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: Economic and Monetary Union, Estonia, European Monetary System, euro

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EUROPEAN COMMISSION 

Brussels, 12.11.2010 
COM(2010) 667 final 

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  

{SEC(2010) 1373} 

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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 

The  Council  decided  on  13  July  2010  that  Estonia  fulfils  the  necessary  conditions  for  the 
adoption of the euro1. Estonia will thus join the euro area as from 1 January 2011, bringing 
the total number of Member States that have adopted the euro to seventeen. The conversion 
rate between the Estonian kroon and the euro has been irrevocably fixed at 15.6466 Estonian 
kroons for one euro2. 

The practical  preparations for the  changeover have now  entered  the final phase. This report 
assesses  the  state  of  play  of  Estonia's  practical  preparations  for  introducing  the  euro  and 
addresses in particular the preparations for the introduction of euro cash into the economy, the 
measures  put  in  place  for  protecting  consumers  in  the  changeover  period,  such  as  the  fair 
pricing agreement, and the 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 the eight Central 
and Eastern European Member States that have not yet adopted the euro (including Estonia). 

The attached Commission Staff  Working Document provides for details on the preparations 
for the introduction of the euro in the remaining EU Member States that have not yet adopted 
the single currency and do not have a legal opt-out. 

2. 

STATE OF PLAY OF THE PREPARATIONS FOR THE CHANGEOVER IN ESTONIA  

Estonia adopted the ninth version of its 'Euro Adoption Plan' on 14 October 2010. Compared 
to the previous version of April 2010, it has notably been updated to include: 

•  The participation of  some  180  offices of the  Estonian Post  in  the supply to the public of 

euro cash and withdrawal of Estonian kroon cash. 

•  The supply of 600 000 starter-kits of euro coins to the public as from 1 December 2010. 

•  The use of € 20 banknotes in automatic teller  machines (ATMs) during the dual circulation 
period.  The  purpose  is  to  reduce  the  number  of  € 50  banknotes  dispensed  by  ATMs, 
thereby facilitating for retailers to give change exclusively in euro.  

•  A more detailed plan and description of euro cash training for cash handlers. 

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Council Decision (2010/416/EU) of 13 July 2010 in accordance  with Article 140(2) of the Treaty on the 
adoption by Estonia of the euro on 1 January 2011, OJ L 196, 28.7.2010, p. 24.  
Council  Regulation  (EU)  No  671/2010  of  13  July  2010  amending  Regulation  (EC)  No  2866/98  as 
regards the conversion rate to the euro for Estonia, OJ L 196, 28.7.2010, p. 4. 

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More  detailed  comments  are  included  under  the  headings  below,  but  in  general  these 
measures  are  very  welcome  and  will  contribute  to  a  smoother  and  more  successful 
changeover. 

2.1. 

Preparations for the cash changeover 

Euro cash will enter into circulation via three main channels: commercial banks, ATMs and 
retailers. 

Estonia will borrow 44.89 million euro banknotes from the Eurosystem, which are supplied 
from the Central Bank of Finland, and has ordered 194 million pieces of euro coins in order 
to  replace  the  Estonian  kroon  cash  in  circulation  and  provide  for  the  necessary  logistical 
stocks. The euro coins bear the Estonian national side and are minted by the Mint of Finland. 
The production of the coins has begun and some 40 % of the coins had been minted by mid-
September. The remaining part will be minted and delivered gradually until the end of March 
2011.  

Euro banknotes and coins of a total value of 235 million euro, corresponding to some 40 % of 
Estonian kroon cash in circulation, will be frontloaded and sub-frontloaded to banks and their 
customers ahead of €-day. The  frontloading of euro coins started in mid-September, whereas 
the  frontloading  of  euro  banknotes  is  planned  to  start  on  15  November.  By  mid-September, 
the  Estonian  Central  Bank  (Eesti  Pank)  had  signed  frontloading  agreements  with  10  banks. 
The framework for the sub-frontloading of commercial banks' customers with euro coins is 
in place, but no movements had yet been reported by the banks at the beginning of October. 
The sub-frontloading of euro banknotes will start on 1 December. Estonia will moreover be 
the first Member State to use the new simplified ECB sub-frontloading guidelines3 based on 
the  experience  acquired  in  previous  changeovers.  The  retailers  who  sign  a  simplified  sub-
frontloading contract will be delivered up to €10 000, up to 5 calendar days before €-day 4.  

