behavioural patterns, saving patterns in particular, should not pose any particular constraints on the substitution of the euro for the drachma - at least no more than elsewhere in the euro area. on the other hand, the geography of the greek territory does make the frontloading of euro cash to banks and the public more difficult. the bank of greece now has the required stock of euro banknotes and coins and is presently frontloading to banks according to schedule. sufficient amounts of euro cash have already been delivered to the 27 branches of the bank of greece across the country. another part of the euro stocks will be supplied to commercial banks through 96 branches of the national bank of greece, with which the bank of greece holds cash surpluses from funds under its management. frontloading is at present free of charge. the counterpart of frontloaded euro banknotes and coins will be debited to banks gradually in the course of january 2002, so as to help them deal with the costs of frontloading and supplying. let me add that the bank of greece is in a position to meet part of the demand for euro banknotes in neighbouring balkan countries and, in cooperation with the respective central banks, is planning the frontloading of euro banknotes in the region. it is estimated that the public in these countries are currently holding significant amounts of legacy currencies, predominantly german marks worth at least 6 billion marks, which will have to be exchanged for euro. until the end of the year and while the central bank will be frontloading euro banknotes and coins to banks, the latter will assume the task of supplying the economy with the new currency : they will be sub - frontloading euro coins ( as from 1 november 2001 ) and euro banknotes of lower denominations ( 5 and 10 euro ) to retailers ( as from 1 december ). starting from 17 december 2001, the public at large will be supplied with 13 million starter kits, containing euro coins of all denominations. meanwhile, banks are completing the adjustment of their information systems and the technical preparations that will enable atms to dispense euro cash as from 1 january 2002. from mid - january 2002 onwards all atms of banks will operate in euro only. what we have heard so far during the first two sessions of this conference confirms that the greek banking system is in an advanced state of preparedness for the changeover. i believe that, with close cooperation between the bank of greece, commercial banks and the hellenic bank association, the necessary preparations will have been accomplished

venture, but it was also a significant step towards the creation of the european monetary union and the implementation of the single monetary policy. the venture was difficult as it required many and complex institutional, technical and operational adjustments of central banks, credit institutions and financial markets. it was, however, a significant step, as in this way the money market was integrated and the monetary regime in 11 eu countries was radically and irrevocably changed. equally difficult from a technical point of view and important for the economy and the conduct of monetary policy was the adoption of the euro as greece ’ s currency in january 2001. consequently, the euro is already with us and is actually the single currency adopted by 12 eu countries. this reality, however, is not sufficiently visible to the general public, which uses national banknotes and coins in its day - to - day transactions. that is why many people consider the euro a “ virtual ” currency. moreover, since the euro does not exist in physical form, many firms and organisations have not fully adjusted their accounting and it systems to the single currency. with the circulation of euro banknotes and coins on 1 january 2002, the changeover to the single currency will be completed and it will become a visible, tangible and irreversible reality. the last stage of the transition will produce further specific benefits for consumers and firms. it will also favourably affect the international acceptance and external value of the euro. at the same time, i believe that it will enhance and speed up the overall process of european cooperation and unification. ii completion of the changeover to the euro with the entry into circulation of euro banknotes and coins and the withdrawal of national currencies is also a complex undertaking, possibly more difficult than the introduction of the euro in scriptural form. it requires a wide range of preparatory work by the monetary and economic authorities and credit institutions in general. this work involves not only the production and distribution of euro banknotes and coins but also institutional and operational adjustments in the public sector. at the same time, however, this venture calls for the preparation and adjustment of those who will actually use the single currency : citizens, firms, organisations and other economic agents. the successful completion of the changeover to the euro thus calls for concerted efforts, preparations and cooperation between all parties involved, at both the european and the national level. i would first like to briefly reflect on the role of the bank of greece in this process. i will then focus on some of the