Nieuwe lidstaten bereiden zich voor op de euro (en)

EUOBSERVER / BRUSSELS - As Brussels prepares to publish on Wednesday (10 November) a report on the practical arrangements for joining the euro, some new member states are already making preparations to join the single currency.

Two of the earliest contenders to join the euro - Lithuania and Estonia - are already thinking of minting their first coins, as they hope to join the euro in the latter half of 2006 or early in 2007.

The Lithuanian Central Bank has already chosen five designs to adorn their euro coins. The designs, selected from 14 entries, will include the Lithuanian national coat of arms (a horse and rider), the 12 stars of the European Union and the symbol of the Lithuanian mint.

Lithuanian diplomats say that the coins can be ready in 18 months but there is no indication of how much it will cost.

Eurovision contest

In Estonia, the process is more "showbiz". Members of the general public have sent their best design ideas into the Estonian Central Bank, which on Wednesday is set to choose the best ten entries.

The public will then be able to select their favourite designs on the basis of a telephone vote after a "Eurovision-style" television show. The results will be announced on 11 December and the winning design will scoop a prize of 70,000 Estonian Kroons (or 4,400 euro).

There are eight euro coins (2 euro coin, 1 euro coin, 50 cents, 20 cents, 10 cents, 5 cents, 2 cents and 1 cent). Each type of coin has a standardised symbol on one side but member states are then free to choose a symbol for the other side.

And member states joining the euro have many practical difficulties to overcome, such as reprogramming vending machines and cash machines and retraining retail staff.

But despite a few minor teething problems, the 12 countries that now share the euro were remarkably successful in overcoming these logistical difficulties and the introduction of the euro was smooth.

Long process ahead

On Wednesday, the European Commission will issue a document outlining what the new member states need to do in practical terms before joining the single currency.

The ten countries are treaty-bound to join the euro, but may do so at their own pace.

A Commission spokesman said on Monday (8 November), "you may recall perhaps that it took the 12 member states that adopted the euro about six years to get ready".

"So one should not underestimate the importance of the proper preparations if the operation to introduce the single currency is to be a smooth one and to ensure that the people in those countries are sufficiently prepared".