COMMISSION STAFF WORKING DOCUMENT Accompanying document to the  COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN CENTRAL BANK, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS Eleventh Report on the practical preparations for the enlargement of the euro area
Date: 2010-11-12
Institutions: European Commission
Subjects: EU Member State, Economic and Monetary Union, European Monetary System, euro, euro area, monetary integration

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EUROPEAN COMMISSION 

Brussels, 12.11.2010 
SEC(2010) 1373 

COMMISSION STAFF WORKING DOCUMENT 

Accompanying document to the  
COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN 
PARLIAMENT, THE COUNCIL, THE EUROPEAN CENTRAL BANK, THE 
EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE 
OF THE REGIONS 
Eleventh Report on the practical preparations for the enlargement of the euro area 

{COM(2010) 667 final} 

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   EN 

 
 
COMMISSION STAFF WORKING DOCUMENT 

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

Eleventh Report on the practical preparations for the enlargement of the euro area 

1. 

INTRODUCTION 

This Commission Staff Working Document accompanies the 'Eleventh Report on the practical 
preparations  for  the  enlargement  of  the  euro  area'.  While  the  Report  deals  mainly  with  the 
changeover  preparations  in  Estonia  which  will  introduce  the  euro  on  1 January  2011,  this 
Working  Document  provides  information  on  the  state  of  practical  preparations  for  the 
changeover in other EU Member States which have yet to adopt the euro1. It summarises the 
situation in each Member State concerned and provides on overview on how these Member 
States  respect  the  provisions  of  the  'Commission  Recommendation  of  10  January  2008  on 
measures  to  facilitate  future  changeovers  to  the  euro  (2008/78/EC)2  built  on  the  experience 
acquired  in  the  course  of  the  introduction  of  euro  cash  in  2002-2008.  The  Annex  gives  a 
synoptic overview of the state of play of the national changeover preparations.  

2. 

PREPARATIONS AT NATIONAL LEVEL 

2.1. 

Bulgaria 

In Bulgaria a changeover target date has not been set yet and the practical preparations for the 
introduction of the euro have not been launched.  

2.2. 

Czech Republic 

The Czech Republic does not have a specific target date for the introduction of the euro.  

The April 2010 Progress Report on the fulfilment of the 'National Changeover Plan' assesses 
the progress in the practical preparations  achieved in  the course  of 2009. In this period, the 
strategy  for  the  adaptation  of  the  public  administration  to  the  euro  was  elaborated  by  the 
Public Administration Sub-Group of the National Coordination Group for Euro Adoption in 
cooperation with the Sub-Groups in charge of legislation and IT systems adaptation. It should 
be elaborated further in the course of 2010. The first draft of the Communication Strategy was 

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2 

Ten previous reports on this subject were published between November 2004 and December 2009. See:  
http://ec.europa.eu/economy_finance/euro/adoption/preparing/index_en.htm  
OJ L 23, 26.1.2008, p. 30. 

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finalized  in  December  2009.  It  defines  the  basic  principles,  communication  tools,  target 
groups  and  sequences  of  the  campaign.  In  2010,  the  draft  will  be  complemented  with  the 
contingency plan. The guidelines for the changeover in the financial sector have been updated 
based  on  the  experience  collected  in  the  previous  changeovers,  in  particular  in  Slovakia. 
Following  the  adoption  of  the  basic  principles  for  the  adaptation  of  the  Czech  Republic's 
legislation to the euro by the government in March 2009, the Sub-Group responsible for the 
adaptation of legislation started developing the methodology for drawing the lists of legal acts 
requiring  adjustments.  One  of  the  main  priorities  for  2010  is  to  draft  guidelines  for  the 
preparations of local administrations to the euro. The document should cover the adaptation of 
legal texts, financial amounts, fees, IT systems and the distribution of information by the local 
authorities. It would also provide an example of the organisation structure for the changeover 
preparations at local level based on the experience of Slovakia and other euro-area Member 
States. The National Coordination Group also plans to launch work on the general guidelines 
for the conversion of IT systems.  

