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Preparing the Introduction of the Euro a Short Handbook European Commission European Commision Preparing the introduction of the euro a short handbook European Commission Preparing the introduction of the euro ..................................1 Introduction ..............................................................................5 Chapter 1:.................................................................................6 The six building blocks of a successful cash changeover.........................................6 1. A large frontloading of the banking sector ................................... 7 2. A significant sub-frontloading ............................................................ 9 3. A supply of euro coins mini kits to the citizens............................. 10 4. An immediate adaptation of the ATMs ........................................ 11 5. An easy access to the banks for the exchanges and withdrawals over the counter.......................................................... 12 6. A change given exclusively in euro by the retail sector .......... 13 Chapter 2:...............................................................................15 Preparing citizens for the euro changeover .......................15 Challenges for future euro-area Member States' communication on the euro.................................................15 1. Introduction ........................................................................................... 16 2. Objectives of the national communication strategy on the euro ............................................................................................ 17 The two main objectives of a euro changeover communication campaign are: ..........................................17 3. Development of the communication strategy........................... 18 4. Target audiences................................................................................. 20 5. Partners and intermediate target groups..................................... 22 6. Implementation of the communication strategy ...................... 24 6.1. General issues ............................................................................... 24 6.2. Messages........................................................................................ 26 The following benefits of the euro are regularly put forward: .....................................................26 7. Communication channels and tools ............................................. 28 8. Evaluation and feedback................................................................. 31 9. Abbreviated checklist ........................................................................ 32 9.1. Development of the communication strategy................... 32 9.2 Implementation of the communication strategy .............. 32 A short handbook Chapter 3:.............................................................................. 34 Preparations for the changeover to euro by public administrations...................................................................... 34 A. Preparation of the central administration ....................................35 1. Adaptation of the legal framework........................................35 1.1 General laws..................................................................................35 1.2 Public administration specific legal arrangements............36 2. Internal preparation by central administration ...................37 2.1 Conversion of IT systems.............................................................37 2.2 Staff training...................................................................................37 2.3 The use of the euro in public finances ...................................38 B. Preparation of the local authorities ................................................41 1. Internal preparations...................................................................41 2. Preparing the public for the euro: information and communication activities .........................................................42 Checklist..........................................................................................................43 Chapter 4:.............................................................................. 46 Preparing for the euro changeover .................................... 46 Challenges for the SMEs....................................................... 46 Foreword.........................................................................................................47 1. Planning the changeover preparations........................................48 1.1. Efficient organisation of the euro changeover project ....48 1.2. Use of all available sources of information...........................49 2. Adaptations within the enterprise...................................................50 2.1. Adaptation of accounting and financial management.50 2.2. Adaptation of IT systems ............................................................51 2.3. Cash management.....................................................................52 2.4. Information and training for staff.............................................53 3. Commercial strategy: relations with customers and suppliers.....................................................................54 3.1. Informing customers ....................................................................54 3.2. Dual display ...................................................................................55 3.3. Pricing ..............................................................................................58 3.4. Relations with suppliers ...............................................................59 3.5. Contracts........................................................................................59 Preparing the introduction of the euro 4. Checklist ................................................................................................. 60 4.1. Planning of the changeover preparations .......................... 60 4.2. Adaptations within the company (accounting, IT, cash management, training for staff) ... 61 Accounting and financial management ............................61 IT systems................................................................................61 Training for staff ......................................................................62 4.3. Relations with customers and suppliers................................. 62 Customers...............................................................................62 Suppliers .................................................................................62 4.5. Contracts........................................................................................ 63 Chapter 5:...............................................................................65 The impact of the euro changeover on the vending machine industry ...................................................................65 1. The changeover in the first wave countries................................. 66 2. Key issues for preparation for vending machine operators .... 67 2.1. General changeover issues in vending................................. 67 2. 2. Impact of the changeover on equipment .......................... 68 2. 3. Impact on planning and staff.................................................. 69 2.4. General steps for upgrading vending machines ............... 70 2.5. Time estimate for conversion of the machines................... 70 3. Recommendations.............................................................................. 72 Annex: Checklist for vending machine operators ............................. 73 A short handbook Introduction All the Member States who joined the European Union in 2004 and 2007 are bound to introduce the euro once the conditions set by the Treaty are met. Slovenia entered the euro area on 1 January 2007, followed a year after by Cyprus and Malta on 1 January 2008. The other ten Member States still have to make efforts with a view to achieving the "high degree of sustainable convergence" needed for the lifting of their derogation to the participation to the single European currency. While joining the euro is essentially a question of adopting the right economic and monetary policy, preparing for the physical introduction of euro notes and coins is a very wide task, which calls, beyond the public administrations, for the active involvement of all the economic operators (banks, companies…) and ultimately, of all the citizens. Introducing the euro is therefore not only the government business, but literally, everyone's business. The experience acquired by the 15 countries having introduced the euro can be of great use for the Member States who still have to organize similar operations. This handbook aims at providing a synthetic analysis of the main ingredients of the recipe for a successful changeover, knowing however that each State must ultimately create its own recipe, discussed with all the actors concerned. The organization of a euro changeover is not a ready made item to be imported from Brussels or Frankfurt, but rather a truly national plan. This plan should build on the experience of the frontrunners, but also take into account the numerous specificities which make each Member State unique and the European Union so diverse. This handbook is organised around five chapters. The first chapter will briefly present the building blocks of a successful cash changeover. The second chapter will describe the efforts needed to prepare the citizens for their new currency,
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