The present communication intends to provide a comprehensive assessment of the impact of the changeover to the euro at Community level and the resulting effect on Member States. It reflects the outcome of preparatory work within the Commission, involving each of its services, and of contacts with representatives of the other Community institutions and organs.
This preparatory work has covered in particular the following areas:
the practical consequences for Community policies;
the euro-compatibility of Community legislation;
the impact in the technical and operational sphere (information technology, administrative changes, information and training of staff, etc.).
Besides the assessment of the various consequences of the transition to the single currency, this communication will also provide an overview of all work (legislative and other) which will need to be carried out before and after the start of Stage Three. This work programme is presented in detail in annex 8.
Part of these preparations will involve other Community institutions, for example whenever specific legislation needs to be enacted. In addition, this legislation initiated at Community level will produce a direct or indirect impact at Member State level. In this respect, the present communication will assist both the Member States and the Community institutions in general in the finalisation of their own internal preparations
(Euro Papers. 9. November 1997.