The  national  changeover  website 
(www.zavedenieura.cz)  displays  all  euro-related 
government documents and the documents produced by the National Coordination Group for 
Euro  Adoption  and  its  Working  Groups.  It  explains  euro-related  vocabulary  to  the  general 
public, provides the number of the free euro-info line and the timetable of euro related events. 
A  new  twinning  project  between  the  French  authorities  (Adetef),  the  Czech  Ministry  of 
Finance and the National Bank of Slovakia was approved by the Commission in September 
2010 and started on 6-7 October with a meeting in Prague. 

2.3. 

Latvia 

Based  on  the  Latvian  Convergence  Programme  2009-2012  and  the  Stabilisation  and 
Economic Growth Restoration Programme, the Latvian government set 1 January 2014 as the 
target date for the introduction of the euro3.  

The Public Awareness and Communication Working Group has completed an update of the 
Euro  Communication  Strategy  and  developed  the  corresponding  communication  plan.  Both 
documents  were  discussed  during  the  twinning  project  with  the  National  Bank  of  Belgium 
(ended  at  the  end  of  2009)  and  supported  by  the  European  Commission.  The  national 
changeover web site (www.eiro.lv), launched in December 2008, remains the main source of 
information for the general public.  

2.4. 

Lithuania 

The  National  Changeover  Plan  was  approved  by  the  government  in  September  2005  and 
updated in April 2007. Lithuania has not set a changeover target date.  

The third update of the 'National Changeover Plan' should be adopted by the end of 2010. It 
should incorporate the provisions of the Commission Recommendation of 10 January 2008 on 
measures to facilitate the future changeovers to the euro4.  

The third update of the Public information and communication strategy on the adoption of the 
euro, based on the results of the recent public opinion polls is under preparation. The national 
changeover website provides up-to-date information on the euro and the EMU. The European 

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The mid-term forecasts indicate that the country could meet the Maastricht criteria in 2012. 
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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Commission and the Lithuanian authorities have further developed their cooperation under the 
Partnership Agreement and prepared jointly a number of communication activities (e.g. a euro 
exhibition in the city of Kaunas in November 2009-January 2010).  

2.5. 

Hungary 

The  first  version  of  the  Hungarian  National  Changeover  Plan  adopted  in  July  2008  was 
updated  by  seven  Sub-Committees  of  the  National  Euro  Coordination  Committee  and 
approved  by  the  Government  at  the  end  of  2009.  Various  public  and  private  sector 
organisations  (e.g.  chambers  of  commerce,  professional  associations,  consumer  protection 
organisations,  employers  and  employees  organisations)  were  involved  in  the  work  of  the 
National Euro Coordination Committee. 

The updated Changeover Plan outlines the steps to take in the areas of practical preparations 
for the euro which can be developed in the absence of the changeover target date. The most 
important issues addressed in the new version of the Plan include: a pilot project in the area of 
changeover preparations of public institutions, mapping and categorisation of potential risks 
involved  in  the  conversion  of  public  institutions'  IT  systems  and  assessment  of  challenges 
stemming  from  the  conversion  of  wages  in  the  public  sector.  The  Government  decided  that 
any hardware purchased from public resources and all cash registers and taximeters sold after 
1 June 2010 must be euro-compatible.  

With  regard  to  the  adaptation  of  the  Hungarian  legal  system  to  the  euro,  a  concept  of  the 
umbrella law has been developed and legal texts have been divided into groups based on the 
difficulty of converting forint amounts to the euro.  

Hungary  launched  a  twinning  programme  on  practical  preparations  with  French  and  Slovak 
experts at the beginning of 2010. The programme covers numerous areas of the changeover 
preparations, such as public and business sector preparations, cash changeover preparations, 
communication and preparations of vulnerable groups. The project includes 4 study visits and 
4 expert missions in 2010. The third activity was held in Paris between 30 June and 2 July. 
The  essential  goal  of  this  study  visit  was  to  share  the  experience,  best  practices  and 
suggestions of France concerning the communication towards vulnerable groups. 

