You are here

Close on 3/4 of all payments by consumers now in euros

09/01/2002 09:59
According to the latest data from the EU Commission, the proportion of cash payments in euros is currently over 60% in all the participating countries. Although the sales have started in some of them, queues are no longer than usual in shops and have begun to ease significantly in most banks.

Cash payments in euros are still surging ahead, accounting on average for just under 75% of total payments. The proportion is over 60% in all the participating countries. The buoyant consumer demand for euros, coupled with the very rapid return of national currency to banks and to shops, is tending though to create bottlenecks in the availability of money transport facilities, with the priority naturally being given to distributing euros in order to avoid any disruption in trading.

Payment patterns are returning to normal as consumers gradually revert to their customary behaviour. The volume of withdrawals from cash dispensers is also back to normal in most participating countries. Vending machine operators are speeding up conversion of their machines so as to avoid any interruption in operations, since most consumers now have only euro coins to spend. The situation varies a great deal between the participating countries. While practically 100% of machines have already been converted in the leading group of countries, it may not be until the second half of January that a comparable figure is reached everywhere else.

The process of switching over entirely to the euro is moving ahead smoothly.