(Euro Papers. 34. April 1999.
Brussels. Tab. Ann. Free.)
Summary and conclusions
Following the request of the ECOFIN council of 18 January 1999, the European Commission has carried out a study on the potential shortening of the duration of the transitional period related to the introduction of the Euro. This report explains that a shortening could jeopardize a smooth and stable transition. In this report you will get familiar with the official position that the Commission holds on this issue as of today.
The information provided to you in the following pages is not a deep study of this matter but rather just an insight to the main issues which could affect the changeover period such as the following:
I. Technical obstacles
1)Concerning the production of euro coins and notes
2)Information systems dealing with the design and adaptation of IT systems , changes in data processing and the millennium bug.
3)Complexity of changes required by the public administrators
4)Legal framework for the euro
II. Preparation of certain economic operators
3)Small/medium size enterprises
III. Advantages of reducing the transitional period cannot be guaranteed
2)Reopening the debate of introducing coins and notes
The Commission has evaluated and considered the needs of the different sectors and parties involved in the changeover and it sees a need to proceed with the three-year transitional period, which was adopted by the Madrid European Council on the 15th and 16th of December 1995 in order to make the transition a gradual and stable process.