In September 2010, experts taking part in the preparation of the National Euro Coordination 
Committee travelled to Bratislava for another 2-day study visit. The event was hosted by the 
National  Bank  of  Slovakia,  the  main  organizer  of  the  communication  campaign  of  the  euro 
changeover  of  2009.  The  study  visit  focused  on  vulnerable  groups,  including  minorities, 
hearing impaired, blind and short-sighted, the elderly, and the young. A significant part of the 
event  was  credited  to  communication  methods  towards  Roma  minorities,  which  may  prove 
extremely  useful,  considering  that  among  the  Member  States  that  have  already  adopted  the 
euro, only Slovakia has a Roma minority with size comparable to Hungary’s.  

Finally,  the  Secretariat  of  the  National  Euro  Coordination  Committee  has  put  forward  a 
proposal  for  adjusting  the  tasks  and  the  structure  of  the  NECC  to  the  new  government 
structure. 

2.6. 

Poland 

Poland would like to join the euro-area as soon as possible after fulfilling the entry conditions. 

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The decision with regard to the steering bodies of the changeover preparations in Poland was 
officially  adopted  on  3  November  2009.  It  is  composed  of  the  National  Coordination 
Committee for Euro Changeover, the Coordinating Council and eight Working Committees. 
During  the  first  meetings,  the  new  bodies  agreed  on  detailed  schedule  of  the  Working 
Committees' meetings and draft list of tasks to be completed by each Committee before and 
to  analyse  the  experience  collected  in  the 
during  6-months  after  €-day.  In  2010,  they  plan 
Member States which have adopted the euro, assess the scope of the necessary adjustments in 
all sectors of  the  Polish economy  and  start  preparing the national changeover plan which is 
due to be completed next year.  

The  activities  of  the  bodies  involved  in  the  changeover  preparations  are  published  on  the 
website of the Government Plenipotentiary for the Euro Adoption (www.euro.mf.gov.pl). The 
office of the Plenipotentiary publishes regularly analytical documents on the fulfilment of the 
nominal convergence criteria, the state of real convergence, public opinion on the introduction 
of the euro, practical preparations for the changeover and potential costs and benefits of the 
introduction of the single currency in Poland.  

The office of the Government Plenipotentiary in cooperation with the National Coordination 
Committee, the Coordinating Council and the Working Committees prepared the Guidelines 
for the Preparation of the National Changeover Plan. It contains, among others, the guidelines 
of the communication strategy on the euro and a general timetable of the preparatory works. 
The  document  will  be  published  after  being  approved  by  the  Council  of  Ministers.  The 
national  communication  strategy  is  going  to  be  prepared  by  the  responsible  Working 
Committee according to the timetable specified in the Guidelines. 

The National Bank of Poland (NBP) is regularly analysing the macroeconomic aspects of the 
integration  with  the  euro  area  and  carrying  out  works  supporting  the  planning  of  the 
changeover. The NBP regularly communicates on the practical aspects and consequences of 
the introduction of the euro in newspapers, TV and radio programs and on the internet. The 
NBP  co-finances  a  newly  created  postgraduate  study  programme  of  the  leading  Polish 
universities on the functioning of the euro area. 

The preparation of a National Euro Changeover Plan is foreseen for next year. The Working 
Committees have prepared analyses of the experiences of the euro area members with respect 
to  their  practical  preparations  in  different  areas,  in  particular  cash  changeover,  consumer 
protection,  non-financial  sector  and  public  administration.  The  analyses  of  the  previous 
experiences  are  considered  to  form  a  basis  for  successful  preparation  of  the  National  Euro 
Changeover Plan. 

2.7. 

Romania 

Romania  aims  at  introducing  the  euro  on  1  January  2015.  In  the  opinion  of  the  Romanian 
authorities, having a changeover target date is an important anchor in promoting the necessary 
budgetary and structural reforms.  

In  absence  of  the  national  coordinating  body  for  the  changeover  preparations,  the  National 
Bank of Romania (NBR) set up the Euro Adoption Committee chaired by the Governor at the 
end  of  2009.  At  this  stage,  the  Committee  remains  an  internal  forum  for  discussion  on  the 
euro and EMU.  

