I have outlined the various operational issues that arise in relation to the launch of the euro. It is appropriate to reflect at this point on why a single currency is being introduced. It is seen as essential to full exploitation of the single marketplace and to the economic integration of Europe. It is necessary for the evolution of a single monetary policy.
With a multiplicity of currencies there are always extra costs and additional barriers to cross border trading. There is also a lack of transparency in pricing. In the new order it will be possible to compare prices directly from one country to another and this should be of considerable benefit to the consumer.