Brussels, 15/01/2008 (Agence Europe) - The active phase of the euro changeover is now nearly finished in Cyprus and Malta, the Commission says in a press release published on Monday 14 January. Thanks to intensive and systematic preparations and to the active and enthusiastic participation of citizens, the euro has been introduced so quickly and smoothly that the former currencies have now nearly vanished from purses and wallets. Drawing the lessons of the 2002, 2007 and 2008 changeovers, the Commission has adopted a new recommendation on the organisation of future euro changeovers.
Two weeks after the beginning of the operation, around 90% of the cash payments in shops in both Cyprus and Malta are now in euro. Retailers in Malta give change exclusively in euro in all cash transactions requiring change and, as do nearly all in Cyprus. By the evening of 12 January, nine out of ten citizens in both countries were carrying only or mostly euro cash in their wallets and purses (for banknotes: 93% in both Cyprus and Malta; for coins 87% in Cyprus and 96% in Malta). Maltese and Cypriot citizens have demonstrated their eagerness to exchange their national cash holdings into euro and to withdraw euro cash since 1 January.
Cases of rounding up prices during this period of euro changeover are systematically investigated by the Cypriot and Maltese authorities and/or the consumer associations in both countries. Consumers are encouraged to remain vigilant and to report any cases of unfair pricing to the authorities or consumer associations.
Drawing the lessons of the 2002, 2007 and 2008 changeovers, the Commission has adopted a new recommendation on measures to facilitate future changeovers to the euro. The main innovations are: 1) a clear indication of the duration of the dual display (from 6 months to 1 year after €-day) and of the need to remove the dual display at the end of this period; 2) significant frontloading of the banks and sub-frontloading of the retail sector with euro cash and of the citizens (for coins) with banks and shops being encouraged to participate through financially attractive deferred debiting conditions; 3) delivery of small denomination banknotes for the cash withdrawals made at bank counters in the two weeks before and after the changeover; 4) opening of the main bank offices during the first days of the changeover and extended working hours during the changeover period in order to facilitate the exchange; 5) a package of measures to prevent abuses and misperceptions about the evolution of prices (fair pricing agreements, close monitoring of prices, name and shame or fines in case of abuses etc.). The Commission also recommends that the national law should provide for compulsory dual display of prices after the official adoption of the conversion rate; a separate compulsory display of the possible charges for a payment in euro during the period between the setting of the conversion rate and the official date of the euro introduction; and the compulsory use of the euro as change in transactions in sales outlets from the first day of the changeover. (O.L.)