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| Getting
ready for the Euro |
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If you live in, visit, or trade with any of the 15 countries in
the euro area, you will need to be familiar with the new euro banknotes
and coins, the different denominations and their value in a national,
European and international environment (refer to the 'euro website'
of the European Central Bank to see the new designs: http://www.euro.ecb.int/en/section/testnotes.html).
In many countries, including the Netherlands, products are already
being advertised for sale in both the national currency and euro.
The introduction of euro banknotes and coins on 1 January 2002, when
the euro will become an everyday reality, is a historic event.
Around 14.5 billion euro banknotes and 50 billion euro coins are being
produced throughout the euro area prior to 1 January 2002. The euro
banknotes and coins are being produced at 15 printing works and 15
mints throughout Europe. Some 8 billion euro banknotes and 40 billion
euro coins have already been produced.
The speed of the changeover from existing national currencies to the
euro will vary from country to country depending on their respective
national changeover plans. The changeover period, during which both
the euro and national currencies will be used together - the so-called
dual circulation - will take between four weeks and two months. It
is anticipated that the bulk of cash transactions will be in euro
by 15 January 2002 - only two weeks after "_-day", or euro
day. In the case of the Netherlands, already from January 28, 2002,
the euro will be the only legal currency. If you still have national
banknotes after the changeover period has ended, there is no need
to worry. You will still be able to exchange them at the counters
of your national central bank for a very long period of time (however,
exchange of the old national banknotes at commercial banks is limited
to the end of 2002). Note, however, that the period in which old national
banknotes from other euro countries can be exchanged in the Netherlands
is only until April 1, 2002 (transaction costs may apply at commercial
banks; free at the Dutch Central Bank).
The timetable
for the Netherlands is as follows:
End of legal tender of the national banknotes and coins: 28.01.2002
Last date for exchanging national banknotes and coins at commercial
banks: 31.12.2002 Last date for exchanging national banknotes and
coins at national central bank:
Banknotes: until 01.01.2032
Coins: until 01.01.2007
Refer to http://www.euro.ecb.int/en/section1/timetable.html for changeover
programs in the other euro countries. |
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| Changeover
Process |
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Sufficient quantities of euro cash will need to be with banks, post
offices and shops prior to the introduction of the euro banknotes
and coins on 1 January 2002. This will require a large-scale movement
of euro banknotes and coins from printing works and mints, involving
issues of transport, logistics and security. The European Central
Bank and the 12 national central banks of the euro area are responsible
for ensuring that everything is in place in all countries on _-day,
1 January 2002.
In order to ensure that there are sufficient euro banknotes and coins
available to banks, post offices and shops prior to 1 January 2002,
the distribution of euro banknotes and coins to the financial sector
(known as frontloading) will start on 1 September 2001. This will
happen immediately after the European Central Bank has revealed the
final visual appearance of the euro banknotes, including their security
features, on 30 August. The euro banknotes and coins will be made
available first to banks (frontloading), which will then be responsible
for delivering them onto their business customers, e.g. retailers
(known as sub-frontloading).
The early distribution of starter kits will provide the general public
with the opportunity to make themselves familiar with the coins prior
to 1 January 2002. These kits will include several euro coins of each
denomination, with the exact value corresponding to round figures
in the respective national currencies. Starter kits will be available
for purchase in the last two weeks of December to ensure that all
European citizens have change in euro on the first few days of January
2002.
(compiled from press releases at the euro site of the ECB. For more
information, visit this site: http://www.euro.ecb.int/) |
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