All  professional  euro  cash  transports  will  be  escorted  by  police,  including  coin  transports 
and the supply of ATMs, which will ensure a high security. The main cash-in-transit company 
has  foreseen  to  rent  additional  vehicles  from  neighbouring  Member  States,  if  this  should 
prove  necessary  in  order  to  deal  with  the  increased  demand  for  cash  transports  around  the 
changeover, and has invested in new equipment for sorting and fitness testing of euro cash.  

The  Estonian  law  enforcement  authorities  have  intensified  preventive  action  against  euro 
counterfeiting, based on the Commission's Pericles programme. 

Estonia has ordered 600 000 mini-kits with euro coins, i.e. more or less one per household, 
that will be on sale in banks and post offices as from 1 December. The sales price for a mini-
kit is 200 kroons (the nominal value is 200.12 kroons or 12.79 euro) and it contains 42 coins. 
In  order  to  avoid  possible  hoarding,  there  will  be  a  limit  of  5  mini-kits  per  purchase. 
Additional quantities (on top of the 600 000 kits) will furthermore be sold as from 1 January 

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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, OJ L 176, 4.7.2008, p. 16. 
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-frontloading  contract  imposes  heavy 
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. 

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2011 to satisfy numismatic demand for the new euro coins from collectors. The mini-kits are 
very helpful in getting people acquainted with their new coins before €- day and will make it 
easier for retailers to give change exclusively in euro. The sales of mini-kits should therefore 
be carefully monitored by the Eesti Pank to make sure that sufficient quantities are available 
in all parts of the country. It is moreover a good practice to produce extra quantities of mini-
kits to satisfy collector demand, in order to avoid that collectors to some extent crowd out the 
regular coin users. 

The  main  cash-in-transit  company  has  started  to  produce  retailer-kits  with  euro  coins  for 
distribution  to  professional  clients  either  directly  or  via  the  banks.  There  will  be  two  types, 
one with a value of 111 € (8 coin rolls) and one  of 198 € (15 coin rolls). In September it had 
received orders for 40 000 such kits and it plans to produce more than twice that number. This 
is  a  large  volume  compared  to  previous  changeovers,  which  is  commendable  since  it  is 
important to avoid that retailers run out of euro coins during the changeover, also taking into 
account that cash deliveries to shops may take place on a less frequent basis during the first 
busy days of the changeover. 

Commercial  banks  will  provide  for  exchange  of  kroons  to  euro  at  the  conversion  rate 
without  any  service  fee,  nor  any  limit5  on  the  amount  to  exchange,  at  all  branches  offering 
cash  services  from  at  least  1  December  2010  until  the  end  of  June  2011.  This  service  will 
continue  to  be  provided  within  a  more  limited  branch  network  until  the  end  of  December 
2011. To facilitate the changeover, the commercial banks will have extended opening hours 
during  the  changeover,  starting  already  in  December,  and  additional  staff  is  foreseen.  Most 
bank branches will be open on 1 January as from 12.00. At least one big bank has indicated 
that its branches will give retailers priority over other customers if there are queues (by means 
of  separate  queuing  tickets).  This  is  a  good  practice  that  all  banks  should  be  encouraged  to 
follow in order to make it easier for retailers to give change in euro only. 

Branches will also generally avoid distributing the higher denominations (500- and 200-euro) 
around the changeover in order to reduce the risk that retailers run out of change in euro. 

