Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-10-26-Speech-2-118"
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"en.19991026.3.2-118"2
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"Mr President, I never thought of comparing Mr Duisenberg with the Pope but if we are going to do so here in this Parliament then might I request that Mr Duisenberg’s role is a more independent one, if at all possible.
The annual report goes into great detail about the seamless way in which the crucial transition to 1999 was effected, a very important moment. Another such crucial point in time is on its way, that is to say the day on which Europe’s general public will literally have the new coin in hand. I have had several discussions with you, Mr Duisenberg, on how the Member States want to handle the introduction of the euro.
The closer the first of January gets, the more everyone becomes aware of the difficulties that consumers, particularly the elderly, and the retail trade are to face. An ever increasing number of studies state that there are going to be very considerable problems and these are being shouldered by the weakest parties: the consumer and the retail trade. It recently became apparent that the Central Bank will not oppose frontloading the general public with coins. It is true that the Member States are in agreement about the distribution of coins. However, the Central Bank has always maintained to date that regulations and/or laws preclude the frontloading of the general public with banknotes.
Mr Noyer came to Parliament recently and when I asked him what the main objection was to frontloading coins or banknotes he actually gave the vaguest answer I have ever heard. If he ever finds himself penniless then he will have no trouble at all getting into politics.
But I want a clear answer today. I know just how clear you can make yourself. What is the main objection? And do not tell me that it would be difficult to explain to people that they could not spend their euros for the first fortnight. Any citizen assumed to have an understanding of the Treaties of Maastricht and Amsterdam could not possibly have difficulty comprehending that. It is downright insulting to suggest otherwise. The Economic Institute of Small and Medium-sized Enterprises in the Netherlands, which I am sure you are familiar with, carried out a study and concluded that the retail trade needs to have 100% of its daily turnover available in change, as opposed to the 7% available to it now. The situation is so bad because the cash machines, the banknote dispensers will not dispense any of the small five and ten euro notes. I hardly need to tell you what kind of an impact that will have on cash flows, the security of check-out operators and shops, bank charges, etc. Every evening proprietors are going to have to convert their whole day’s takings into change again, doing the same for every shop they own. The banks will have to face up to their responsibility.
Mr Duisenberg, the Central Bank needs to come down from its ivory tower and really get to grips with the difficulties facing those ordinary people who are soon going to have to work with the euro. Have trial runs carried out if you do not believe me or the studies. But consider that the success of the euro will depend on its introduction running smoothly precisely where ordinary people are concerned. The discussion continues to focus on how much it will cost the banks. But the discussion ought in fact to focus on whether there is going to be chaos or whether things will run smoothly. The banks are equipped to deal with large flows of money and security but the corner shop and the local baker are not. You too will be assessed not in terms of greater or lesser increases or reductions in the rate of interest but in terms of how the euro will be brought into circulation."@en1
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