The European Council has received the Commission's latest evaluation report on the preparations for the introduction of euro notes and coins. The report was presented to them by Didier Reynders, Minister and Chairman of the ECOFIN Council, by Commissioner Solbes and by the President of the European Central Bank, Mr Wim Duisenberg.

The introduction of the euro is of historical importance. The citizens of Europe will benefit from the tangible results of European integration in their everyday lives. Europe will become more visible and more relevant.

The European Council has noted with satisfaction that:

national administrations have nearly completed their preparations;

the framework for frontloading of banks and retail businesses in the euro area is in place;

the necessary measures have been taken for the security, transport and storage of the notes and coins;

information campaigns by Member States, the Eurosystem and the Commission are being stepped up, with particular attention being paid to the most vulnerable sections of the population;

arrangements for distributing euro notes to the banking sector outside the euro area have been set up.

The European Council wishes to express its gratitude to private operators, and banks and shops in particular, for their efforts to prepare for the transition to the euro as legal tender.

The European Council welcomes the establishment of a rapid information network concerning the transition to the euro as legal tender. The network will be set up by the Member States in cooperation with the European Commission, the European Central Bank and the Eurosystem and will start operating in early December 2001.

The European Council also welcomed the identification by the Commission of forty good practices for the successful introduction of the euro and will carefully consider their implementation as appropriate to national circumstances.

The European Council asks the Member States, the ECOFIN Council, the European Commission and the European Central Bank to pay particular attention to the following:

the preparedness of local administrations. In particular, preparations for the changeover by the smallest local government bodies must be speeded up;

the additional effort which should be made to prepare small and medium-sized businesses (fewer than 50 employees);

the economic operators have given undertakings regarding price stability. We are confident that they will discharge their responsibilities. Any abuses will be reported;

improvement of the operation of cross-border payment systems, and in particular reducing their cost. The European Council invites the ECOFIN Council to adopt before the European Council meeting in Laeken a Regulation on the basis of the Commission proposal to align the rates of these payments on national rates.