The NBR is  actively  involved in raising awareness  of  the  general  public and specific  target 
groups  (e.g.  financial  sector,  academia)  with  regard  to  the  fulfillment  of  the  convergence 

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criteria  and  the  introduction  of  the  euro.  The  authorities  are  using  a  variety  of  publications, 
including the information material provided by the European Commission. 

2.8. 

Sweden 

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

3. 

PROTECTION OF THE EURO AGAINST COUNTERFEITING 

Concerning  the  protection  of  the  euro  against  counterfeiting,  all  these  Member  States  have 
established the national authorities as required by article 2 of the Regulation 2001/1338/EC; 
their  representatives  participate  in  the  meetings  of  the  expert  groups  and  have  received 
appropriate training.  

4. 

RESPECTING  THE  PROVISIONS  OF  THE  COMMISSION  RECOMMENDATION  ON 
MEASURES TO FACILITATE FUTURE CHANGEOVERS TO THE EURO  

This section provides an overview on how the concerned Member States 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 based solely on publicly available information as 
of  beginning  of  October  2010  and  therefore  may  not  reflect  all  the  preparations  which  are 
under way.  

BG  CZ 

LV 

LT  HU 

PL 

RO 

SE 

Article 1: Steering and organisation 

Set  up  of  appropriate  national 
coordination structures 
National changeover plan:  
1. Prepared 
2. Discussed with economic 

operators 

3. Regularly updated 

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 
Compulsory  dual  display  planned 
as  from  the  irrevocable  fixing  of 
the exchange rate 
Min.  6  months  and  max.  1  year 
long compulsory dual display after 
€-day planned 
Any  charges  for  accepting 
payments  imposed  by  businesses 
before  €-day  should  be  displayed 
separately 
Legal  ban  on  using  a  rate  other 
than the official conversion rate 

€-

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

EN 

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to 

inform  citizens  about 

Plans 
security features of euro cash 
Special information programmes 
for vulnerable groups planned 
Training  sessions  for  personnel 
working with cash/in direct contact 
with public envisaged: 
1. By public administration 
2. By businesses 

of 

for 

the 

provision 

Plans 
information to SMEs by: 
1.Public administration bodies  
2.Professional associations, 
chambers of commerce, 
business advisors 

for 

the 

provision 

Plans 
of 
information by credit institutions to 
their customers  
Plans 
preparations by means of surveys 

to  monitor  progress 

in 

BG  CZ 

LV 

LT  HU 

PL 

RO 

SE 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

Article 3: Ensuring a quick introduction of euro cash 

campaign 

Planned  dishoarding 
aimed at citizens  
1. Frontloading 
2. Sub-frontloading 
schedules put in place 
Euro coin kits for retailers  

financially  attractive 

for 
Plans 
deferred debiting  
Mini coin kits for citizens: 
1. Production envisaged 
2. At least 1 kit per household 
ATMs  should  be  adapted  as  of  €-
day 
Plans  for  temporary  closure  of 
ATMs  that  cannot  be  adapted  for 
technical reasons 
Giving of change in € only as of €-
day  
Plans  for  ad-hoc  measures  due  to 
increased  cash  volume  in  sales 
outlets 
POS  terminals  should  be  switched 
to euro as of €-day  
Consumers  will  be  encouraged  to 
use electronic payment means  
Plans  for  extra  opening  days  in 
credit institutions around €-day  

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

EN 

7 

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BG  CZ 

LV 

LT  HU 

PL 

RO 

SE 

Plans  for  extended  opening  hours 
in credit institutions around €-day 

Article 4: Prevention of abusive practices and wrong perceptions on price evolutions 

logo 

Planned  agreements  on  neutral 
impact  of  changeover  on  prices 
(e.g. Fair Pricing agreement) 
the 
identify 
to 
Planned 
subscribers  of  the  Fair  Pricing 
agreement 
Planned advertisement for the Fair 
Pricing agreement logo 
Close  monitoring  of  compliance 
with  commitments  by  subscribers 
planned 
Planned  dissuasive  measures  for 
non-compliance  with 
the  Fair 
Pricing agreement 

