In a statement, the NECC said that the dual pricing period will not oblige consumers to pay using euros and neither will it oblige businesses to accept only the European currency rather than the Maltese lira. On the other hand, the committee said it is recommending that the euro is not used until it is officially introduced on 1 January 2008.

The committee said the dual pricing period is meant to facilitate the use of the new currency and is aimed at helping business and consumers alike to get used to the new currency.

It said studies have revealed that in Ireland and Austria, where the euro was introduced following a dual pricing period, the change from the country’s currency to the euro was the smoothest, without major problems for businesses and consumers.

It said Slovenia, which is planning to introduce the euro on 1 January 2007, has started the dual pricing period in March. Moreover, it said that a study conducted by the European Commission had revealed that in those countries where the dual pricing period was a voluntary one, business and consumers found it difficult when the euro was eventually introduced.

The NECC reiterated that no cash registers will have to be changed, neither for the dual pricing period nor when the euro is actually introduced. It also explained the difference between dual pricing and dual circulation. Dual pricing is when objects and services are marked in Maltese lira and the euro while dual circulation is when consumers can pay in Maltese lira and given change in euro. The NECC said dual circulation will take place only in January 2008.

An information campaign on the euro is presently underway and this will be intensified as the date for the introduction of the euro draws closer.