Following the green light given by the European Council that Malta will definitely adopt to the euro on 1 January, the National Euro Changeover Committee stepped up its preparations in higher gear to achieve a smooth and successful changeover. The final master plan, published the day after the official confirmation by the ECOFIN Council, crystallises the requirements of this last leg of the euro information campaign as well as outlines the technical and logistical preparations required in what can be termed as the most intensive and sensitive pre-in period.

Despite its relative infancy, the euro serves over 320 million citizens. Its international relevance continues to soar as it increasingly becomes the primary currency of choice for international debt securities and foreign exchange reserves. Its share in word trade and its strength as a payment currency attest to its global credibility mounting a veritable challenge to the US dollar.

With a GDP of around EUR4.9 billion and a population of circa 400,000, Malta is the smallest and most densely populated EU member state. In 2006 it had the fourth most open economy in the EU, and its average trade-to-GDP ratio hovered around 82 per cent in recent years. These characteristics constitute a challenge for both policymakers and analysts in that key economic variables are prone to volatility, being highly sensitive to external events and to shocks in specific sectors or individual enterprises which, though small in absolute terms, can have a disproportionately large impact in a small country context.

Adopting the euro as our national currency was an inevitable step to be taken to fully reap the benefits of the single market and to irreversibly integrate within the European economy and its financial markets.

In July 2005, the NECC was established by Cabinet with the clear brief of steering the technical preparations and the information campaign required to ensure that the country is adequately prepared in time for the adoption of the euro. Following the establishment of the technical groundwork through the publication of a series of guidelines, the NECC launched the euro information campaign on 6 June 2006.

The effectiveness of this campaign has been tested through the Eurobarometer surveys commissioned by the European Commission. As demonstrated by most recent surveys, the information campaign has significantly contributed to a sharp increase in the level of awareness on the euro and this significant increase is also reflected in the level of support for the euro project amongst Maltese and Gozitan citizens.

The past months have also been characterised by a series of “train the trainer” sessions. With the intent of creating a multiplier effect, the “trained trainer” is expected to conduct in-house training within his or her working environment. Training was provided to teachers, heads of elderly homes, company managers and euro assistants. Some 100 trainers from within the public sector have received training on the various aspects of the euro and are in turn cascading such training to reach about 2,500 employees. Many departments/entities are partnering with the NECC in the delivery of communication initiatives, especially, those targeting vulnerable groups. 490 laws are being adjusted in order to be euro compliant.

A number of tailor-made tools have been developed to address the needs of groups that could potentially require particular attention such as the need to provide easy to read material; educational DVD with sign language interpretation; audio converters; flash cards and flipcharts. Trainers have been purposely trained by NECC personnel to utilise these tools adequately in order to assist their clients to the best of their abilities.

A “euro curriculum” including plastic euro money kits and wallets to all school children and vulnerable groups has been prepared over the last months with the collaboration of the Education Division. The NECC is also closely working with the Maltese and Gozitan College of Parish Priests in order to spread the information to everyone.

Core messages are being delivered on a daily basis through regular television and radio slots; through the NECC’s monthly publications the Euro Times and l-Ewro fuq l-Ghatba; weekly adverts in national newspapers and magazines; targeted articles in magazines and newspapers; seminars and conferences. In addition, the popularity of Linja Ewro 154 continues to increase as its operative system is currently being reorganised to be more equipped for the potential increase of phone calls over the changeover period.

The last three and a half months leading up to euro adoption will revolve round information sessions organised at regional or local level – with the collaboration of the local councils and the parishes. Such meetings are aimed to also reach housewives and senior citizens.

A campaign will specifically cater on the provision of information regarding euro banknotes security features and on the use of the BOV converter, a dual display convertor sponsored by the NECC’s official partner bank – Bank Of Valletta. Lastly, euro centres will be temporarily set up in different towns and villages. These will serve in order for the public to acquire information and discuss their queries with a number of well informed and trained officials.

The launch of the voluntary FAIR Initiative in January this year invited businesses to commit, not only to adopt dual display prior to the mandatory period, but also not to increase prices due to the euro changeover. Over 6,000 business entities have been awarded the FAIR trust mark. This is a pledge by the business to their customers. Legislation and enforcement structures are in place to ensure businesses honour their FAIR commitments.

Following the success of the FAIR scheme, the NECC is now reaching signing price stability agreements with various importers, distributors and companies who voluntarily pledge not to increase prices between October and March.These price stability agreements are intended as a tool to ensure transparency in pricing, to enhance consumer confidence and to continue promoting fair pricing.

The information campaign is focusing on empowering consumers by generating awareness that euro adoption should not mean price rises. In addition, consumers are being urged to use their influence by questioning unnecessarily inflated prices of goods or services.

The preparations for the adoption of the euro are not subject to complacency. The NECC shall be unveiling its final leg of the euro changeover communications through a euro countdown information campaign when the calendar leaves just 100 days to go!

Melvyn Mangion is manager, public and media relations of the National Euro Changeover Committee