ECONOMIC AND COMMERCIAL
AFFAIRS
Succesful changeover from
guilder to euro
The Dutch replaced their national
currency without any major problems at all; starting January 1, 2002, it only took a
couple of days to change the Dutch guilders into the new euro banknotes and coins. The
speedy changeover was one of the most successful ones in Europe.
Efficient
Two major factors are behind this success and the speed of
the whole operation. Firstly, the overwhelming enthusiasm with which citizens welcomed the
arrival of the coins and banknotes. In mid-December 2001, when the first coin kits were
issued, it became clear that the Dutch citizens were eager to get their new money as
quickly as possible. But more important was the meticulous preparation. The whole process
– which took more than three years of preparation – went very efficiently, right up
to the changeover date which was the same as the change to the new year.
Large scale
There has never been an event on this scale in the history
of money. Of course the whole of the European Union was involved. Since the start of 2002,
every person in the monetary Union has the Euro in his pocket as well as on his account
and is able to pay with it- from Helsinki to Lisbon and down to the smallest village in
each participating country. The participating countries are Germany, France, Italy, The
Netherlands, Belgium, Luxembourg, Greece, Austria, Finland, Ireland, Portugal and Spain.
While the period of dual circulation was, in most countries, due to last until the end of
February 2002, in the Netherlands cash transactions in euros reached 75 percent at the end
of the first week of January and were virtually all conducted in euros by mid-January.
Thanks to the considerable efforts and the outstanding work
of all sectors involved – the retail sector, the security transport sector and the
financial institutions and the citizens as well, this euro changeover constitutes an
undisputed success.
Future
The enlargement of the European Union is under way and the
new Member States wil eventually be a part of an economic and monetary union in accordance
with timetables which still have to be established. What is certain, is that the
"euro-zone" will both increase and grow during the next few years.
For more information visit the special euro-website of
the European Union, http://europa.eu.int/euro
or the OECD 2002 Economic Survey on the Euro Area at www.oecdobserver.org.
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