By  mid-September,  the  programming  of  the  training  of  bank  staff  was  prepared  and  the 
training about to start. The preparation of the changeover of bank card terminals to the euro is 
well advanced and is not expected to create any particular problems. The switch-over of these 
terminals to the euro will take place at 0:00 on 1 January 2011. To avoid possible confusion, 
the currency will be indicated on the displays of the terminals. The preparation of IT-systems 
is well advanced and the final testing is scheduled for October/November. 

In order to improve the access to cash exchange, in particular in rural areas, the Estonian Post 
(Eesti  Post)  will  also  participate  in  the  cash  exchange.  Eesti  Post  will  use  its  Postipank 
platform (a joint service by Eesti Post and the commercial bank SEB) to exchange kroon cash 
for euro without fees at over 180 post offices around the country between 1 and 15 of January 
2011.  Offices  will  be  open  seven  days  a  week  during  this  period,  including  on  the  public 
holidays of 1 and 2 January and on Sunday 9 January. The cash exchange service is open to 
everybody, including those who do not possess an SEB-account. If necessary, Eesti Post may 
set  a  maximum  daily  limit  for  cash  exchange  of  €1000/client.  Finally,  the  Eesti  Post  is 
preparing  a  detailed  communication  plan  about  the  cash  exchange  service  it  will  provide 
during the dual circulation period. 

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For  practical  reasons,  advance  notice  may  however  need  to  be  given  for  large  amounts  of  cash  to  be 
exchanged. Between 1 and 31 December 2010, the exchange is for private individuals only. 

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ATMs will be loaded with euro cash mainly on 30 and 31 December, which means that many 
will be closed during these days (in order not to distribute euro cash before 1 January). ATMs 
with a high turnover will be the last ones to be loaded with euro cash. As from 0:00 or 00:15 
on 1 January, depending on the bank, some 90 % of ATMs will dispense only euro banknotes, 
whereas  around  10 %  of  the  machines  can  operate  in  both  currencies  and  will  therefore  be 
open  without  interruption.  ATMs  will  mainly  be  loaded  with  the  lower  20-,  10-  and  5-euro 
denominations, whereas the 50-euro denomination is to be used only for ATMs with a high 
past  turnover  record.  The  use  of  mainly  lower  denomination  banknotes  in  ATMs  is  a  good 
practice, which will make it easier for retailers to follow the recommendation to give change 
exclusively in euro. 

The  financial  and  banking  sector  is  well  advanced  with  the  preparations  for  the  cash 
changeover.  It  is  very  positive  that  Eesti  Post  will  now  take  part  in  the  supply  of  euro 
cash to the public and the withdrawal of Estonian kroons, which means that there will 
be bank or post office branches providing cash exchange services in all counties. 

It is also positive that ATMs will now generally be loaded only with lower denomination 
banknotes, avoiding 50 € banknotes (except fo r ATMs with a high turnover) since this 
will  avoid  that  retailers  run  out  of  change  in  euro  because  customers  are  paying  with 
high denomination banknotes.  

Finally, the practice to give retailers priority at bank branches should be encouraged in 
order to make it easier for them to give change only in euro.  

The  banks  and  the  Post  should  prepare  themselves  carefully  for  a  considerable  extra 
work load and much larger number of customers in the first days of January. 

2.2. 

Preparations of public administrations, changeover preparations in rural areas 
and vulnerable groups 

The  conversion  of  IT-systems  in  the  public  sector  is  proceeding  according  to  plan.  The  IT-
systems  of  most  public  institutions  have  been  adapted  to  the  euro  and  the  three  institutions 
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) report that they are on track to 
make their systems euro-compatible by 1 November 2010 at the latest. 

The  Ministry  of  Finance  has  set  up  a  contact  list  with  representatives  of  the  local 
municipalities  to  whom  it  is  regularly  e-mailing  information.  A  number  of  meetings  with 
representatives of local authorities have been held and regular information letters have been 
shared via the special local government contacts network covering the legal framework, the 
changeover  of  IT-systems  and  including  also  a  checklist  with  the  tasks  to  be  accomplished 
ahead of €-day. 