X 

X 

X 

X 

X 

X 

X 

X 

BG  CZ 

LV 

LT  HU 

PL 

RO 

SE 

X 

X 

X 

X 

X 

Planned  monitoring of prices from 
the  adoption  of  conversion  rate 
until the end of dual display 
Regular publication of information 
on  evolution  of  prices  around  €-
day 
Alignment  of  bank  charges  for 
payments 
those 
applicable  to  payments  in  national 
currency before €-day 

€  with 

in 

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ANNEX 

Bulgaria 

Czech Republic 

Changeover 
organisation 

National target date for 
euro adoption 

According  to  the  Common  Agreement  between  the 
Cabinet  of  Ministers  and  the  Bulgarian  National  Bank 
signed in 2004, the euro should be introduced ‘as soon as 
possible’, after the Maastricht criteria are met.  

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. 

National co-ordinating 
institution 

(Approved) National 
Changeover Plan 

A  Common  Agreement  on  euro  adoption  was  signed 
between  the  Government  and  the  Bulgarian  National 
Bank  in  2004.  It  provides  for  the  broad  framework  and 
the main principles of euro introduction in Bulgaria. 

http://www.bnb.bg/bnbweb/groups/public/documents/bn
b_law/agreements_bnb-cm_bg.pdf  

The European Affairs and Policies Directorate of the 
Ministry of Finance launched a project with a view to 
elaborating a National Changeover Plan for Bulgaria. 
The duration of the project is fixed to 18 months.  

The National Co-ordination Group (NCG) held its first 
meeting  on  20  February  2006.  Six  Working  Groups 
(WGs)  were  established  for  different  areas  of  practical 
preparations.  The  work  of  the  NCG  and  WGs  is 
organised  by  the  NCG's  Managing  Committee.  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  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.zavedenieura.cz/cps/rde/xbcr/euro/NP_EN_
06-08-07.pdf  

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

http://www.zavedenieura.cz/cps/rde/xchg/euro/xsl/doku
menty_vladni_material_779.html 

The Second Progress Report was approved on 30 March 
2009: 

http://www.zavedenieura.cz/cps/rde/xchg/euro/xsl/doku
menty_vladni_material_779.html  

The  Third  Progress  Report  was  adopted  on  19  April 
2010: 

http://www.zavedenieura.cz/cps/rde/xchg/euro/xsl/doku
menty_vladni_material_779.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. 
voluntary Fair Pricing 
Agreements) 

Bulgaria 

Czech Republic 

"Big bang". 
On 30 June 2006 the National Co-ordination Group 
recommended the Government to use the "big bang" 
scenario. The Recommendation was approved by the 
Government on 25 October 2006. 
http://www.zavedenieura.cz/cps/rde/xbcr/euro/Scenar_z
avedeni_eura_CR.pdf  

2 weeks starting from €-day 

The Czech National Bank, commercial banks and other 
selected  entities  will  exchange  Czech  korunas  for  the 
euro for at least 6 months after €-day. Subsequently, the 
legacy  currency  will  only  be  exchanged  at  the  Czech 
National  Bank.  The  maximum  length  of  the  banknote 
exchange period is to be decided, while the coins will be 
exchangeable for a period of 5 years. 

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

yes 

The mandatory dual display of prices will be introduced 
within one month after the announcement of the official 
conversion  rate  and  will  continue  for  12  months  after 
the changeover date. 

The  first  version  of  the  Recommendation  on  the  dual 
display of prices was elaborated in 2009: 

http://www.zavedenieura.cz/cps/rde/xbcr/euro/Doporuc
ene_postupy_dualni_oznacovani_cen__pdf.pdf  

A  voluntary  agreement  with  retailers  (fair-pricing 
agreement) and a 'memorandum of understanding', to be 
signed  by  retail  and  services  sector  and  consumer 
protection  associations.  These  measures  should  be 
the 
later 
launched  no 
announcement of the conversion rate.  

than  one  month  after 

The basic principles of the price monitoring and control 
were  elaborated  by  the  Information  Technology  and 
Statistics WG in November 2009: 

