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The euro is an everyday issue - EMUbusiness - Issue 23

EMUbusiness - Issue 23
12 July 2001
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EMUbusiness top stories
1. Vending industry says 'listen to us'
2. Use of the euro is growing significantly in France
3. Latest agreements on early changeover in Spain
4. Euro does not have to lead to political union
5. Germans to inject more warmth into euro information campaign

Publisher's Note
To coincide with the Tour de France cycle race, French ministers are embarking on a Tour de France of their own between July 11 and 13. Finance Minister, Laurent Fabius, and four State Secretaries in his Ministry will take to the road across France to publicise the euro in particular to young people, the elderly, small and micro-businesses, farmers and vulnerable groups in 22 different cities. They will visit France's overseas departments and territories later this year. While Belgian Finance Minister, Didier Reynders, has also recently been active in visiting schools and local communities, the French initiative appears to be unique in the extent to which it is involving top politicians in euro awareness-raising. It is a move which can only be welcomed. Other Finance Ministers all too often give the impression of not understanding that the euro is an everyday issue about which there is still a lot of misunderstanding, misinformation or just plain ignorance, which must be tackled at grass roots level.

Marion Bywater
Publisher, EMUbusiness

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1. Vending industry says 'listen to us'
The European Vending Association wants Eurogroup President and Belgian Finance, Didier Reynders, to sit down with it to discuss the problems the euro changeover will pose for the industry. In a letter to Reynders, it calls for the Eurogroup to listen more closely to its concerns. One of these is the availability of coin samples. If it cannot get them in time, then vending machines may not be ready for the euro.
Full story:

2. Use of the euro is growing significantly in France
Use of the euro is growing significantly in France. This is true both of use in dealings with the public sector and in the banking system. Absolute numbers still tend to be low, but the growth is marked. One area for concern, however, is the (slow) rate at which payment terminals are being converted.
Full story:

3. Latest agreements on early changeover in Spain
The Spanish Ministry of the Economy has signed agreements with four sectors on introducing the euro in dealing with their customers this autumn, rather than wait for the beginning of next year. Several of these agreements also cover pricing to six decimal places as a means of keeping the same precision in pricing that exists for the peseta. A separate agreement with consumers will ensure that a close watch is kept on companies to make sure they keep to the rounding rules. Companies which it is safe to assume will not be caught out are the recent winners of Euro Trophies for their high standard of preparation.
Full story:

4. Euro does not have to lead to political union
Political union is not necessarily the logical consequence of the euro, European Central Bank Vice-President, Christian Noyer, has argued in a recent speech. "There are good reasons that this may not be true." He believes that the current policy constitution in the euro area, despite its novelty and uniqueness, is a sound and efficient framework which provides a good basis to ensure that, even without full political union, the euro area can become one of the most dynamic economic areas in the world.
Full story:

5. Germany to inject more emotion into euro information campaign
German Chancellor, Gerhard Schroeder, has admitted that more needs to be done to raise euro awareness in Germany according to a report on the official German euro site. Germany's information campaign on the euro has recently been criticised by the Banking Federation, for example, as has the campaign to withdraw hoarded coins. However, this alleged failure is belied by the figures for North Rhine Westphalia at least. As Germany is the euro-area country showing least support for the euro in most surveys, injecting some enthusiasm into the general public is seen in most quarters as crucial to a smooth introduction of euro notes and coins.
Full story:

These articles are provided by Euro-impact. Euro-impact is a monthly newsletter on the regulatory, practical and strategic impacts of the euro for companies. Articles may be reproduced with acknowledgement of the source and Euro-impact. Every reasonable effort has been made to ensure the information is correct at the time of writing.

Coming up in Euro-impact
Dual price display in Belgian supermarkets up to scratch, but other businesses lagging; France changes rule on share capital redenomination; interoperable electronic purse will miss its date with introduction of the cash euro; Eastern Europe prepares for cash euro; anti-counterfeiting framework finalised.All these items will be covered in the next issue of euro-impact. For subscription information .
June highlights:

Other stories on EUbusiness in July

US, euro zone economy to recover this year: G10
Top central bank governors expect US and euro zone economic
growth to take off again later this year, Bank of England
governor Sir Edward George said in Basel on Monday.
Full story:

Euro Parliament and ECB clash over euro notes
European lawmakers are pressing their demand for advance release of euro banknotes in the teeth of outright opposition from the European Central Bank. Less than six months before euro notes and coins are launched at midnight December 31, the European Parliament passed a resolution by 431 votes to 27 arguing that euro notes should be available beforehand.
Full story:

Cutting rates now would jeopardise ECB's inflation goal: Duisenberg
European Central Bank President Wim Duisenberg said Thursday that cutting key rates now could jeopardise the bank's goal of bringing euro-zone inflation back below 2.0 per cent.
Full story:

Labour cost rise continues to slow
Labour costs rose by 3.1% in the euro zone in the year to the first quarter of 2001, and by 3.6% in the EU. The lowest annual increases were in Italy (2.3%), Sweden (2.6%) and Germany (2.7%), Eurostat said on 5 July.
Full story:

EU economic confidence weakens
Last month's economic sentiment indicator went down in both the euro area and the EU by 0.7 points and by 0.4 points
respectively, according to Commission data.
Full story:

Industrial producer prices up 0.2%
Industrial producer prices increased by 0.2% in May 2001 in the euro zone and the EU. The highest rises were in Portugal (2.1%), Finland (0.7%) and France (0.5%), while only Italy recorded a fall (-0.4%).
Full story:

Blair tells Koizumi Britain will adopt the euro: report
British Prime Minister Tony Blair has assured his Japanese
counterpart Junichiro Koizumi that Britain will adopt the euro, a Japanese newspaper has reported. The English language Daily Yomiuri said Blair had made the commitment during a meeting with Koizumi in London last week.
Full story:

Surge in M3 places question mark over ECB rate cut
An unexpected surge in the euro-zone money supply, which the European Central Bank watches for signs of inflation, put a question mark over prospects for a cut in interest rates, economists here said.
Full story:

EU Commission raises concern over euro-zone deficits
Some countries in the euro zone may get elbow room in the form of a controlled increase in their public deficits to deal with economic slowdown, but France and Germany will have very little manoeuvring room, the Commission has said.
Full story:

This newsletter is produced in association with FEE, the
Federation des Experts Comptables Europeens. FEE is the
representative organisation for the accountancy profession in Europe. It is a "non profit" organisation which groups together 38 professional bodies from 26 countries, including all 15 Member States of the European Union and the 3 main member countries of EFTA.
The FEE Euro Information Service is at:

Internet Monitor

Frontloading of euro banknotes to central banks outside the euro area
As an additional measure to aid a smooth cash changeover in
2002, the European Central Bank has agreed that EU national
central banks may frontload central banks of the non-
participating Member States, of the accession countries as well as of other countries.

Key indicators for the euro area
Set of tables with economic statistics covering the euro area

"Blue Book" third edition
The European Central Bank's report "Payment and securities
settlement systems in the European Union" - known as the "Blue Book" - describes major payment and securities settlement systems operating in the Member States of the EU.

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