Brussels, 27/09/2000 (Agence Europe) - The European Commission feels that the enterprises in accession candidate countries must start to prepare for the interdiction of the Euro in the EU and it launched an information campaign, with the support of the European Parliament on the practical consequences of the transition to the Euro notes and coins. The Commissioner for Economic and Monetary Affairs Perdo Solbes announced: "given the de facto increasing integration of candidate countries with the Euro area economy, the Commission will take a pro-active approach in helping them prepare for the Euro, while at the same time intensifying our information campaign for companies and citizens within Europe."
A technical note explains: "For each company the impact of the Euro cash changeover will be proportionate to corporate exposure to foreign trade and competition. Indeed all functions of companies may be affected and require strategic adaptations to the new environment.
For a start, the Euro will simplify daily operations and reduce costs. One currency instead of 12 means one single bank account, if not one single bank, with automatic compensation of debit and credit balances, and a better remuneration of deposits as their consolation will make them more sizeable. On the other hand bank borrowings in the Euro area has already become larger and more liquid than yesterdays individual European currency markets. This leap forward in European integration will have positive impact on candidate country business and their trade with the Euro area. It will take time, but the first companies to adapt themselves to the new environment will undoubtedly draw the largest benefits."