A  specific  problem  may  arise  in  public  transport,  which  may  encounter  problems  to  give 
change  on  medium-  and  high-denomination  euro  banknotes.  Although  most  public 
transportation  tickets  are  paid  by  electronic  means  (for  instance  with  mobile  phones),  some 
are still paid in cash. The authorities are envisaging to clearly advertise on buses, bus-stops 
etc.  that  customers  are  invited  to  pay  with  the  exact  amount.  They  also  intend  to  distribute 
euro calculators to bus companies to help drivers who are selling tickets for cash (mostly rural 
or inter-city routes). 

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The conversion of public parking meters also represents a specific challenge, since they can 
normally only handle one currency at the time. All parking meters should be converted at day 
4 or 5 after €-day, when a strong majority of  all payments will normally already be made in 
euro. After that, unconverted parking meters should normally imply free parking in order not 
to encourage the use of the old national currency during the dual circulation period. 

Vending machines are not much used in Estonia and their changeover will normally be less of 
a challenge, especially  since they usually accept  a  variety  of  means  of  payment  (bank  card, 
payment by mobile phone etc.). 

The  participation  of  the  Eesti  Post  in  the  cash  exchange  operations  (see  also  Section  2.1 
above) is to be strongly welcomed. This will greatly facilitate the cash changeover for people 
in rural areas where bank branches are scarce. The training of the staff of the Post (handling 
of two currencies at the same time, security features of euro cash, providing information to the 
citizens etc.) has started. 

Pension payments (29 000 pensioners still receive their pension in cash each month) are made 
between the 1st and 18th of each month, with the peak of payments occurring around the 5th/6th 
of  each  month.  This  means  that  there  will  not  be  a  huge  injection  of  pension  payments  in 
Estonian cash just before the changeover. 

Elderly people that have difficulties leaving their home represent a particular challenge for the 
changeover  since  they  may  need  help  in  exchanging  their  Estonian  cash.  Social  workers 
should furthermore receive training so that they are able to answer basic changeover-related 
questions  (conversion  rules,  dual  circulation,  dual  displays,  security  features  of  euro  cash 
etc.).  

Special  attention  should  be  paid  to  provide  information  on  the  changeover  to  elderly 
people with difficulties leaving their home. They may also need help with the exchange 
of their Estonian cash. 

Social workers should be trained in order to be able to answer basic changeover-related 
questions. 

2.3. 

Preparation of enterprises 

Retailers  will  have  an  extra  need  for  cash  during  the  dual  circulation  period  for  two  main 
reasons;  customers  tend  to  use  them  as  'mini-banks'  to  exchange  national  cash  for  euro 
(especially  if  there  are  no  bank  branches  nearby)  and  cash-in-transit  services  will  be  less 
frequent  due  to  the  increased  need  of  cash  transports  during  the  changeover.  Increased 
security measures are therefore foreseen by at least the big retailers, such as increased use of 
security guards, monitoring cameras etc. 

The big retailers had estimated their cash needs and were about to conclude agreements with 
the  banks  at  the  end  of  September  2010.  They  will  be  open  seven  days  a  week  during  the 
changeover  period  and  plan  to  hire  more  staff  and  open  extra  tills  during  this  period.  The 
individual IT-systems have been checked and are able to handle payments both in euro and 
Estonian  kroons,  including  mixed  payments.  It  is  furthermore  necessary  to  verify  that  the 
individual systems match with each other. Counterfeit banknote detectors will furthermore be 
installed in all sales points of the big retailer chains. 

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Training of the staff is foreseen to take place during the autumn, which will include practical 
training of cashiers handling the two currencies in the presence of a reviewer. Eesti Pank will 
provide courses for the trainers. 

