New EU set for quick euro switch

The European Commission issued on 10 November 2004 its first report on the state of practical preparations for the euro in the new Member States. Following the enlargement of the European Union, the adoption of the euro constitutes the next major step in the further integration of the new Member States. The report shows that all 10 new EU States wish this to happen between 2007 and 2010. Three of them have already joined the EU's Exchange Rate Mechanism and a higher number have launched a selection procedure for the design of the national side of the euro. The introduction of the euro in the new countries should be faster and even smoother that in the current eurozone members since an average of around 50% of the population has already used euro notes and coins. But there is no room for complacency. It took six years to prepare the current participating member states for the euro and although most citizens in the new countries are familiar with the notes and coins they need to be prepared and reassured that the transition will be smooth and to their benefit.

• Primary Source

European Commission: IP: IP/04/1350 http://europa.eu/rapid/pressReleasesAction.do?reference=IP/04/1350&format=HTML&aged=0&language=EN&guiLanguage=en

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