Activites

• 2000/07/11 Final act published in Official Journal
• 1999/12/02 Debate in Parliament
  • Debate in Parliament
  • T5-0139/1999 summary

    The European Parliament adopted its resolution concerning the transitional period related to the introduction of the euro drafted by Mrs. Helena TORRES MARQUES (PSE, P). The EP shares the Commission's view that the best option at this stage is to maintain the 3-year transitional period according to the Madrid scenario and Council Regulations 1103/97 and 974/98. It supports the idea of having a 'critical mass' of euro notes and coins in order to prevent hold-ups in payments at the start of 2002 and is of the opinion that the period of dual circultation of national currency units and euros starting on 1 January 2002 should be shortened as much as possible, preferably to a period of not more than 2 months. The Parliament supports the idea of frontloading banks with both notes and coins well in advance of 01.01.2002 in order to minimise transportation nd distribution problems in early 2002 and also favours frontloading retailers and public administrations from the beginning of December 2001 in order to give them time to train their staff and to avoid logistical problems. It asks the Commission and the Member States to monitor closely the use of dual price display during the whole transitional period and to promote the use of reverse dual display, with significant prices and amounts being given in euros, at least at the beginning of 2001. It calls on the Commission to organise a comprehensive information campaign in cooperation with the European Parliament and the euro-11 zone Member States dealing both with practical issues and with the fundamental importance of monetary union. The EP encourages the ECB and Member States to make every possible effort to support the more vulnerable groups in society with training possibilities, information about the timetable, samples and training kits with euro notes and coins, etc. The Parliament considers it important that citizens be encouraged to make increasing use of electronic money as opposed to cash well in advance of 01.01.2002, and strongly advocates the development of an electronic purse which would enable citizens to use the same card in the whole euro at the lowest possible competitive cost. It proposes a rapid development concerning the use of an electronic purse in all kinds of vending machines in the euro zone in order to minimise the impact of the changeover on citizens' lives. Lastly, the Parliament is in favour of the creation of an integrated payment area for cross-border payments and it believes that the banks and financial institutions should find common commercial and technically advanced solutions in order to render international payments quicker, more secure and cheaper by creating a system for small payments, as the euro zone is to be considered a domestic market.�

• 1999/11/24 Vote in committee, 1st reading/single reading
  • A5-0076/1999
• #2212
• 1999/11/08 Council Meeting
• 1999/09/13 Committee referral announced in Parliament, 1st reading/single reading
• 1999/04/13 Non-legislative basic document published
  • COM(1999)0174 summary

    PURPOSE : to examine the possibility of reducing the transition period in relation to the introduction of the euro. CONTENT : following the proposal by the Belgian Finance Minister, the Ecofin Council of 18/01/1999 discussed the possibility of reducing the transitional period with a view to bringing forward the date for introducing euro notes and coins from 01/01/2002. The Council considered that it was highly unlikely that transition period could be shortened because of technical difficulties. However, it invited the Commission to carry out a final review of this question. The current report has been drawn up in response to that request and it emphasises the potential stumbling blocks to a political decision. In the conclusion to its report, the Commission considered that the reduction of the transition period for 3 years could create technical problems of such severity as to jeopardise the smooth transition to the euro. Amongst the technical ostacles which create the greatest difficulties for the reduction of the transition period, the Commission mentions the time required to produce euro coins and notes, the considerable extent of the time period for the design and adaptation of information systems to be taken into consideration, and also the fact that the change over to the euro by the public administrations was scheduled for the year 2002 from the outset in order to take account of the complexity and extent of the changes required in this sector. In addition to these technical obstacles, shortening the transitional period would undermine one of the strong points in the success of the euro, namely the confidence of economic and social operators, which has been won as a result of adhering to a strict timetable. In view of technical arguments set out, the time required by by economic operators and the psychological and political uncertainties, the Commission considers that the transitional period for the euro should not be reduced. Adhering to 3 years will constitute an essential element of stability in the process of preparing economic operators and familiarising them with the euro. The Commission considers it necessary to heighten the the awareness of small and medium-sized firms, consumer and public administrations, particularly local authorities. �

Documents

• Non-legislative basic document published: COM(1999)0174
• Committee report tabled for plenary, single reading: A5-0076/1999
• Debate in Parliament: Debate in Parliament
• Decision by Parliament, 1st reading/single reading: T5-0139/1999

History

(these mark the time of scraping, not the official date of the change)