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The Euro Changeover in Slovakia

The Euro Changeover in Slovakia. General Assesment. Igor Barát P lenipotentiary of the Slovak Government for the introduction of the euro (2007-2009) Sofia 7 Dec 2009. Slovakia on T rack to the Euro. 2003 (€ -6y) Strategy of the Adoption of the Euro in the Slovak Republic

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The Euro Changeover in Slovakia

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  1. The Euro Changeover in Slovakia General Assesment Igor Barát Plenipotentiary of the Slovak Government for the introduction of the euro (2007-2009) Sofia 7 Dec 2009 www.euromena.sk

  2. Slovakia on Track to the Euro 2003 (€ -6y) Strategy of the Adoption of the Euro in the Slovak Republic 2004 (€ -5y) Slovakia becomes a member of the EU Specification of the Strategy 2005 (€ -4y) National Changeover Plan Designs for Slovak € coins ERM II entry 2006 (€ -3y) ............generalelections, new coallition............ 2007 (€ -2y) Changeover Plan update, preparations in sectors preparations for the campaign – tenders 2008 (€ -1y) Changeover Plan update, preparations in sectors, double pricing, Conv. Report, Council decision, conversion rate Info CAMPAIGN 2009(€- day) double pricing, CAMPAIGN CONTINUES www.euromena.sk

  3. Smooth and succesful • High level of public awareness (93% informed) • Enough cash (sub)frontloaded on time = no problems with cash demand • ATMs, POS operational immediately • Strong consumer protection program • Mandatory double pricing in advance • Dual circulation till 16 January • Extended hours in banks for cash exchange • Slower withdrawal of koruna cash www.euromena.sk

  4. Impact on Inflation • Price increase by • 0,12 – 0,19 % (NBS) • 0,24% (MoF) • Less than Malta, Cyprus, Slovenia (0,3 %) • Unjustified jumps in prices not registered • Some insignificant cases found in restaurants, hotels, cafés, services with www.euromena.sk

  5. Saturation with information Do you have enough information about the euro changeover (Slovak Stat´s)? www.euromena.sk

  6. Public opinion on the euro What will euro mean for you, personally (Slovak Stat´s) ? www.euromena.sk

  7. The introduction of the euro is/was... Focus Agency, SK) www.euromena.sk

  8. Lessons learned • Political consensus is essential! • Realistic and not shifted target date • Starting preparations well in advance pays! • Effective/transparent structure of responsibility • Best practises from other countries (AT, SI, BE, MT, CY... • Not everything works everywhere (black list) • Comprehensive „KISS“ campaign www.euromena.sk

  9. Hurdles and troubles • Everybody needs more money, staff... • Public procurement process • Short time for minting, sub/frontloading • Slow legislation – amendments, modifications, exceptions • Public sector is always slower • Public myths to be fighted („teuro“, too many coins, chaos among elderly....) Good Reasons www.euromena.sk

  10. The Ten (Euro) Commandments... • Discuss extensively before the target date is set • Start preps. immediately after setting the date • Draft realistic and detailed Changeover Plan • Create clear structures of responsibility • Provide adequate budget, staff • Communicate permanently home/outside • Start with big business sector • Special attn. to minorities, vulnerable groups • Look for consensus on main new legal provisions • Think of crises scenarios („Plan B“) for everything www.euromena.sk

  11. Thanks for Your Kind Attention Igor Barát Plenipotentiary of the Government of the Slovak Republic for the introduction of the euro (2007-2009) Advisor to the DG – Poštová banka Bratislava igor.barat@pabk.sk www.euromena.sk

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