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Quarterly review of the use of the Euro: Third quarter 2000


Quarterly review of the use of the Euro: Third quarter 2000pdf Choose translations of the previous link 

This review presents the results of the Commission's quarterly survey of banks to determine the extent to which bank customers use the euro in their accounts and payments. It also sets out the data sent by national administrations and summarises various studies. The following conclusions can be drawn:

  • progress in the use of the euro in relations with administrations is patchy. On average, its use is slightly up in terms of value for VAT returns (from 5.7% to 6,1%) but down for customs declarations (from 7.7% to 7%);
  • national payments made by firms in euros are static at a high level in value terms (nearly 25%) and are very slightly down in volume terms (from 3.2% to 3%). Nearly 24% of international payments are in euros (36% in value). Apart from firms in Portugal, Luxembourg and Belgium, few companies have switched to euro accounting (less than 1% in most of the participating States). The proportion of euro accounts is slightly down (from 3.4% to 3.2%), but the pace at which new euro accounts are being opened, which had fallen in the second quarter, is picking up again (one in every fourteen accounts compared with the previous figure of one in every twenty). 45% of firms (compared with 50% in the last review) state that they have started setting prices in euros and 10% systematically invoice in euros;
  • the volume of euro payments by individuals continues to fall in the third quarter, from 1.8% to 1.1%. In terms of value, euro payments have risen from 6.4% to 7.1%, but are still not back to their level at the beginning of the year (8.9%). The percentage of private individuals' euro accounts is still only around 1% and is growing very slowly (only one in every thirty-three accounts is in euros).

(Quarterly note on the development of the use of the euro 04. October 2000. )

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