The Full Cost of Introducting the Euro in Germany and Europe Is a Mystery to All Concerned

The euro is here. It has been here since Jan. 1, 2002. But nobody knows how much it cost Germany to introduce it, according to a Frankfurter Allgemeine Zeitung poll of industrial associations and corporations reveals.

Over three months since the end of the dual-currency period, nobody has taken the trouble to calculate the final cost of converting Germany from the beloved deutsche mark to the euro.

The figures that are mentioned are said in many cases to be simply rough estimates made before the conversion and with a view to exerting pressure on politicians to reimburse costs.

Not even the euro's guardians, the European Central Bank, has estimated the cost of the euro's introduction.

"No reliable figures can be ascertained," says a spokesman.

[EuroTracer's Comment: For copyright reasons, the complete article cannot be shown here. The original article might still be available at the link below.
According to the EU Commission Communication to the European Council, COM (2001) 561 final of 2002-10-10 on page 29, the budget for the Eurosystem campaign was €80 million. It said:

The Euro 2002 information campaign is being run by the ECB and the twelve national central banks of the euro area. Its target audience is, firstly, the population of the euro area and, secondly, populations beyond. It has been running since mid-2000 and will continue until spring 2002. The campaign budget is €80 million. The campaign itself is being conducted in the eleven official languages of the European Union. It is complementary to the national campaigns in each participating Member State. It is a unique and specialised campaign which focuses on the practical aspects of the introduction of euro notes and coins, and in particular on the following four key issues:

• the detailed visual appearance of the euro notes and coins,
• their main security features,
• the denominations of euro notes and coins, and
• the changeover arrangements.

Outside the euro area, the campaign will run advertisements in the international press and on television in December. The international media campaign includes in-flight advertising (magazines and videos), as well as information provided at major European airports. In addition, the international version of the public information leaflet will be translated into twenty-three other languages. This effort is being backed up by bilateral initiatives undertaken by national central banks in areas where their national currencies (legacy units) traditionally circulate.]

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