When the first 12 European countries introduced euro cash each country defined a transitional period for the parallel use of the euro and the national currency, based on the maximum time frame set by the EU legislator. BIS Review 84/2009  3  A common migration end-date across Europe should, however, give national communities the possibility of setting earlier dates at the national level.
Growth in total household credit has slowed and the Bank continues to expect that the household debt-to-income ratio will stabilize near current levels. •  Despite the projected recovery in exports, they are likely to remain below their prerecession peak until the second half of 2014 owing to restrained foreign demand and ongoing competitiveness challenges, including the persistent strength of the Canadian dollar.