Financial Wealth Ideas

* The first phase (January 1, 1999 - no later than 1 January 2002,): the transition to euro banking and financial sectors, the release of new government borrowing in the euro, the beginning of the production of euro banknotes; * The second phase (not later than 1 January 2002 - no later than July 1, 2002): the final transition to the euro in public administration, issuance of euro banknotes and coins, in the first 6 months as the currency, equal to National; * The third phase (not later than July 1, 2002): euro becomes the sole legal means of payment throughout the member countries of EMU.

The duration of the transitional period of three years by the need to prepare the public, banking systems and facilities, retail outlets and the public sector. It is assumed that early completion of the preparatory measures in the early stages, and the accumulation of a critical mass of new currency next steps can be reduced. For example, the period of parallel circulation of cash euro to national currencies of EMU has been possible to reduce from six to two months. Since January 1, 1999 the euro became the practice of non-cash settlements. In accordance with intergovernmental agreements, the EU countries regarding the use of the euro in the period between 1999 and 2002, there were no terms "forced" or "ban", since national currencies were interchangeable, in fact, replacing the euro, any bank deposit in the national denomination had the appropriate amount of Euro. Some European transnational corporations, for example, "Siemens" and "Phillips", have already begun to accounting in euros in 1999 Any movement in this direction could induce large companies, smaller companies to follow suit, even if the company will not use the euro for reference internal accounting, may be a tendency quotes prices in euros for the implementation of trade since 1999 for large companies that have always worked with a number of currencies, the transitional period did not create special problems with parallel light, for small and medium business, accustomed to work with one currency, it will be difficult. However, during the transition period, the company could not completely switch to Euro, as the public sector, and consumers will still enjoy the national currency. To ensure the success of the new currency in a transition phase, it is essential for the existence of an effective technological base billing. In particular, the database will be useful for the formation of the common short-term interbank interest rates throughout the "euro zone". This implies, in turn, creating a system through which large-scale cross-border transactions can be serviced within the same day. At the time of the switch to the euro, the EU countries there were three alternatives for the implementation of international payments:

* Billing system is the European System of Central Banks TARGET; * Clearing system in the Euro Banking Association ECU, now bears the name Evrobankovskoy Association (EBA); * National Clearing System, who shall serve as the align-time working hours in the country and cut off time of interstate charges in line reporting format and provide the possibility of remote access to local payment systems and banks in the EMU.