Shops will be in the firing line when the euro notes and coins are introduced. Cashiers will have to handle kronor and euro side by side for a time and customers BIS Review 41/1997  -4-  will no doubt have many questions about prices and conversion rates. Besides calling for resources as well as training, this will require a good deal of adjustment in retail trade. I shall now consider some of the foreseeable changes and also take this opportunity of commenting on the requirements formulated by the Research Institute for a changeover to euro. Banknotes and coins The Madrid meeting in 1995 agreed that euro notes and coins are to be introduced at the latest by 1st January 2002. Many people have reacted to an introduction at the turn of a year, which is when retailing tends to be most hectic. The agreement, however, stipulates 1st January 2002 as the latest date, so perhaps a start might be made in the autumn of 2001. The alternative of spring 2002 has also be mentioned. This matter is still being discussed; the Riksbank shares the trade's opinion that the turn of a year should be avoided and is therefore working for another date. The timing of the practical changeover arrangements is to be decided by each country; for Sweden the Riksbank hopes that it can be managed in a much shorter period than the maximum of six months. The public will be informed in good time about how the changeover is to be carried out.
Retailers have expressed a wish that this should continue to be possible with the euro, in which case an active introduction of the 1 and 2 cent coins would not be called for and we could round to the nearest 5 cents (approximately 43 öre). We appreciate this view and have promoted it at various levels but without gaining much support. So we do not yet know the outcome. It must be realised, however, that if we join the euro area, even the smallest denominations will be legal tender. So there is no way of entirely avoiding the small coins in Sweden. Cash receipts Today's cash registers are capable of recording total sums in two currencies. If each item is to be registered in both currencies, however, it seems that all the existing cash registers would have to be replaced. I agree intuitively with retailers that it would hardly be reasonable to do this throughout Sweden in order to register two currencies for a period that is likely to be shorter than six months. Perhaps we can make do with receipts that give the total in euro as well as kronor together with the conversion rate. That would be much the same information as the banks have agreed to provide on statements of account. Once again, however, this is a matter where retailers and consumers must get together and discuss what is reasonable. As I have said, EMU will affect each one of us.