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

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Adaptation of national 
law 

Euro banknotes and coins 

Design of the national 
side 

Number of different 
coin designs 

Coin supplier 

Estimate of the need for 
banknotes and coins 

Communication activities 

Communication 
strategy 

Activities 

Addresses of websites 
on euro changeover: 

Partnership agreement 

Bulgaria 

Czech Republic 

The  necessary  adaptations  of  national  law  have  been 
analysed  by  the  Legislation  Working  Group  of  the 
National  Coordination  Group.  On  l  March  2009  the 
Government  decided  to  adopt  an  'indirect'  approach  to 
adaptations  of  legal  system,  combined  with  individual 
adjustments  of  legal  texts,  if  necessary.  A  general 
timetable  of  legal  adjustments  was  elaborated  with  a 
view to introducing the euro.  

http://www.zavedenieura.cz/cps/rde/xbcr/euro/Priprava_
pravniho_prostredi_na_zavedeni_eura_pdf.pdf  

Suppliers would be chosen via a public call for tender.  

A draft version was prepared in September 2009 by the 
Communication Working Group.  

The leaflet “Preparations of the Czech Republic for the 
adoption  of  the  euro”  was  printed  and  distributed 
country-wide in June 2007. 

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

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

EU 

information 

department: 

Ministry of Finance: 

http:// www.mfcr.cz/euro 

National changeover website (in Czech and English): 

http:// www.zavedenieura.cz  

Czech National Bank:  

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

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Other issues 

ERM II entry 

Twinning agreement 

Bulgaria 

Czech Republic 

The  guidelines  on  rounding  and  smoothing  of  prices 
prepared  by  the  NCG  Management  Committee  in 
October 2007: 

The  estimate  of  budgetary  costs  of  smoothing  in  the 
public sector published in March 2008: 

The guidelines for the preparations of the banking sector 
for  the  introduction  of  euro  prepared  by  the  Financial 
Sector WG in 2008 and updated in 2009. 

Can be all found at: 

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

International  Conference  “Ten  years  of 
the  Euro 
Inspirations  for  the  Czech  Republic”  held  in  Prague  in 
November 2008: 

http://www.zavedenieura.cz/cps/rde/xchg/euro/xsl/publi
kace_seminare_956.html  

The  twinning  project  between  the  National  Bank  of 
Belgium, the Czech Ministry of Finance and the Czech 
National  Bank  started  in  September  2007  and  ended 
successfully in September 2008.  

A new twinning project between the French authorities 
(Adetef),  the  Czech  Ministry  of  Finance  and  the 
National  Bank  of  Slovakia  was  approved  by  the 
Commission  in  September  2010  and  started  on  6-7 
October with a meeting in Prague.  

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Latvia 

Lithuania 

Changeover 
organisation 

National target date for euro 
adoption 

1 January 2014 

The  specific  target  date  has  not  been  set,  but  the 
Government aims to join the euro area at the earliest 
possible date.  

National co-ordinating 
institution 

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

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

(Approved) National 
Changeover Plan  

The Cabinet of Ministers of the Republic of Latvia 
approved the 'Action Plan for the Introduction of the 
Single  European  Currency'  on  1  November  2005 
and  the  first  version  of  Latvia's  National  Euro 
Changeover Plan on 28 February 2006. The updates 
of  the  two  documents  were  approved  on  25 
September 2007 and 16 March 2010. 

http://www.eiro.lv/faili/struktura/18C173573731001
276081552.pdf. 

The  second  version  of  the  National  Changeover 
Plan  was  approved  by  the  government  on  25  April 
2007:  

http://www3.lrs.lt/pls/inter3/dokpaieska.showdoc_l?
p_id=311387 

The  third  version  of  the  National  Changeover  Plan 
is currently under preparation. 

Changeover details 

Type of scenario 

"Big-bang" 

"Big-bang" 

Dual circulation period  

One month 

15 days 

Exchange of national 
banknotes and coins 

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

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

Campaign for rapid 
withdrawal of national 
banknotes and coins 

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

Consumers will be encouraged to deposit cash with 
banks before €-day. 

