Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-11-15-Speech-4-102"
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"en.20011115.5.4-102"2
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".
There are only 46 days remaining before euro notes and coins are introduced across the twelve countries that are participating within this new euro currency regime. Phasing out national currencies and introducing a single new European currency is not an easy task. There are over 290 million people who live within the twelve new euro zone countries alone. However, I do believe that EU Governments have been very pro-active with regard to implementing broad information campaigns concerning the forthcoming practical changes.
It is very important that both small and large businesses contact their local banks and estimate how much currency they will require to carry out their businesses commencing 1 January next. Surveys carried out within the EU have shown that banks are confident that all ATM machines will have all the necessary stock of the new euro currency notes. The European Central Bank is satisfied that the requisite amount of the new euro notes will be dispersed to financial institutions in non-Euro zone countries.
I believe that the five-week period for the changeover is of the correct duration. It would simply be too much to ask small companies in Europe to deal with two different currencies for what was originally planned as a six-month period for the changeover. I welcome the fact that the different consumer associations in Europe will be vigilant during the changeover period so as to ensure that the interests of consumers are protected during the timescale of the euro changeover.
I, of course, support the need to introduce measures which reduce costs between domestic and cross-border payments. There is a very strong consumer case to be made for changing the current system which is in operation. We must strengthen confidence in the structures of the new euro currency. However, this proposed regulation which is before us today does not discriminate between efficient and inefficient payment systems. This regulation does not adequately address the relationship between the euro and other non-euro Member State currencies.
I believe it is fair to say that the euro tends to promote economic stability. I think there has been clear evidence of this since the tragic terrorist attacks which took place in America last September. We do not want to give international currency speculators an opportunity to play off one national European currency against another. This would only result in broader devaluations in the value of the euro which is exactly what took place in the Autumn of 1992.
The euro is good news for European businesses. It reduces export costs. It is good news for European travellers and it contributes to the medium to long-term economic stability of the European Union."@en1
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