The retailers should be giving change exclusively in euro as of €-day. Appropriate measures 
should  therefore  be  put  in  place  with  a  view  to  reducing  the  pressure  on  the  cashiers  and 
limiting waiting times at the tills, such as making cashiers acquainted with the new currency 
in advance of the changeover, foresee separate boxes for kroon cash in order to directly and 
easily  "take  it  out  of  circulation",  open  information  desks  in  large  retail  shops  to  answer 
customers'  questions,  hiring  temporary  staff  for  packing  products  into  bags  in  the 
supermarkets  etc.  The  retailers  should  moreover  foresee  sufficient  storage  capacities  for 
retrieved kroon cash and plan cash transports to banks. Finally, the much higher value of euro 
coins compared to kroon coins will be a new feature for the Estonian public (the highest value 
kroon coin in circulation is worth just 32 euro cents) and special attention should be paid to 
potential issues that may arise in this respect (e.g. appropriate design of cash boxes in the tills, 
training of staff in handling coins etc.). 

The progress of preparations of SMEs should be regularly monitored. 

2.4. 

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

The public opinion in Estonia is concerned about the possible impact of the changeover to the 
euro  on  prices  (see  results  of  the  latest  Eurobarometer  in  Section  3  below).  It  is  thus 
particularly important for the Estonian authorities to take all necessary steps both to prevent 
abusive practices and dispel erroneous perceptions. It is particularly important to monitor the 
price  developments  of  frequently  purchased  goods  and  services,  such  as  those  provided  by 
restaurants,  cafés  and  hair-dressers  etc.,  since  these  contribute  disproportionately  to  the 
perceived evolution of prices. 

The compulsory dual display of prices in Estonian kroons and euro started on 1 July 2010 
and will last until 30 June 2011. Its implementation is supervised by the Consumer Protection 
Board  of  Estonia  (CPB)  that  will  monitor  the  dual  displays  in  over  2 200  points  of  sale  all 
over  Estonia.  In  September,  the  25  inspectors  of  the  CPB  checked  some  1160  sales  points. 
265  enterprises  that  had  previously  not  correctly  implemented  the  dual  price  displays  were 
revisited to verify whether shortcomings had been corrected. The CPB imposed fines in 108 
cases  during  the  controls  of  September6.  The  names  of  enterprises  that  do  not  correctly 
implement the dual display of prices are published weekly at the website of the CPB. 

While in July around half of the enterprises did not show correctly the dual display of prices, 
this  figure  had  slightly  decreased  to  around  40  %  in  August,  dropped  to  below  30  %  in 
September and to slightly below 20 % by mid-October. During the first two months, the main 
error was the failure to display a price in euro. The steady improvement between August and 
October is due to a larger number of companies displaying both currencies, as well as to fewer 
companies  using  an  incorrect  conversion  rate,  whereas  the  number  of  cases  of  incorrect 

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The  average  fine  amounted  to  around  50 euro,  while  the  maximum  fine  amounts  to  some  1 900  euro 
(30 000  kroons).  The  inspector  can  decide  on  the  penalty  (warning/fine)  on  the  spot,  but  not  on  the 
amount of the fine. 

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rounding persists. The CPB is also carrying out joint actions with NGOs (notably pensioners) 
in  order  to  monitor  the  dual  displays.  This  is  a  good  practice,  which  could  be  used  also  to 
promote  and  increase  the  uptake  of  the  Fair  Pricing  Agreement  (see  below).  Although  the 
number of companies respecting the rules on dual price displays has increased, further efforts 
are needed to improve the respect of these rules. 

A  Fair  Pricing  Agreement  was  launched  on  28  August  by  a  number  of  representative 
business organisations and the CPB, inviting companies to join the initiative. It is lead by the 
Estonian Chamber of Commerce and Industry and follows the lines of the voluntary initiatives 
employed  successfully  in  the  previous  changeovers.  The  subscribers  to  the  Agreement  (e.g. 
retailers, financial institutions, local governments, internet shops etc) commit to refrain from 
abusive  changeover-related  practices,  i.e.  not  to  increase  their  prices  without  justification 
during the changeover to the euro and to respect the changeover rules. Those that have joined 
the Agreement have the right to use a sticker with a dedicated logo. 

