On the whole, the turnover in the retail trade appears to have increased prior to the changeover, which is connected with an increased use of cash during the same period. Many consumers have quite simply chosen to consume extra during the late autumn of 2001 to use up their national banknotes and coins. The rapidity of the changeover appears to have simplified it for the retailers, as the period of using two different currencies was relatively short. In Sweden, the retail trade is already represented in the SIFS group (Consultation and Information with the Financial Sector), which is led by the Riksbank and as the preparations for a cash changeover proceed, we will certainly have reason for closer contact. The rapid changeover to the euro has had the result that the need for transportation and storage of both euro and national currencies has increased and become more concentrated than estimated. It is above all the national currencies that have created storage problems for the retailers and banks, as return transport of these has had to wait until sufficient amounts of euro have been distributed in the market. Despite this type of problem, the speed with which the euro was introduced has meant that there have been calls in many countries to shorten the cash changeover period, which has lasted between one and two months.
For instance, in Austria and Spain some shops have refused to accept schillings and pesetas, despite the fact that these were still legal tender, as it was considered unnecessary to have two parallel cash desks when the changeover was more or less complete. This is a question that must be considered carefully with regard to Sweden. I know that the retail trade would like to see the shortest possible cash changeover period and experiences from the current EMU members indicate that two months may be on the long side. However, there is a risk that an introduction of the euro might not occur as rapidly in Sweden at a later date, as the currency would no longer be exciting news and the general public would already have access to the banknotes and coins from other countries. Of course, it is also possible that the Swedish people, as soon as the exchange rate is irrevocably fixed, will begin exchanging krona for euro and there will be unofficial use of euros. In this case, the changeover could be implemented in a very short space of time. It would also mean that the foreign exchange offices would play an important role in the cash changeover in Sweden. This question is one to which the Riksbank will return within the co-operation with the SIFS group. One subject that often arose in the debate prior to the cash changeover was that surreptitious price rises could be made in the translation from national currencies to the euro, which would create inflationary pressure.