(Quarterly note on the development of the use of the euro. 05. February 2001.
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:
- the use of the euro in relations with administrations is a little lower. On average, its use is down slightly in terms of value for VAT returns (from 6.1% to 5.7%) but static for customs declarations at around 7%;
- national payments made by firms in euros are up by nearly six points in value terms (from 24% to 30%) and three points in terms of volume (from 3% to 5.8%). More than 32% of international payments are in euros (39,7% 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 countries). The proportion of euro accounts is slightly up (3.9)%. The pace at which new euro accounts are being opened is picking up and is now more one in every ten accounts. 52% of firms (compared with 45% in the last review) state that they have started setting prices in euros and 12% systematically invoice in euros;
- payments in euros by individuals have risen very slightly, from 1.1 % to 1.38%, but have fallen from 7.1% to 6.1% in value. The proportion of private individuals' euro accounts is growing slowly and stands at 1.64% (more than one in every thirty-three new accounts opened is in euros).