As  of  mid-October,  around  450  subscribers  had  joined  the  Agreement,  including  12  local 
governments,  covering  more  than  2  300  sales/activity  points.  If  the  terms  of  the  Agreement 
are breached, fines7 can be given and the right to use the sticker is withdrawn. An information 
campaign  including  outdoor  advertisement,  radio,  print  media  and  internet  advertising  was 
carried  out  in  September  and  a  second  campaign  is  planned.  The  Chamber  of  Commerce 
estimates that there are some 3 500-4 000 active companies in the retail sector in Estonia, so it 
is  important  to  increase  the  number  of  subscribers  to  the  Agreement  which  should  also 
include  the  local  municipalities.  It  should  be  envisaged  to  use  special  trained  volunteers  to 
promote the uptake of the Agreement. 

It  should  be  ensured  that  the  monitoring  of  the  correct  implementation  of  the  fair 
pricing  agreements  and  possible  abusive  price  practices  take  place  also  on  1  and  2 
January. 

The  uptake  of  the  fair  pricing  agreements  should  also  be  improved.  Special  attention 
should  be  paid  to  increasing  the  coverage  among  small  and  medium-sized  companies. 
For this purpose, volunteers having received special training could be used (for instance 
students  or  pensioners).  This  could  also  include  the  volunteers  that  are  already 
monitoring the correct implementation of the dual displays, who could promote the fair 
pricing  agreements  at  the  same  occasion.  All  226  local  municipalities  should  also 
subscribe to the agreements. 

The  corrective  action  against  subscribers  who  fail  to  deliver  on  their  commitments 
under the Fair Pricing Agreement 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. 

Special attention should furthermore be paid to detect abusive practices and unjustified 
price increases on frequently purchased products, such as those provided by restaurant, 
cafés  and  hair-dressers  etc.,  since  these  contribute  disproportionately  to  the  public 
perception of changeover-related price increases. 

The efforts to enforce the rules on dual price displays also need to be further pursued. 

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The maximum fine is 50 000 kroons, corresponding to some 3 200 euro. 

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2.5. 

Communication on the euro 

The quantitative objectives of the communication strategy for the euro introduction in Estonia 
is to ensure that 90 % of all Estonian residents are well informed about the practical aspects of 
the  changeover  and  that  65 %  of  the  Estonian  residents  support  the  euro  by  the  time  of  the 
changeover.  

After  the  Council  decision  on  13  July,  the  Estonian  authorities  have  speedily  organised  the 
implementation  of  the  communication  plans.  They  involve  a  mix  of  tools  involving  more 
direct contacts with the residents (direct mailings, seminars, exhibitions, etc) and mass media 
tools (radio and television spots).  

The  three  waves  of  the  mass  media  campaign  that  are  running  from  August  till  December 
2010  aim  at  explaining  the  major  practical  aspects  of  the  changeover.  The  Commission 
supports,  via  a  grant  agreement,  up  to  50 %  of  the  eligible  costs  of  agreed  communication 
actions. The European Central Bank supports the national information campaign by delivering 
publications,  organising  exhibitions  and  other  public  relation  events  and  by  providing 
significant help for the mass media campaign.  

Given the fact that the bulk of the campaigns could not yet reach the target groups, it is not 
possible  to  assess  their  outcome.  Opinion  polls  results  and  public  opinion  reflected  in  the 
media, however, show that fears of abusive practices and loss of purchasing power are clearly 
present. Vulnerable groups seem to need extra reassuring information. 

With  only  a  few  months  to  go,  the  Commission  urges  the  Estonian  authorities  to 
resolutely  implement  and,  where  necessary,  complement  the  communication  plans  for 
the euro introduction in order to reach all Estonian residents in time with the necessary 
information.  Special  attention  should  be  paid  to  vulnerable  groups.  The  Commission 
also recommends the Estonian authorities to prepare a crisis communication plan. 

