Kopsavilkums par Igaunijas nacionālo pāreju plānu.


Published on

Marika Merilai, Igaunijas tirgotāju asociācijas vadītāja. Komunikācija un sadarbība kā eiro ieviešanas plāna svarīga sastāvdaļa. Eiro ieviešanas ietekme uz biznesu Igaunijā. Iegūtā pieredze.

Published in: Travel, Business
  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

Kopsavilkums par Igaunijas nacionālo pāreju plānu.

  1. 1. Changeover to EURO in Estonia 11.09.2013 Riga Marika Merilai Eesti Kaupmeeste Liit www.kaupmeesteliit.ee
  2. 2. Changeover to euro in Estonia Agenda • Practical information - basic principles • Dual circulation period • Rounding rules • Exchange of kroon cash into euro • Cooperation • Communication • Lessons learned www.kaupmeesteliit.ee
  3. 3. Changeover in Estonia vs. EU in 2002 and Slovakia in 2009 Things were easier for us as and for you: – Euro already existed – We could learn from other countries’ experiences (Finland, Slovakia) – We are a small country – less logistical problems Things are more challenging for us as: – Less international awareness: we had to put more emphasis on informing foreign partners and travellers www.kaupmeesteliit.ee
  4. 4. Changeover in Estonia www.kaupmeesteliit.ee Estonia joined EU and the ERM II in 2004 with existing EUR/EEK exchange rate 1 euro=15,6466 kroons Estonia started the preparations in 2004-2005 and the Government formed an expert commission On 1 September 2005, the Government approved the first version of the national changeover plan. See the latest, 9th version (.pdf) in 2010
  5. 5. Practical information - basic principles “Big bang” for settlements, contracts and accounting, 2 weeks dual circulation All banks changed kroon during one year (6+6 months) and 1 month before €-day Eesti Pank (Estonian Bank) changes kroons against euros with fixed exchange rate without time or amount limits www.kaupmeesteliit.ee
  6. 6. Practical information - basic principles Retail sector did display prices in the kroon and the euro at least 6 months before and after €-day No harm for citizens Continuity of contracts Responsibility. Expenditure related to the changeover were covered by market participants themselves www.kaupmeesteliit.ee
  7. 7. www.kaupmeesteliit.ee Starter kits of Estonia's euro coins In December 2010, the residents of Estonia could buy a starter kit of Estonia’s euro coins (42 euro coins with value of 12.79 euros) Starter kits were purchased from all the branches of commercial banks and also from post offices. Practical information - basic principles
  8. 8. Practical information - basic principles Business impact Although mostly perceived as an IT problem, Euro changeover affects almost all areas of a company: Finance and Accounting Operations Controlling Legal Human Resources Marketing and Sales Information Systems IT - the largest affected area due to its supporting function in all areas of business. IT cost tend to be 40-60% of company’s total changeover costs. www.kaupmeesteliit.ee
  9. 9. Dual circulation period www.kaupmeesteliit.ee Since the €-day - a two-week dual cash circulation period: payments were allowed in kroons and euros, but change was mostly given in euro after the period of dual circulation, the only legal tender in Estonia is euro.
  10. 10. Dual circulation period www.kaupmeesteliit.ee Practical recommendations for the period of parallel circulation: Plan a small reserve for the change of year to enable you to take cash in euros from your circulating capital, if necessary. If your shop wishes for a security company to transport the cash, all the necessary agreements have to be made by the end of September at the latest. During the period of parallel circulation, the number of cash registers in service has to be higher, since settling accounts in two currencies takes more time. It is recommended to return change to customers in euros during the period of parallel circulation.
  11. 11. Display of prices in two currences www.kaupmeesteliit.ee The dual display of prices let customers compare prices. For six months before and six months after €-day, retailers were required to display of prices in two currencies. Retailers were recommended to display prices (also unit prices) in both currencies in as many ways as possible, on websites, in promotional materials, catalogues, total amounts of invoices, purchase receipts, etc.
