Announcement by the President of the European Commission on the Introduction of the Euro

In his announcement, the President of the European Commission Jacques Santer refers to the future, timeline-based introduction of the euro as a single currency and the advantages that its adoption will bring. Specifically, he mentions its initial introduction in 1999 as a currency to be used only in the banking system (as an intangible currency and for accounting purposes) and after three years its general use with the circulation of the first coins and banknotes.
Regarding the advantages that the adoption of the euro as the currency of the single market will bring, Jacques Santer mentions in his speech, among others, the monetary stability and low inflation it will guarantee, the transparency in price comparisons, the reduction of transaction costs such as in travels within the eurozone, and the elimination of uncertainty for businesses wishing to invest in another euro area member state due to the absence of exchange rate volatility.