Mr Latter comments on the euro: first impressions from Hong Kong Address by Mr Tony Latter, a Deputy Chief Executive of the Hong Kong Monetary Authority, at the seminar entitled, “Five months of the euro: what does it mean for business in Hong Kong?” held in Hong Kong on 11 May 1999. Introduction It’s probably true to say that the arrival of the euro passed without incident and almost without notice in Hong Kong. You might think this a somewhat ungracious statement with which to begin. But it certainly does not mean that the euro is unimportant to Hong Kong. What the statement tells us, first and foremost, is that the preparations for the euro by those sections of the community for which its arrival was of immediate importance - and here I refer principally to the financial sector and parts of the commercial sector - were totally successful in ensuring a smooth and hence unremarkable transition. I would like to congratulate all concerned on that achievement. At the other extreme, my opening remark could also be taken as confirmation that the arrival of the euro was of no direct importance to the man in the street, who may never even have seen a European currency; even if he has, he will not have to confront the euro in physical form until the banknotes appear in 2002. I should like to spend a few minutes discussing two aspects of the euro.
It is my hope that policy makers and financial service providers will utilise this information to develop strategies that will lead to the expansion and improvement of financial access for our people. BIS Review 115/2006  1  In Conclusion – May I emphasise that the nation is looking forward to the findings of the FinScope Zambia 2005 Survey which will help us fully understand the financial landscape in Zambia and therefore open up new market segments and allow us expand accessibility to financial services in Zambia necessary for reducing poverty. The report of the FinScope Zambia 2005 Survey will be posted to the Bank of Zambia website, www.boz.zm, for public information. Thank you. 2  BIS Review 115/2006