Businesses Readying For EU Currency

BRUSSELS, Belgium — Three hundred days before the arrival of euro notes and coins, the European Union's head office appealed to small businesses Wednesday to move faster in getting ready to ensure a smooth changeover. While euros and national currencies will circulate side-by-side for up to two months in the 12 EU nations making the switch, there is no transition period for non-cash transactions, Monetary Affairs Commissioner Pedro Solbes said. Every company, regardless of size, is legally obligated to conduct bank transfers, tax returns, invoices and accounting systems in euros as of Jan. 1, he noted. "So please get ready on time," he said. A Eurobarometer poll last month found only a quarter of small and medium-sized businesses had already made their preparations for the euro. A majority said they would wait until the last minute, with some unaware of the legal requirement to switch bookkeeping as of Jan. 1. Also Wednesday, the European Commission, the European Central Bank and Europol, which helps coordinate Europe's law enforcement efforts, announced the formation of an interagency group to prevent and combat euro counterfeiting.