Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-03-Speech-2-104"
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"en.20010703.6.2-104"2
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"Mr President, 1 January 2002 marks another significant step in European integration. The change from 12 different national currencies to a single currency is the culmination of months of careful preparation and yet I fear some citizens, even at this late stage, have not grasped the significance of the change and its implications, which I believe are extremely positive.
No other EU policy change will impact in such a profound and personal way on all citizens and at the same time. From children to pensioners, from the corporate sector to small business, each will be exposed to this significant milestone in European administration. Because there is a degree of complacency with regard to all EU change, every effort must be made in the months remaining before 1 January to alert consumers to the importance of what is happening and, more importantly, to assure them that their interests are placed at the forefront by those whose job it is to manage this important change. I am satisfied that everything possible is being done, but nothing can be left to chance.
We know that there are some people who are sceptical. Their views are important to the debate, but we must establish beyond doubt that their worries will not be realised. For example, we all recall the introduction of decimalisation and, despite our assurances at that time, consumers experienced price increases. We all need to put beyond doubt the absence of a cost factor in the exchange mechanism. The House will be aware that banks availed themselves of the transition period to cream off excessive exchange charges and, to some extent, this is still happening.
What assurances can the European Central Bank give that these matters will be scrutinised with the utmost vigour and with appropriate sanctions?"@en1
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