of the 12 countries of the euro area for the euro has been a massive operation requiring enormous organisational, logistical, technical and economic efforts. its success has far exceeded our own expectations. in almost all its aspects, the euro cash changeover has progressed well and rapidly, without any major hitches. this was a crucial factor for acceptance of the new currency by the european public. the completion of the changeover has been a challenge of unprecedented dimensions that involved the banking sector, security carriers, retailers and the cash - operated machine industry. in order to guarantee a gradual and smooth supply of euro to the economy, euro banknotes and coins started to be distributed to the banking and retail sectors as from 1 september last year. 6. 4 billion banknotes worth some eur 133 billion, and more than 37. 5 billion coins with a total value of around eur 12. 4 billion, had already been frontloaded to the banking sector by the end of 2001. the adaptation of more than 200, 000 automated teller machines ( atms ), which supplied around 70 % of the new banknotes utilised for transactions within less than one week, was another key factor in the euro cash changeover. from the outset, european citizens showed a great deal of enthusiasm and have been very fast in adopting their new money. two weeks after the introduction of the euro banknotes and coins, the value of euro banknotes in circulation was higher than that of national banknotes, and the vast majority of cash transactions in the euro area were being conducted in euro. in the last few months, the eurosystem, i. e. the ecb and the national central banks ( ncbs ) of the 12 eu member states participating in the euro area, and a number of other parties, such as retailers, educational institutions, the tourism industry and the media, were heavily involved in the information campaign which acquainted the general public with the new money. the euro banknotes are endowed with distinctive characteristics and state - of - the - art security features which not only enable the public and professional cash handlers to recognise and check them quickly, but also make them some of the world's safest. the transition to the new banknotes and coins was facilitated by the fact that the financial markets were already fully accustomed to the euro. the introduction of the single currency three years ago was another exceptional success that opened the way to fundamental changes in the conditions in which governments, financial institutions and the private sector operate in financial markets

cleviston haynes : civility, creativity and performance – building and sustaining smart partnerships for improved productivity speech by mr cleviston haynes, deputy governor of the central bank of barbados, at the opening of the 2010 week of excellence, bridgetown, 22 february 2010. * * * dr the hon. david estwick, minister of economic affairs & empowerment, innovation, trade, industry and commerce ; senator sir roy trotman, president of the congress of trade unions and staff associations ; mr. ben arrindel, chairman of the barbados private sector association ; specially invited guests and facilitators ; dr. tayo fashoyin, director, industrial & employment relations department ilo, other distinguished guests ; ladies and gentlemen. the central bank of barbados is again pleased to participate in this week of excellence organised by the social partners. it is appropriate that you should begin your week here in the grande salle of the central bank for the bank ’ s own strategic vision is to be a centre of excellence in all that it does. at the bank, we are acutely aware of the sustained effort, discipline, consistency and commitment required to attain this goal. we only have to look at our cricket icons who have led the way by demonstrating in their sphere of activity that excellence is attainable at the international level for citizens of this small country. one can say that in recent times we have also seen what indiscipline, inconsistency and lack of commitment can produce. we therefore commend the social partners on their on - going efforts to keep this objective at the forefront of national consciousness. this week takes place at a difficult period for the barbadian economy. as you are aware, the past year was challenging as the global financial crisis had a significant negative effect on economic activity, particularly in the tourism and construction sectors and on government ’ s finances. reduced tourism earnings and lower private sector capital inflows have contributed to an attendant loss of foreign exchange earnings. one unfortunate consequence of these developments has been increasing unemployment. however, it is fair to say that the social partners have responded to the challenge with more flexible labour arrangements that helped to contain job losses in some sectors. in its review in early january of the barbados economy for 2009 and prospects for 2010, the bank was cautious in its forecast, noting that the outlook for 2010 is “ clouded by uncertainty about the pace and robustness of the recovery in the north american and european markets on which the tourism and