A TOP E.U. finance official said yesterday that there was an urgent demand for information on the euro by the Cypriot public, given that its introduction was only 14 months away.
Marco Buti, Deputy Director-General, Directorate General for Economic and Financial Affairs highlighted the need for Cyprus to undertake an information campaign on the euro aimed at the general public.
Buti cited recent Eurobarometer reports showing that two thirds of Cypriots feel they are not well informed about the euro, which Cyprus hopes to introduce on January 1, 2008,
The EU official was in Nicosia yesterday to open the ‘Euro Coins Genesis’ exhibition with Central Bank Governor Christodoulos Christodoulou.
“Joining EMU and introducing the euro is a major challenge for every country – it was a challenge for the 12 countries that are in the euro area today, it will be a challenge for those that will join in the future,” Buti said.
“Successful entry into the euro area also requires careful planning and extensive practical preparations, which involve both the public and private sectors, and of course, the public at large.”
He said that having joined the ERM-II in May 2005, Cyprus was aiming to join the euro area in 2008, and was carefully implementing its fiscal strategy as laid down in its convergence programme.
“An essential condition to enable the public to switch to the euro with complete confidence is implementation of a clear, up-to-the-minute information and good communication strategy,” Buti added.
“The communication activities should take the fears of many Cypriots into account: many believe that the euro introduction will increase inflation or fear abuses and price fixing during the changeover. The results of this opinion poll underline the need to undertake information and communication activities aimed at the general public in Cyprus.”
According to Buti, the Commission was in favour of decentralised campaigns based on the assumption that to be credible and effective, information and communication activities must reflect citizens’ culture, language and concerns.
In order to encourage and financially support the Member States, the Commission has entered into Partnership agreements and set up a twinning programme between “old” and “new” Member States.
Cyprus is participating in two twinning programmes: the first with Malta and Ireland on the changeover communication strategy; and the second with Greece on technical preparations and the role of the central bank in the changeover, as well as the communication activities of the Central Bank.
Cyprus has also signed up, not only for the exhibition opened yesterday but also a conference titled ‘EMU Governance and Euro Changeover: Cyprus on the path to the adoption of the euro’ that will take place on November 30, 2006, the production of portable stands, the delivery of promotional material, the conduct of specific opinion polls and the organisation of a seminar for journalists;
“The Commission believes that these information and communication activities will contribute to increasing the overall level of awareness and dissemination of information on the euro in Cyprus,” said Buti.
Central Bank Governor Christodoulos Christodoulou said the introduction of the euro constituted a difficult and comprehensive undertaking, “it requires enormous preparation”.
“But it creates without a doubt a new dynamics in our economic course and prospects,” he said. “The Central Bank is working methodically with all those involved for the successful introduction of the single currency including the briefing all institutions, and providing the widest possible information campaign for the acceptance of the euro by the public.”
Our euro coins on show
Jean Christou
THE IDOL of Pomos, the Kyrenia ship and the Cyprus moufflon are the chosen designs for the Cyprus euro coins, and made their debut at the Central Bank last night during the launching of two exhibitions on the euro.
According to Central Bank Governor Christodoulos Christodoulou the three national symbols depict particular but different characters of Cyprus.
Christodoulos was speaking at the launching of two exhibitions: The Euro Coins Genesis a touring exhibition organised by the EU, and ‘From the Pound to the Euro’, which was organised by the Central Bank itself.
The 3,000-year old idol of Pomos, which will appear on the 1 and 2 euro coins represents the antiquity of the island, Christodoulou said.
He said it was 2,500 years since the first monetary units were used on the island, cut by the King Evelthon of Salamis.
“The 50-, 20- and 10-cent coins also draw on history and will depict the Kyrenia ship, which represents the island’s contribution to trade,” Christodoulou said.
“The third choice expresses the nature and will depict the indigenous wild moufflon, which will be on the smallest coins of 5-, 2-, and 1-cent.”
The coins were designed by Tatiana Sotiropoulou, a book illustrator and Erik Maell, an artist and illustrator, and have been approved by the cabinet and by the European Commission and the European Central Bank. Christodoulou said there had been 46 submissions from 37 artists and congratulated Sotiropoulou and Maell on their success.
Marco Buti, Deputy Director-General of Directorate General for Economic and Financial Affairs. Who jointly opened the exhibition last night with Christodoulou said it would give “a flavour of a small, albeit important element” of the technical preparatory work for the launch of the euro, illustrating the work involved in selecting the coin designs.
“This exhibition both presents the euro coins and describes the competitions in which the designs for the national and the European sides of euro coins were chosen. It also presents some of the designs of the national sides which did not reach the final selection,” he said.
The exhibition will run until December 8, while the second exhibition on the history of the Cyprus currency will remain open until the end of 2007.
“The passage from the pound in the Euro constitutes important historical landmark in the monetary history of Cyprus,” said Christodoulou.
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