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FOOL'S EYE VIEW
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In 45 days time citizens in 12 European nations will find themselves having to use euro banknotes and coins. And, if you're planning to visit what's become known as the 'euro zone' from January onwards, so will you. Recent research by Cater Allen Bank, one of the UK's providers of Euro bank accounts, shows that, although more than half of the British public are aware that January 1, 2002 will see the launch of Euro notes and coins, our knowledge of the new currency is still pretty limited. Courtesy of the television, we've probably all seen what a Euro looks like by now – it's pretty similar to a £1 coin really although its value is about 60 pence. And, if you want to see what the rest of the currency looks like, the European Central Bank has put up lots of pretty pictures on their website for us to peruse. As for those who will be directly affected – some 300 million people live in the euro zone – they'll be able to buy 'starter kits' of the real thing a fortnight before the 1st January launch so they can begin to get used to it. Don't lose out It's encouraging that more than half of the UK's population know when the new currency will be in circulation, but it is more worrying that only 21% of our population know that the old currencies will cease to be legal tender from February 28, 2002. It's estimated that around £410 million in European currencies is simply lying around in Britain's households - the average amount being about £40. People really ought to act at some point over the next three months to ensure they have converted all the different currencies back to Sterling or into Euro by the deadline, otherwise it'll be worthless. (In fact, most banks will change it up until June next year but you may be charged more for the privilege if you leave it until after February). On a practical level, although UK businesses which trade in the euro zone will obviously be greatly affected, we tourists are probably not going to find it too much of a problem. After all, foreign currency is foreign currency so, instead of standing in a shop trying to work out whether 10 francs or 250 pesetas for a kilo of tomatoes is good value in English money, we'll only have to think about the euro whichever of the 12 countries we're in. The price transparency will clearly make it much easier for the consumer to assess value for money particularly if you're wondering whether to indulge in that increasingly popular activity – importing a car. Prices can vary quite dramatically across Europe and comparing them should be a doddle after January. Pity the citizens of these euro zone countries though. Most countries will operate the transitional period of around two months so that euros can be phased in while their national currency is phased out. The idea is that you hand over 100 francs for something and receive euros in your change so that it can be gracefully integrated into the system without too much hassle. But I can't imagine it's going to be much fun standing in a queue of people in a supermarket while the person at the front tries to work out whether they've been given the right change or not! Thank goodness we'll only have that problem if we're on holiday there during January and February. In case you're beginning to plan your own holiday and you're wondering which countries will be affected, the 12 countries switching to the Euro are: Austria, Belgium, Finland, France, Germany, Greece, Italy, the Republic of Ireland, Luxembourg, The Netherlands, Portugal and Spain. You can find out more information on the government's Consumer Gateway website.