For many inhabitants of the 11 -- soon to be 12 -- countries that are adopting the single European currency just one year from now, the most tangible sign of change to date has been sums marked on supermarket bills giving the equivalent charge in euros.
That is due to change with a bang on January 1, 2002, when some 50 billion euro coins and 14.5 billion banknotes go into circulation, ringing the death knell for the 12 countries' national currencies.
Under the European Union's Maastricht Treaty, marks, francs, lire, pesetas and the other familiar old friends are due to go out of circulation a few weeks later, in a change which for most people will be the most tangible sign to date that the EU actually exists.
The 12 countries adopting the currency are Austria, Belgium, Finland, France, Germany, Greece -- which brings its drachma in on January 1, 2001 -- Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.
The EU's three other members -- Denmark, Britain and Sweden -- have so far decided to stay out.
The euro zone, dubbed "Euroland" by both critics and supporters, was formally born on January 1, 1999, when the exchange rate of each member currency became fixed, and the euro began to be used for financial transactions.
Although the currency started life worth more than a dollar, it saw its value relative to the US greenback sink by around 30 percent in 2000.
But it began to rally at year's end and was hovering around the 93-cent level as trading ended for the New Year's holiday.
In any case, defenders of the shared currency point out that the benefits to be taken from the euro far outweigh concerns about the euro-dollar exchange rate.
Companies derive huge advantages from being able to use a single currency for all their transactions, thereby sheltering them from both exchange rate swings and conversion costs.
With Greece's entry, Euroland will become a trading zone of 304 million people, comparable in population and spending power to the United States.
And as fears related to the exchange rate recede, both EU officials and individual governments are expected to concentrate on the practical question of how to make sure everyone is ready for the big switch-over.
On January 1, the European Central Bank, which manages the new currency, will be launching a countdown campaign at "D-Day minus 365".
Governments in the 12 Euroland states are planning to spend millions on explanatory campaigns, with travelling shows, TV ads, brochures and telephone call-in services just some of the methods to be used.
According to a recent survey, most Europeans are worried about the changeover and many fear they will make mistakes with prices or conversions.
In Italy, where citizens are used to handling wads of notes, and where 1,000 lire will translate late into about half a euro, the government has organized a massive campaign to tackle the expected culture shock.
France will be spending more than 42 million euros ($45 million) over the year on its campaign dubbed "The euro: it's easier together."
Germany began the first phase of its seven-million-euro campaign in December, focusing on themes that it says also embody the euro's strengths, notably community, democracy and freedom.
German Finance Minister Hans Eichel gave journalists socks filled with chocolate euros for Christmas, and a euro-tent organized by the government and the Bundesbank will tour major cities over the next year.
The Netherlands has also put the emphasis on unity. Its "The euro is for all of us" campaign includes information in braille for the blind, on CD-rom for the deaf and in the main languages spoken by immigrants, including Turkic and Mandarin Chinese.
Spain has already spent more than 10 million euros educating its citizens, and it plans to spend six million euros next year and another four million in 2002.
Worries about adapting to the new currency are not restricted to consumers, however.
Although many big companies will have adopted the euro for their internal book-keeping well in advance of the deadline, there are concerns that smaller firms may leave things to the last minute.
At the weekend, the EU's Commissioner for Economic and Monetary Affairs Pedro Solbes warned that small and mid-sized companies were ill-prepared for the euro's "big bang."
The German magazine Focus quoted him as saying that smaller firms were "clearly doing too little -- some out of complete ignorance." "If they don't make more of an effort soon, they will have to pay dearly and face serious problems," he said.— (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)
