EMUbusiness issue 1 - Re-launch of 'eurologo'
17 July 2000
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EMUbusiness top stories
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1. Re-launch of 'Eurologo'
2. Corporate bond market taking off
3. SMEs falling behind in euro preparation
4. More interest rate rises coming
5. Few bank accounts held in euro
6. Germany prepares for the euro
Publisher's Note
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Welcome to the first issue of EMUbusiness. EUbusiness is delighted to announce a partnership with Euro-impact, the monthly subscription newsletter on EMU and the euro. Euro-impact takes a pan-European view of the strategic, regulatory and practical issues for companies introducing the euro into their business, and we are very pleased
that EUbusiness members will now be able to draw on this expertise in our new specialist euro newswire, produced jointly with Euro-impact. Please note this issue is being sent to you as a one-off. To ensure that you continue receiving this twice-monthly newswire after that, please update your EUbusiness membership profile at
http://www.eubusiness.com/profileand click on the My Services tab.
Each issue of EMUbusiness will contain an update on euro-area governments' decisions in areas such as tax, accounting and introduction of notes and coins to complement Euro-impact's regular in-depth analysis of these issues. Euro-impact also regularly publishes case studies illustrating how large international companies and banks are preparing for the euro. It acts as a journal of record
for major macro-economic policy decisions taken by the European institutions, including the European Central Bank. The contents of this newsletter are exclusive to EUbusiness and complement each issue of Euro-impact. Starred (*) items are those on which more in-depth coverage can be found in Euro-impact. Starting in September, EUbusiness.com will offer pay-per-view access to that coverage.
Regards,
Marion Bywater
Publisher, EMUbusiness
mailto:mbywater@eubusiness.com
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1. Re-launch of 'Eurologo'(*)
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In a bid to increase use of the so-called Eurologo, which demonstrates retailers' commitments to provide their customers with complete and accurate information about the euro, retail and consumer organisations have updated the pledges on consumer information and dual price display which they first entered into in mid-1998. In a joint declaration, the consumer and professional organisations which signed the original agreement creating the Eurologo highlight the need for better marketing of this scheme. Retailers who display the Eurologo are committed to fair conversion of prices, staff training and, in some circumstances, accepting payments in euro.
http://www.eubusiness.com/item/22096
2. Corporate bond market taking off
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The high-yield corporate bond market in Europe will grow by 25% annually for the next five years and be worth EUR 100 billion by 2004 according to new research. On the basis of secondary information and a survey of investment bankers, a study by IBM Unternehmensberatung GmbH in collaboration with HSBC Trinkaus & Burkhardt confirms that this market is on the verge of the take-off widely predicted ahead of
the launch of Economic Monetary Union.
http://www.eubusiness.com/item/22097
3. SMEs falling behind in euro preparation(*)
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Small and medium-sized businesses in the eleven countries which make up the euro area and in Greece (which will become part of the euro area on January 1 next year), may be underestimating the need to prepare for the changeover to the euro. Around 30% believe there is no need for them to do anything yet and another 24% have drawn up an action plan but not implemented it according to a new survey carried out for the European Commission in May. This is a risky strategy, the European Commission has warned in a new Communication on the Practical aspects of the euro: state of play and tasks ahead.
http://www.eubusiness.com/item/22099
4. More interest rate rises coming
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The European Central Bank's benchmark interest rate could rise to 5.5% next year Deutsche Bank is predicting in a recent Euroland Inflation Report. The rate is currently 4.25%. Deutsche Bank thinks that growth will be higher than is currently being projected and that fiscal policy will be expansionary. It expects the ECB in that case
to have to step in to cool the economy, and in particular
inflationary trends. It is picking an interest rate of 5% by the end of this year.
http://www.eubusiness.com/item/22100
5. Few bank accounts held in euro
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Demand for bank accounts in euro is still very low, but also highly variable. On the whole the customers of French, Dutch, Luxembourg and some Belgian banks appear to be more likely to have opened accounts in euro or converted their accounts to euro than do customers of most German and Italian banks according to Euro-impact's regular monthly survey of major Euroland banks.
http://www.eubusiness.com/item/22101
6. Germany prepares for the euro(*)
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In a newly published comprehensive overview of its preparations for the euro, the German Finance Ministry has brought up to date information on plans for the introduction of euro notes and coins at the end of 2001. A milestone since the last report in April 1999 was the decision some weeks' ago to make starter kits of coins available to German consumers before the end of 2001.
http://www.eubusiness.com/item/22102
Other stories on EUbusiness this week
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Cartel probe banks named by Commission
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The names of banks which are being investigated in a European Commission cartel probe regarding the fixing of charges for exchanging currencies in the euro zone have been released.
http://www.eubusiness.com/finance/
Commissioner sets out latest on EU tax package
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Internal Market and Taxation Commissioner Frits Bolkestein on July 11 updated the European Parliament's Economic and Monetary Affairs Committee on the EU's tax package. Agreement still needs to be reached on equivalent measures with key non-EU countries and territories (including the US, Switzerland and Liechtenstein), Mr Bolkestein said.
http://www.eubusiness.com/finance/
Euro-zone GDP up 0.9% in Q1
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Euro-zone GDP grew by 0.9% during the first quarter of 2000 according to revised data published by Eurostat, the Statistical Office of the European Communities. Also this week, Eurostat figures showed that EU GDP growth in both the euro-zone and in EU15 increased by 2.3% in 1999.
http://www.eubusiness.com/factsfig/
Print blunder leads ECB to recall euro banknotes
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The European Central Bank has had to recall over EUR 32 billion euros worth of banknotes, after it was discovered that the notes, in 100-euro denominations, could have been easily forged.
http://www.eubusiness.com/finance/
Internet Monitor
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Practical aspects of the euro: state of play and tasks ahead
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As the first half of the transitional period for the single currency comes to an end, the Commission has published an overview of the preparations undertaken so far and those still required for the final changeover to the euro at the beginning of 2002. From 1 January 2002, national currency units will be replaced by euro-denominated notes and coins.
http://europa.eu.int/comm/economy_finance/document/euro/communication0700/communication_0700_en.htm
Legislative Observatory
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The European Parliament's Legislative Observatory now has a number of new search and content features. The Observatory gives an overview of legislation as it passes through the Parliament.
http://wwwdb.europarl.eu.int/dors/oeil/en/new.htm
http://wwwdb.europarl.eu.int/dors/oeil/en/default.htm
EU diary
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ECOFIN Council, 17 July, Brussels
EU-Japan summit, 19 July, Tokyo
Budget Council, 20 July, Brussels
EU-Korea summit, 20 July, Seoul
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Any Answers?
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* Hollie Boughton says: I'm trying to find out more about Milan's 24-hour share dealing service and can't find the info anywhere. Does anyone have any links or answers on this?
* Mahathir asks: How does a foreign banking company enter the market of banking in London, England and what are the barriers and also the process of opening a bank in London, England?
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