  (+2pp)  and  39% 
(+1pp)of respondents, respectively. Roughly half (51%) of interviewees thought that the euro 
had a positive impact in current euro-area countries. 

Slightly  less  than  half  (48%,  -1pp)  of  all  respondents  said  they  were  happy  that  the  euro 
would replace their national currency, and 41% (+3pp) said they would be unhappy about a 
change to the euro. Whereas the Romanians (55%, -4pp), Hungarians (54%, no change) and 
Bulgarians (51%, +2pp) were the most likely to say they felt happy about a changeover to the 
euro,  the  Estonian  (56%,  +7pp),  Latvian  (56%,  +6pp)  and  Czech  (58%,  +4pp)  respondents 
were the most liable to answer that they were personally unhappy that the euro could replace 
their currency. The most significant increase in the proportion of citizens who said they were 
unhappy about the euro changeover was seen in Lithuania (+10pp, to 47%).  

3.2. 

Speed of the introduction of the euro 

A relative majority of NMS-8 citizens would like to see the euro introduced in the medium 
term (“after a  certain time”, 39%, +3  pp). About one-third (32%, -1pp) opted for as late as 
possible,  while  roughly  a  quarter  (24%,  -1pp)  wanted  the  changeover  to  happen  as  soon  as 
possible.  

The Czech Republic and Latvia had the highest share of respondents who wanted to adopt the 
euro as late as possible (47%, no change; and 44%, +1pp, respectively). In Estonia, still only 
about  a  quarter  of  respondents  (23%,  no  change)  wanted  to  join  as  soon  as  possible,  37% 
(+1pp) after a certain time and 34% (-2pp) wanted to have the euro as late as possible. 

9 

The Eurobarometer surveys always provide results for the new Member States-not euro area Members 
of  the  time.  The  latest  survey  covered  Poland,  the  Czech  Republic,  Hungary,  Bulgaria,  Romania, 
Latvia, Estonia and Lithuania. Cyprus, Malta, Slovenia and Slovakia are not included anymore as they 
have  already  joined  the  euro  area.  In  total,  about  8000  randomly  selected  citizens  have  been 
interviewed. 

EN 

9 

   EN 

 
                                                 
3.3. 

Level of information  

Overall,  a  majority  of  NMS-8  citizens  do  not  feel  well  informed  about  the  euro  (59%,  no 
change),  whereas  40%  (no  change)  feel  well  informed.  Estonians  feel  significantly  better 
informed than in September 2009 (50% feel well informed, +6pp). 

3.4. 

Expectations regarding the euro 

As in the previous waves, an overwhelming majority of NMS-8 citizens agreed with several 
positive statements concerning the euro's practical effects: e.g. 90% (-2pp) agreed that having 
the euro would be more convenient for those who travel to other countries that use the euro; 
86%  (-1pp)  agreed  that  the  euro  would  make  it  easier  to  shop  in  other  countries  using  the 
common currency etc. 

Two-thirds of respondents, however, feared price increases after the euro introduction (66%, -
1pp), while almost a quarter (23%, no change) of citizens believed in the long-term stabilising 
effect  of  the  euro  on  prices.  Nevertheless,  although  the  previous  survey  wave  appeared  to 
show  an  increase  in  scepticism,  this  trend  was  not  continued  in  2010.  In  fact,  compared  to 
September 2009, a few countries showed a decrease in the proportion of citizens who feared 
that the euro’s introduction would increase prices: the Czech Republic (from 75% to 69%; -6 
pp) and Hungary (from 66% to 62%; -4 pp). The Estonian and Polish respondents continued 
to be particularly sceptical of the euro's impact on prices: more than three-quarters expected 
prices to increase (77%, -1pp, respectively). 

EN 

10 

   EN