WOMEN AND THE EURO

Speech by Mrs Anna Karamanou MEP

Chairperson of the European Parliament Committee on Women’s Rights

and Equal Opportunities

Cardiff, United Kingdom

2^nd February 2002

It is a great honour and a great pleasure for me to take part to this most interesting workshop, chaired by my dear colleague Linda McGavan.

There is no doubt that the successful introduction of the euro represents the culmination of a long and difficult process. But it does not and must not mark the end of the process. Rather, it heralds the beginning of a new and more dynamic era, in the process of the European integration.

If anything, the successful launching of the euro, serves as a reminder that great projects succeed only, if they are based on political will, courage and imagination. Europeans, as it has been the case everywhere, have identified with their national currency, which is still the case for U. K. Denmark and Sweden. It was therefore surprising to observe the widespread acceptance of the new currency, after the earlier strong resistance.

However, changing from one currency to another, is always difficult for individuals: they have to get used to a new set of monetary values and incorporate it into all aspects of their daily lives.

Women are particularly affected because, in addition to their working and daily life, they have to get used to the currency in their day-to-day role, as the main “family managers”.

Surveys have shown that women have greater misgivings about the euro that men do. They are, undoubtedly, more conscious of the practical aspects of transition.

Familiarizing consumers with the euro required an extensive information and communication campaign. Prices had to be displayed in two currencies and converters or calculators distributed widely. Dual price displays for a sufficiently long period (six months either side of 1 January 2002) is very helpful to get consumers used to thinking and counting in euro and helped build confidence.

It would be useful to examine what were women’s attitudes to the euro, before 1^st of January 2002. For several years Eurobarometer surveys have revealed that women were, in general, more reserved about euro that men. On the other hand, more women were in favour of the euro than opposed to it. European women most in favour of the Euro were found in Italy 73%, Ireland 63%, Luxembourg 57%, Spain 56%, Netherlands 53%, France 52%, Belgium 51% and Greece 50%. The same time only 25% of British women were in favour of the single currency.

But were they well informed about the Euro? European women said they felt less well informed than men. In the autumn of 1997, 21% of women said they felt “very well informed” against 34% of men.

The circulation of Euro signaled to the Greek people their success, after the implementation of a strict economic policy and sometimes painful measures taken in order to ensure the entry of the country into the Europe group. Greek women have endorsed the new currency, as did the rest of the people of my country. We believe that the transition from the Greek drachma to the Euro is a big step forward and it is directly connected with the foundation of a new national self-confidence. So, the introduction of Euro has received an enthusiastic welcome. The Commission’s report on the 4^th day of Euro, placed Greece, together with Netherlands, first in the payments in euro, with over 80%.

At the same time, within the nation states citizens share their identity, confirmed by common linguistic, cultural and historical bonds. An overall network of orientation is daily provided through national legislators TV and newspapers. In the E.U. such easily identifiable intermediate contact points do not exist. While the introduction of euro will have the most significant impact on people’s identification with the Union, there remains a pressing need to bring together European citizens on non-economic grounds. The euro is a currency without a state. Europe needs to develop an economic union in order to preserve the single currency from becoming a target of speculation.

The fact that U.K. is not a member of Eurozone is a disadvantage to the strength of euro. Unfortunately, British public is not enthusiastic about the common currency. However, research results showed lately a wider belief that at some point the U.K. will need to enter to Eurozone.