Frontloading and sub-
frontloading 

The  frontloading  of  banks  should  start  one  month 
before  €-  day  (1 December),  sub-frontloading  two 
weeks  before  €-day  (15  December).  Frontloaded 
and  sub-frontloaded  euro  banknotes  and  coins  may 
not be publicly circulated before €-day. 

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

ATMs issuing euro only  

As  from 
banknotes only. 

€-  day  ATMs  should  dispense  euro 

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

Change in euro only 

After the end of the dual circulation period.  

Recommendation to give change in euro only. 

Dual display of prices 

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

Compulsory:  120  calendar  days  before  €-day  and 
120 days after €-day; voluntary: recommendation to 
use  dual  display  as  early  as  possible  after  decision 
on the official conversion rate. 

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Latvia 

Lithuania 

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

Monitoring  of  price  developments  in  the  retail 
sector,  verification  of  the  accuracy  of  dual  price 
displays and 'fair pricing'' campaign envisaged. 

Adaptation of national law  All existing legal acts that need to be adapted with a 
view  to  adopting  the  euro  had  been  identified  by 
January  2006.  An  update  on 
legislation  and 
regulations  that  need  to  be  amended  will  be 
prepared in 2012.  

The  concept  for  adjusting  the  laws  and  regulations 
with  regard  to  introducing  the  euro  was  drafted;  it 
should  be  approved  by  the  Cabinet  of  Ministers 
before 31 December 2011. 

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  logo  of  the 
Code. 

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

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

Euro banknotes and coins 

Design of the national side 

Nr of different coin designs  Three designs 

Approved 

Three designs 

Coin supplier 

Coins  will  be  minted  abroad  following  a  call  for 
tender. 

Lithuanian Mint 

Estimation on the need for 
banknotes and coins 

87 million banknotes and 300 million coins. 

118 million banknotes and 290 million coins. 

Communication activities 

Communication strategy 

'Communication 

the  euro 
The 
changeover  in  Latvia'  was  approved  on  12  April 
2006 and updated in November 2009. 

strategy 

for 

The  communication  campaign  will  be  split  into  3 
phases: 

information  and  communication 
The  “Public 
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:  

1. Phase or preparatory period - 24 months before €-
day to six months before €-day; 

http://www3.lrs.lt/pls/inter3/dokpaieska.showdoc_l?
p_id=311387 

2.  Phase  or  intensive  period  -  six  months  before  €-
day to one month after €-day; 

3.  Phase  or  final  period  -  one  month  after  €-day  to 
12 months after €-day. 

http://www.eiro.lv/faili/struktura/8A861112387600
1259158466.pdf 

The  third  version  of  the  “Public  information  and 
communication 
currently  under 
preparation. 

strategy” 

is 

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Latvia 

Lithuania 

euro 

The 
launched in December 2008.  

changeover  website:  www.eiro.lv 

Up-to-date  information  on  the  euro  changeover 
preparations  is  available  on  the  website  of  the 
Ministry 
Finance: 
of 
(http://www.fm.gov.lv/page.php?id=105)  and  Bank 
of Latvia (http://www.bank.lv/eng/main/euro/). 

The national euro website (www.euro.lt). 

Regularly  updated  websites  of 
the  Bank  of 
Lithuania  (www.lb.lt)  and  of  the  Ministry  of 
Finance (www.finmin.lt). 

Signed  on  8  November  2005.  Prolongation  signed 
on 5 February 2008 and on 2 February 2010. 

Addresses of websites on 
euro changeover: 

Government/Ministry of 
Finance;  

Central Bank 

Partnership agreement 

Other issues 

ERM II entry 

2 May 2005 

28 June 2004 

Twinning agreement 

Twinning  project  between  BE  and  LV  ended  in 
2009. 

Three Twinning 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. 

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Hungary 

Poland 

Changeover organisation 

National target date for 
euro adoption 

Not decided. 

