in order adequately to meet their respective national needs, provided, of course, that it does not happen before 1 september 2001. the time available for frontloading and sub - frontloading may differ from target group to target group. the lead - time for frontloading will largely depend on the chosen national changeover scenario, as well as on the national logistical infrastructure. these, the scenarios and the infrastructure, differ considerably from country to country. when speaking about the euro changeover we should bear in mind that subsidiary and decentralisation principles apply. although the ecb has endorsed some general principles and practices in order to ensure a common level playing field from a competition perspective, it is necessary to check the specific national changeover scenarios in order to have complete and detailed information. all countries have acknowledged the need to frontload banks with both euro banknotes and coins prior to 1 january 2002, so - called e - day. this is a prerequisite for a smooth and fast changeover. the ecofin council has agreed that the general public could be frontloaded with euro coins, starting in the second half of december 2001. most participating countries have already decided to do so or are in the process of doing so. in belgium, the so - called " starter kits " of euro coins with a value of approximately bef 500 will be available to the general public as of 15 december 2001. the ecb has ruled out the frontloading of euro banknotes to the general public. we are certainly aware of the fact that retailers are concerned about having to hold large amounts of cash during the first few days of 2002. these concerns have, of course, been taken into account and will continue to receive due consideration. however, the frontloading of euro banknotes to the general public has more risks than advantages and is not the appropriate means of addressing this concern. what means then are appropriate? let me mention some examples : • dispensing lower denominations of euro banknotes via automated teller machines ( atms ) at the start of 2002. this measure would be very useful in view of the fact that, on average, around 70 % of the euro banknotes will be put in circulation via atms. • establishing exchange points. • replacing larger national denominations in atms with smaller ones at the end of 2001 in order to ensure that small amounts can be paid using low - denomination banknotes. this would reduce the need for retailers to have large cash holdings for returning change. • using lower banknote denominations

european central bank : press conference – introductory statement introductory statement by mr jean - claude trichet, president of the european central bank and mr lucas papademos, vice - president of the european central bank, vienna, 4 october 2007. * * * ladies and gentlemen, the vice - president and i are very pleased to welcome you to today ’ s press conference here in vienna. i would like to thank governor liebscher for his kind hospitality and to express our special gratitude to his staff for the excellent organisation of today ’ s meeting of the governing council. let me now report on the outcome of our meeting, which was also attended by commissioner almunia. on the basis of our regular economic and monetary analyses, we decided at today ’ s meeting to leave the key ecb interest rates unchanged. the information that has become available since our previous meeting has confirmed that the outlook for price stability over the medium term is subject to upside risks. against this background, and with money and credit growth vigorous in the euro area, our monetary policy stands ready to counter upside risks to price stability, as required by our primary objective. the fundamentals of the euro area economy support a favourable medium - term outlook for economic activity. in particular, corporate earnings and profitability have been sustained, employment growth has been robust and unemployment has fallen. however, given the financial market volatility and the reappraisal of risk seen in recent weeks, this assessment is surrounded by heightened uncertainty. in view of the only limited range of new economic data that have become available since our meeting in early september, particular caution needs to be exercised when assessing any potential impact of the financial market developments on the real economy. hence, it remains necessary to gather additional information and examine new data before drawing further conclusions for monetary policy in the context of our medium - term - oriented monetary policy strategy focused on maintaining price stability. accordingly, the governing council will monitor very closely all developments. on the basis of our assessment, and by acting in a firm and timely manner, we will ensure that risks to price stability over the medium term do not materialise and that medium and long - term inflation expectations remain firmly anchored in line with price stability, thereby favouring an environment conducive to sustained economic growth, well - functioning markets and job creation. providing such an anchor for medium and long - term inflation expectations is all the more important at times of financial market volatility and increased uncertainty. as regards the financial markets, we will