3. 

STATE OF PUBLIC OPINION IN THE MORE 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 
autumn 2010 'NMS-8'8 survey (Flash EB n°307) is the eleventh of its kind. The fieldwork for 
the survey was carried out in September 2010. 

For the purposes of this report, the results of the latest Eurobarometer survey were compared 
with the results of the previous survey conducted in the NMS (Flash EB n°296, May 2010). In 
view of the still difficult current economic climate, including the sovereign debt crisis in euro-
area Member States, the latest results show an overall slackening in NMS-8 citizen's support 

8 

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

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for  the  euro  introduction  since  May  2010.  However,  the  current  levels  of  support  are  not 
lower than during the first waves of this survey conducted in 2004 and 2005. 

3.1. 

Support for the euro 

Between May and September 2010, NMS-8 citizens’ support for the introduction of the euro 
in  their  countries  decreased  somewhat.  However,  overall,  a  relative  majority  of  respondents 
expected the introduction of the euro to have positive consequences for their country (46%, 
-3pp).  Positive  consequences  for  themselves  were  expected  by  43%  (-4pp),  while  negative 
impacts were expected by 44% (+ 5pp) of respondents. Around half (47%) of the interviewees 
thought that the euro had a positive impact in current euro-area Member States. 

44% (-4pp) of all respondents said they were happy that the euro would replace their national 
currency,  while  45%  (+3pp)  said  they  would  be  unhappy  about  a  change  to  the  euro.  The 
Romanians (51%, -4pp), Bulgarians (48%, -3pp) and Hungarians (47%, -7pp) were the most 
likely to say they felt happy about a changeover to the euro, whereas the Czech (60%, +7pp), 
the  Estonian  (58%,  +4pp)  and  Latvian  (56%,  +6pp)  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 (+6pp to 34%).  

3.2. 

Speed of the introduction of the euro 

A  bit  more  than  one-third  of  NMS-8  citizens  would  like  to  see  the  euro  introduced  in  the 
medium term (“after a certain time”, 35%, -4 pp), while a similar share (38%, +6pp) opted for 
as late as possible. Around a fifth (21%, +6pp) wanted the changeover to happen as soon as 
possible. Poland (47%, +8pp), the Czech Republic (47%, -1pp) and Latvia (46%, no change) 
had  the  highest  share  of  respondents  who  wanted  to  adopt  the  euro  as  late  as  possible.  In 
Estonia, a quarter of the respondents (24%, +1pp) wanted to join as soon as possible, 38% (no 
change) after a certain time and 31% (-5pp) wanted to have the euro as late as possible. 

3.3. 

Level of information  

While a majority of NMS-8 citizens still do not feel well informed about the euro (57%, -2pp), 
a growing share (42%, +1pp) feel well informed. Four months before the euro introduction in 
Estonia,  there  has  been  a  striking  jump  in  the  degree  to  which  respondents  in  Estonia  feel 
informed about the euro in comparison with May 2010, with 65% now feeling well informed 
(+15pp).  

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% (no change) agreed that 
having the euro would be more convenient for those who travel to other countries that use the 
euro;  and  85%  (-1pp)  agreed  that  the  euro  would  make  it  easier  to  shop  in  other  countries 
using the common currency etc. 

Close to two thirds of respondents, however, feared price increases after the euro introduction 
(69%,  +3pp),  while  roughly  a  fifth  (19%,  -4pp)  of  citizens  believed  in  the  long-term 
stabilising effect of the euro on prices. Most of these Member States showed an increase in 
the proportion of citizens who feared that the euro’s introduction would increase prices. The 
Polish  (81%,  +5pp)  and  Estonian  (80%,  +3pp)  respondents  continued  to  be  particularly 

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sceptical  of  the  euro's  impact  on  prices,  with  more  than  three-quarters  expecting  prices  to 
increase.  

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