Quarterly note on the development of the use of the euro : first quarter 2001, No 6

This review presents the results of the Commission's quarterly survey of banks to determine the extent to which bank customers use the euro in their accounts and payments. It also sets out the data sent by national administrations and summarises various studies. The following conclusions can be drawn: - the new data available in some Member States show that use of the euro in relations with public administrations is increasing substantially in the case of both VAT returns and customs declarations; - national payments made by firms in euros are up by close on four points in volume terms (from 5.8% to 9.6%). More than 34% of international payments are in euros (43% in value). Apart from firms in Luxembourg and Belgium, few companies have switched to euro accounting (less than 1% in most of the participating countries). The proportion of accounts in euros has risen slightly to 4.8%, and the pace at which new euro accounts are being opened is picking up and is now more than one in every six accounts. 61% of small businesses (compared with 52% in the last review) state that they have started setting prices in euros and 16% systematically invoice in euros; - payments in euros by individuals have risen very slightly from 1.38 % to 1.43% in volume and from 6.1% to 6.2% in value. The proportion of private individuals' euro accounts is also growing and stands at 2.1% (almost one in every fifteen new accounts opened is in euros).