  12. 12. Display of prices in two currences www.kaupmeesteliit.ee The dual display of the amounts payable was especially important prior to €-day in order to prevent customers from calculating amounts payable in euros using an inaccurate exchange rate. The Ministry of Economic Affairs and Communications together with representatives from trade sector draw up guidelines for the dual display of prices. MILK 2,5% 0,5 L 4.20 EEK 0.27 € 8.40 EEK/1L 0.54 €/1L
  13. 13. Rounding rules www.kaupmeesteliit.ee Prices were converted at the exchange rate of 1 euro=15.6466 Estonian kroons. 1 EUR = 0.702804 LVL Rounding is carried out to an accuracy of at least one euro cent calculated to three decimal places. If the third decimal is 5 or above, the converted value is rounded up.
  14. 14. Exchange of kroon cash into euro www.kaupmeesteliit.ee Cash exchange took place through the following official channels: Bank branches Automated teller machines (ATM) Retailing post offices
  15. 15. www.kaupmeesteliit.ee Cooperation • Ministry of Finance • Ministry of Economic Affairs and Communocation • Estonian Bank (Eesti Pank) • Estonian Banking Association • Estonian Chamber of Commerce and Industry • Consumer Protection Board • NETS • IT companies • Security companies • etc • Estonian Traders Association • Retail chains and shops
  16. 16. www.kaupmeesteliit.ee Cooperation Frontloading and sub-frontloading of euro banknotes and coins before €-day (Estonian Banking Association, banks, G4S, retailers etc) Coin campaigne for donation of Food Bank ( 1226054 kroons or 78359 euros. Estonian Banking Association, Estonian Traders Association, Food Bank, G4S) Fair pricing campaign (started in the end of August 2010, Estonian Chamber of Commerce and Industry, Traders Association etc)
  17. 17. Euro communication One plan of communication Euro web page: euro.eesti.ee (in Estonian, Russian and English) in 2010 Guidelines Brochures to businesses, newspaper on euro to schoolchildren Moving exhibition Euro-calculator Newspaper articles, radio, TV Conferences, info-days and trainings for different interest groups www.kaupmeesteliit.ee
  18. 18. www.kaupmeesteliit.ee Lessons learned Timing. Better to start earlier with the assesmment of the impact Communication and information. Communicate and create awareness. The right information in time to the right people. Cooperation. Contact IT supplier. Cooperation with different parties, associations, working grouppes. Training. Estonian Bank, associations, companies etc
  19. 19. www.kaupmeesteliit.ee Lessons learned What we could take into account? Transactions in two currencies took more time we did think. Amount of coins was bigger and weight heavier During the first days customers used more kroons For SME-s was difficult to forecast the need of euro cash In rural places retailers were exchange points like banks The period of parallel handling/circulation of two currencies could be even shorter. At the end of the fifth changeover day 54 % of consumers were paying with euro only when using cash and all (96 %) customers were receiving their change in their new currency.
  20. 20. www.kaupmeesteliit.ee Retail sales (mln euros) 2005-2012 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2005 2006 2007 2008 2009 2010 2011 2012 Jaekaubandus, v.a mootorsõidukid ja mootorrattad Toidukaupade jaemüük Trend (Jaekaubandus, v.a mootorsõidukid ja mootorrattad) Trend (Toidukaupade jaemüük)
  21. 21. www.kaupmeesteliit.ee Retail sales volume index 1998-2013, compared with previous year Allikas: Statistikaamet -20 -15 -10 -5 0 5 10 15 20 2005 2006 2007 2008 2009 2010 2011 2012 Mahuindeksimuutus%
  22. 22. www.kaupmeesteliit.ee Consumer price index Source: Statistikaamet
  23. 23. www.kaupmeesteliit.ee Customers, retailers: be patient, be careful, be reasonable, be understanding, just do your best! Good luck!
  24. 24. www.eiro.lv http://www.euro.eesti.ee www.kaupmeesteliit.ee
  25. 25. Thank you! Estonian Traders´Association Eesti Kaupmeeste Liit info@kaupmeesteliit.ee www.kaupmeesteliit.ee www.kaupmeesteliit.ee