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"Over all, the supply of money is there," said Antti Heinonen, the European Central Bank's official in charge of the currency changeover.
The euro was a weakling when 11 members of the European Monetary Union began replacing French francs, Italian lire, Deutsche marks and other European currencies with euros in a sweeping currency changeover on Jan . 1 , 1999
Romano Prodi, the president of the European Commission, produced an unusually apt and successful soundbite, saying that the great currency changeover would mean that millions of ordinary folk across the continent would have a "little bit of Europe in their pockets".
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Such legislation would also require all other financial dealings private-sector pay, mortgages, stock prices, bank loans andealings private-sectorto the new currency.The changeover would have to be swift and compayte to limortgagescial chaostock
Whatever the official exchange rate at a changeover, the new currency would quickly find a market level against the euro and other currencies.
As a decisive step in the clarification of the process of introduction of the single currency, the European Council adopts the changeover scenario attached in Annex 1 which is based on the scenario elaborated at its request by the Council, in consultation with the Commission and the European Monetary Institute.
Big London-based multinationals like British Airways, and international companies with subsidiaries in Britain like Ford Motor, generally focus more on the advantages of adopting the euro than small companies, which are more concerned with the likelihood of an expensive and unpredictable changeover to a new currency.
Law enforcement agencies in Europe are worried about the changeover to a common currency in 12 European countries that is supposed to start on Jan . 1 , 2002
The European Council adopted the scenario for the changeover to the single currency, confirming unequivocally that this stage will commence on 1 January 1999.
It is vital that these successes are now accompanied by further measures which strengthen democratic control, protect the rights of consumers and fully inform ordinary people about the changeover to the single currency so that the prophets of doom will not be proved right.
The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, until 28 February 2002.
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