As Malta awaits the publication of the European Commission’s convergence report on euro adoption, which is due to be issued today week, a recent EC communication said the changeover to the euro in Slovenia was “a clear success”.
This augured well for Malta and other member states that were planning to adopt the euro. The National Euro Changeover Committee (NECC) has been following the situation in Slovenia ever since it joined the eurozone last January.
Malta’s convergence report on euro adoption is expected to give a good indication as to whether or not Malta is fit to join the single currency next January.
According to new data published in the European Commission’s communication on Slovenia’s changeover, overall inflation has remained stable despite price increases of some goods and services.
European Economic and Monetary Affairs Comm-
issioner Joaquín Almunia said: “Slovenia’s adoption of the euro was a swift and smooth affair. This once more underlines the importance of early and careful preparations and of timely information and communication on the euro.”
The European Commission’s communication said Slovenia’s experience was important, as other member states planning to adopt the euro in the future may want to build on that experience. Malta and Cyprus plan to introduce the single currency in 2008, Slovakia in 2009.
NECC officials visited Slovenia and met with their counterparts working on the euro adoption project to learn from their experience.
Melvyn Mangion, manager public and media relations at NECC, said the Slovenian information campaign on the euro was more low-key than that in Malta.
“Their TV slots started just four weeks before the actual changeover. Ours on the other hand started in July last year and the campaign will be intensified if the convergence report is positive.
“The Slovenians had nothing like our Fair-pricing Agreements In Retailing (Fair) initiative, by means of which customers are being empowered to monitor prices in both Maltese lira and euro, and become familiar with prices in the single European currency,” said Mr Mangion, adding that if everyone collaborated, the local changeover would be even better than the Slovenian experience.
While some unusual price rises occurred in restaurants, bars and coffee shops in Slovenia, consumers’ fears about significant systematic price increases related to the changeover were found to be unjustified.
Overall, in the first four months of this year, prices went up by 1.3 per cent, compared with 1.5 per cent for the same period of 2006, according to information published by the Statistical Office of Slovenia.
The vast majority (95 per cent) of Slovenians believe that the changeover took place smoothly and efficiently, according to a survey conducted at the end of January.
More than nine out of 10 Slovenian citizens feel well-informed about the euro and are satisfied with the level of information they were given by the national authorities.
The picture is more mitigated with respect to price conversions, which are generally believed to be fair by only a small majority (56 per cent) of respondents, with 44 per cent holding the opposite view.
Moreover, only a minority of 38 per cent believe that prices were fairly rounded off during and after the changeover.
Today, the NECC will be organising a public dialogue meeting on the perceived inflation in Italy during the euro changeover.
The main speakers will be Paolo Del Giovane and Roberto Sabbatini from Banca d’Italia.
The meeting is being held in collaboration with the University of Malta. It will take place in the Erin Serracino Inglott lecture theatre at the university at 6.30pm.