Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-12-02-Speech-4-026"
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"en.19991202.2.4-026"2
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"Mr President, firstly I must congratulate Mrs Torres Marques on her report and thank everyone who has participated in this debate today. My presence here reflects the importance which the Commission and I myself, as the Commissioner responsible for economic and monetary affairs, continue to place on the whole process of the introduction of the euro.
Thank you for this report. It is an important element in the whole process of the introduction of the euro and I hope to carry on discussing this issue with you as we have done to date.
As emphasised by several speakers, the introduction of the euro has so far clearly been a great success, despite the debates which we may be having on certain specific points. It is also clear, again as highlighted throughout this debate, that the moment of truth will be when the coins and notes enter into circulation on 1 January 2002.
I must comment on the practical problems which are bound to arise, as indicated in the report. If we had to describe what is to happen, we would not use the terms ‘big bang’ or ‘dual circulation’. The proposed shortening of the periods is actually intended to ensure a rapid introduction of coins and notes and perhaps this is the new description which we should be using. Yet this rapid introduction cannot occur overnight. There can be no big bang, but neither are we talking about a long period of dual circulation. We are therefore concerned with the minimum time needed so that the introduction is rapid. This is positive.
This clearly leads to the second problem of frontloading. This has been debated, as you well know, by both the European Central Bank and ECOFIN. The latter has already discussed frontloading with coins but frontloading with notes, outside the financial system, poses legal and practical difficulties. However, these difficulties, particularly where linked to the type of coin or note currently being supplied by cash dispensers, could be solved.
We are therefore facing some specific problems which have been mentioned. What will happen in the period at the end of 2001 and the beginning of 2002 when many people will be travelling around Europe? How will we solve this problem? This is clearly a specific point which must be carefully considered and for which an answer must be sought. We cannot ask travellers using their national currency to change this in a place which is not their country of origin as this would cause practical problems of all kinds.
With regard to the problem of dual price display, I agree with the idea that we should set a date from which the dual display of prices is absolutely compulsory. This is the only way to start making any comparison. However, we are all aware that only in the last months of 2001 will people really start to make comparisons. In my opinion, the price difference will involve such a substantial change that the references to the old prices will quickly disappear. We will all have to adapt to the new prices.
The report raises one particularly important point on the problem of the communication policy and the people who will find it more difficult to adapt to the new situation. Some speakers have also referred to the need to continue this communication policy with which I totally agree. The Commission is currently preparing a new plan of action on the communication policy. This plan will, of course, involve this House. We believe that this operation must be carried out by all the institutions involved in the process, and particularly the European Parliament, as the institution most directly in contact with the people. We have already discussed this in the Committee on Economic and Monetary Affairs but I will repeat my offer that I am prepared to start examining how to resolve most effectively the communication problems arising between everyone. We will have to include in this plan the people who will have more difficulty in gaining an adequate understanding of the new currency. These will be the people who, for one reason or another, will have certain specific problems.
The electronic money issue will not cause any particular difficulties. However, one interesting point to be stressed is the problem of payment systems, particularly in retail operations. The payment system for major transactions has worked very well but we all agree that the problem of the excessive charges currently imposed on money-changing is generating ill feeling. This is because we expected a reduction in the costs of money-changing during this period and these expectations have not been borne out.
The priority is to set up compensation systems or payment systems allowing us to reduce these costs. Initiatives have already been taken in this respect which the Commission supports. However, we have to achieve a system which prevents these costs from being as high as they are at the moment and we must therefore set up common standards allowing us to deal with any difficulties which may arise."@en1
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