How Can European uses and Consumers Have Confidence in the Euro? Six Socio-Economic Hypotheses

Abstract

Chronologically speaking, greater European unity is being established through the introduction of a new monetary and financial instrument. However, this does not mean that the arrival of the euro should be seen as a merely technical operation.

The phasing out of national currencies and the acceptance, both intellectual and pragmatic, of a common monetary unit shared by a number of different societies is no simple matter, even in times of peace. The identification and analysis of the major categories of obstacles encountered and of concerns voiced by different groups and populations should guide the different governments in their choice of policies to accompany the transfer to the euro, with attention focused on the most economically, socially or physically isolated individuals. By taking account of the psycho-sociological impact of this monetary changeover, the political authorities will ensure that the spheres of information, communication and "education" are not left entirely in the hands of the commercial and financial institutions.

Each citizen will need to build up a feeling of trust with respect to the euro, to learn how to use this new monetary code by creating a new scale of prices and a new set of monetary references. The adaptation phase, whose length will vary for each individual and in each country, will need to be specifically adapted to suit particular national, regional and even local characteristics.