National co-ordinating 
institution 

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

the  Committee 

to  co-ordinate 

is 

and 
for 

first  phase  of 

central  Governmental 
the 

The NECC is composed of high level representatives of 
Institutions 
Ministries 
responsible 
the  practical 
preparation.  Since  the  structure  of  the  Government  and 
Ministries changed as of 29 May 2010, the composition 
of the NECC is going to be adjustedThe Committee shall 
report annually on its activities and the progress made in 
technical  preparations  for 
the 
government  and  to  the  competent  committees  of  the 
Parliament 

the  changeover 

to 

As soon as possible after fulfilling the entry conditions. 

The  Government  Plenipotentiary  for  the  Euro  Adoption 
in Poland was appointed in January 2009. 

In  November  2009  the  organizational  structure  for  euro 
adoption  was  officially  set  up.  The  structure  comprises 
the  National  Coordination  Committee 
for  Euro 
Changeover,  Coordinating  Council,  as  well  as  eight 
Working  Committees.  The  Committee  and  the  Council 
are  chaired  by  the  Government  Plenipotentiary  and  co-
chaired  by  the  Plenipotentiary  of  the  National  Bank  of 
Poland’s  Management  Board.  Overall,  more  than  30 
institutions  are  involved  in  the  organizational  structure 
for euro adoption in Poland 

(Approved) National 
Changeover Plan  

The  government  adopted  the  updated  version  of  the 
National  Changeover  Plan 
in  November  2009, 
http://english.mnb.hu/Engine.aspx?page=mnb_euro_inde
x. 

The Guidelines for National Changeover Plan to be 
published in 2010 after approval by the Council of 
Ministers. This document specifies, among others, the 
activities that should be undertaken in the process of 
changeover preparations and sets a basic timetable for 
the tasks of the Working Committees. 

Changeover details 

Type of scenario 

"Big-bang". 

Dual circulation period  

Shorter than 1 month, exact length is to be decided 

Not decided yet. To be specified in the National 
Changeover Plan. 

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 

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Hungary 

Poland 

Dual display of prices 

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

Not decided yet. To be specified in the National 
Changeover Plan. 

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

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 

Not decided yet. To be specified in the National 
Changeover Plan. 

Adaptation of national 
law 

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

A preliminary review of necessary changes continues in 
2010-2011. 

Euro banknotes and coins 

Design of the national 
side 

Nr of different coin 
designs 

Coin supplier 

Estimate of the need for 
banknotes and coins 

To be decided 24 months before €-day.  

Communication activities 

Communication 
strategy 

The  section  on  communication 
the  National 
Changeover  Plan  defines  basic  principles,  actors, 
messages  and  target  groups  for  the  communication  on 
the euro.  

in 

To be prepared by the Working Committee for 
Communication Strategy in 2011. 

Addresses of websites 
on euro changeover: 

National euro website activated in December 2006. 
Hungarian version:  

Ministry of 
Finance/Government;  

http://www.mnb.hu/engine.aspx?page=MNBEuro_
Index  

Central Bank 

English version: 
http://english.mnb.hu/engine.aspx?page=mnb_
euro_index  

www.euro.mf.gov.pl 

www.nbp.pl/euro 

Partnership agreement 

Other issues 

ERM II entry 

As soon as the conditions outlined in the document 
'Prerequisites for Implementation of the Next Stages of 
the Road Map for Euro Adoption in Poland' are met.  

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Hungary 

Poland 

Twinning agreement 

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

2005-2006 DE-PL on communication and information 
strategy and other practical aspects of the changeover  

FR-  HU:  A 
preparations 
communication issues was held in Budapest 

three  day  seminar  on  public  sector 
and 
changeover, 
for 

legal 

the 

FR-SK-HU twinning programme started at beginning of 
2010.  

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Romania 

Sweden 

Not decided 

Changeover plan 

National target date for 
euro adoption 

2015 

National co-ordinating 
institution 

(Approved) National 
Changeover Plan 

Changeover details 

Type of scenario 

Transitional period envisaged 

Dual circulation period  2 months 

Exchange of national 
banknotes and coins 

Indefinitely 

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 

Nr of different coin 
designs 

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19 

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Romania 

Sweden 

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 

Not before 2012 

Twinning agreement 

EN 

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EN 

21 

   EN