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Image header Agence Europe
Europe Daily Bulletin No. 7972
Contents Publication in full By article 29 / 46
GENERAL NEWS / (eu) eu/euro

Slight progress in use of Euro this quarter

Brussels, 28/05/2001 (Agence Europe) - The European Commission detailed the small progression in the use of the Euro, and called on the Member States to be more convincing. The quarterly investigation on the use of the single currency shows noticeable progress in the use of the Euro at the administrative level and during international payments, while the European currency has not truly penetrated the sphere of private individuals. It will be necessary to wait for the planned changeover of accounts and cashless payments as of July for the use of the Euro to increase. The use of the Euro in relations with the administration account for a major share in Belgium, where VAT declarations in Euro have reached 37%, in Luxembourg (21%) and in France (20%). It remains modest in Portugal (8%) and in the Netherlands (6.7%) and is nearly non-existent in the rest of the Euro zone. Companies increasingly use the single currency for their international payments, this use rising in volume from 32.5% to 34.7% and in value from 39.7% to 43.1%. The trend is also marked for Luxembourg, in Spain and in Germany, while Dutch, Austrian, French and Irish companies are lagging behind. The average share of national payments in Euro by companies fell in value in the EU to the level of the third quarter 2000 (23.1% against 30.1%) and rose markedly in volume (from 5.8% to 9.6%). The national payments in volume where in the region of 20% in Luxembourg and in Italy, but did not even reach the 2% mark in Austria and the Netherlands. Few companies seem to have transferred their accounting into Euro, apart from Luxembourg (21%) and in Belgium (13.1%). Many companies are still unaware that they may legally transfer their accounts to the Euro during this year and some have not adapted their software. Private individuals are not yet interested in the single currency. Accounts in Euro have little success with European citizens, with the exception of Luxembourg (27.4%), Greece (7.7%) and Italy (7%). National payments in Euro grew (22.5% in volume and 23.6% in value).

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THE DAY IN POLITICS
GENERAL NEWS
ECONOMIC INTERPENETRATION
WEEKLY SUPPLEMENT