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.
Since the end of February the national currencies are no longer legal tender, the major exertion by society is over and life is beginning to return to normal in the euro countries. For Sweden, however, a changeover of banknotes and coins still lies ahead, if we were to say "yes" in a referendum on full membership of the monetary union. It is therefore important that all of us in various sectors of society take a look at how the changeover has worked in the different countries and learn from this. Today I intend to begin by discussing what experiences Sweden could learn from the cash changeover. After that, I shall say a few words about the timetable for a potential Swedish full participation in the third stage of EMU. The cash changeover in the EMU countries The overall picture painted by the ECB, the European Commission, embassies, central banks and media with regard to the euro introduction is that it has gone smoothly, and above all quickly. Only a few days into 2002 the euro was being used in most cash transactions and only a few of the problems that had been feared actually arose. On the other hand, other, rather more unexpected problems arose in the aftermath of the cash changeover, because of the rapid pace at which it occurred. I shall mention some factors here, both positive and negative, which have affected the outcome of the introduction of the euro.