Io ha finalmente recoperite le texto del articulo in anglese que io ha
traducite concernente le Regno Unite e le lanceamento del nove moneta
europee.  Vos va vider que le version anglese contine multe metaphoras
difficile a traducer.

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All Set for Currency Launch

With Britain's Foreign Secretary Robin Cook this month telling MEP's of the
UK's commitment to preparing the way for a succesful launch of the euro on
1 January 1999, EP News looks at the issues involved and the events ahead.

ROBIN COOK in his address to MEPs,
reaffirmed: Britain will be in the chair
when the crucial decision is made in
May. We will discharge this responsibility
to the best of our abilities, fully and scrupulously
in a way that shows Europe's constructive
approach at its best. We want economic and monetary
union to be a success.

'Britain itself will not be in the first wave, but
that does not mean that we have no interest in
the success of monetary union. Our economy is
bound up with that of the continent and we have
every reason to work for a successful launch.'

Meanwhile, Parliament this month approved
several key reports designed to smooth the way
for the introduction of the euro.

MEPs recognise that the euro will have a profound
effect on Europes capital markets. With
France, Belgium, the Netherlands and Germany
deciding to convert existing debt and new issues
in euros as from 1 January 1999, this will act as a
boost to creating a unified European bond market.
The euro can also expect to secure a slice of
international trade presently largely undertaken
in dollars. MEPs also supported a report tabled
by Ingo Friedrich (D, EPP) who called for a
relaxation of national rules on private pension
fund investment to facilitate investment in the
new euro-zone. Mr Friedrich pinpointed the need
for the removal of tax distortions, the unification
of Europe's stock markets and the introduction
of a single EU company law.

EU finance ministers, normally the most reluctant
of government leaders to agree binding rules
on financial issues, have recognised the forthcoming
impact of the currency by agreeing a voluntary
code on taxation. International investment
advisors such as Moody's are already forecasting
that the establishment of monetary union will
lead to a considerable increase in cross-border
financial transactions and mergers with prospects
particularly bright for the institutional and retail
banking services.

The introduction of the new currency will first
affect financial institutions and large firms rather
than consumers. Non-cash transactions, including
electronic transfers of money, direct debit and
credit card payments, can be denominated in
euros as from 1 January 1999.

It will also lead to the creation of a single market
in financial services in the eurozone. This will
mean an increase in cross-border banking and
other financial products such as insurance poli-cies
and mortgages. It is possible that financial
institutions will offer loans and mortgages in
euros during the transitional period. It is also
expected that a stable currency will bring about
lower interest rates than for example those currently
prevailing in the UK, although this does
not mean they will necessarily be passed on to
borrowers. Banks and financial institutions are
well aware of the need to maintain competitive
rates to attract savers.

But establishing public confidence in the euro
among citizens across Europe is the greatest challenge
for EU leaders. Quite apart from their lack
of awareness of the technical aspects of the introduction
of the euro, it would not be surprising if
citizens and consumers were confused by the
entire EMU debate, given the widely diverging
and contradictory views held by economists, business
people and politicians about the desirability
of a single currency of the type envisaged under
the Treaty.

Neither has the process been helped in the eyes
of citizens by the fluctuating fortunes of the
process leading to EMU which has added to the
uncertainty surrounding the introduction of the
single currency. The uncertainty over who will
and will not be in the first wave of participating
member state has also hampered the process.
The varying degrees of support for the single
currency indicate that fears and concerns over the
introduction of the euro vary between member
states. In these circumstances, national and
regional authorities are best suited to respond to
the concerns of their citizens and consumers.
Cultural, linguistic and historical differences
between member states also mean that national
governments rather than the European Commission
should play the leading role in informa-tion
campaigns to promote the euro, and the UK
has now agreed to participate in these.
MEPs have also taken up consumer concerns
by insisting that proper safeguards are laid down
to ensure that shoppers are not taken advantage
of when prices are converted from national
currencies or saddled with unacceptable
conversion costs.

This month, MEPs called on the Commission
to put forward proposals designed to ensure that
national banknotes and coins are converted to
euros free of charge for users.

There is to be a flexible approach to dual pricing
during the transitional period between 1999
and 2002, with a view to striking a balance
between meeting consumers' needs and not
placing too great a burden on small shopkeepers.

From EP News AX-AD 98-001-EN-C ISSN-0250 5754 EP NEWS

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