Over the weekend, a massive logistical operation got underway to commence the delivery of euro notes and coins to banks and retailers across Europe. Some €50 billion coins and €14.5 billion notes are involved, presenting problems not only of organisation but also of security. Last week, we got our first glimpse of the final euro note designs and now the information campaign to prepare business and consumers for the launch of the notes and coins next January is to move up a gear. The euro may have had a troubled start as a currency traded on the financial markets, but the authorities are determined that its physical birth will be more successful.
The euro, of course, has been our official currency since January 1st 1999 - technically since then, member currencies such as the pound have been denominations of the single currency. But it will only be next January, when we start conducting our normal daily transactions in euros, that the changeover will become real for most people. By the middle of February, the familiar pound notes and coins will disappear and we will share a common currency with the 11 other members of the euro zone.
There is much work to be done before this happens. No doubt, the European Central Bank and its subsidiary central banks have planned every detail of the arrival and distribution of the euro notes and coins. It is vital that this operation is smooth. If it is not, the inevitable disruption in the changeover period could degenerate into chaos.
The stepping up of the information campaign aimed at consumers and business is also timely. Recent surveys have indicated an alarming ignorance among many small firms. Consumers are only likely to really understand the currency when they need to - when it is in their pockets. But there is no excuse for businesses. There is a wealth of information available from state agencies and the Euro Changeover Board on the implications for companies. Those who are not ready will have only themselves to blame.
Many larger companies face another challenge related to the euro introduction - pay claims for employees for the disruption caused by the changeover. Employees must of course be rewarded for any extra hours worked and many will legitimately seek a bit extra for having to work unsociable hours over the New Year period. However, it is clear that many of the claims being paid are completely unjustified and represent a return to the kind of "knee-jerk" industrial relations tactics which the partnership approach was meant to eliminate.
Taking a broader view, the introduction of the new currency ties us ever more closely with our European neighbours. Interest rates are already set in Frankfurt - last week's reduction was welcome, if overdue. But the longer-term political and economic implications of the introduction of the single currency are far from clear. For now, however, the focus must be on ensuring that the introduction of the euro notes and coins goes as smoothly as possible.