The Euro in Cyprus - an Update

The Cyprus Commerce Committee has called for the government to speed up proceedings to inform he public on the introduction of the euro in Cyprus next January.

At the same time, the Finance Ministry and Central Bank announced a series of events and activities to cover lost grounds created by the Supreme Court’s decision to stop proceedings for he advertising campaign to be carried out by joint firms Action-Epistle.

“We realised that there are shortcomings where it comes to he government’s handling of the introduction of the euro – especially following the cancellation of the competition with a known advertising company,” said Committee Chairman Lefteris Christoforou after the meeting yesterday.

“We have asked for proceedings o be speeded up as there is a shortage of information available to the public, despite it only being a few months before our introduction to the eurozone,” he continued.

The Finance Ministry was also called on to move ahead with the ender for offers on the advertising campaign.

“With the introduction of the euro the Cypriot public must be prepared to deal with it,” added Christoforou.

During the Committee, which convened to discuss the state’s strategy to inform the public on Cyprus’ accession to the eurozone, the President of the Advertisers and Communication Association, Despo Lefkariti, said time was running out for he public to be effectively informed on the euro, especially since the delay caused by the Supreme Court’s decision.

“The time limits have been narrowed down by far,” said Lefkariti. “It takes time for he consumer to understand such an important issue and especially for specific members of the public, who will need even better education.”

According to Lefkariti, scientific studies carried out abroad indicate that it takes a year for something this important to be fully explained and absorbed into public awareness.

In a bid to catch up, the ministry has scheduled campaigns prepared for the media, municipalities and shop owners, while the Central Bank is already in the process of informing Higher Education schools. It is also preparing to bring in the Eurobus, which will offer on the scene information o rural and secluded areas.

According to Finance Ministry spokesman Andreas Charalambous, he Cabinet will be discussing a bill regarding the euro today.

Charalambous also defended the procedures used by the ministry’s technical committee in executing the offers competition, stressing that the reason the Supreme Court had rejected the specific firm was “legal”.

He added that the ministry’s Tenders Council would be examining the negotiation of a new tender very soon, while the ministry had decided not to appeal the Supreme Court’s decision due to a lack of time.

“What the ministry is really concerned with is speeding up he procedure and moving forward”, Charalambous told deputies.

Regarding the public’s briefing, Charalambous said, “we are making readjustments to cover he gap that has been created”. He pointed out that the ministry would move ahead with the campaigns with its own resources and without the help of a private company.

Meanwhile, the Central Bank is moving ahead with its own campaign, according to its spokesman Kyriacos Zinga.

“We are not waiting for the Advertisers and Communication Association or Ministry to set heir positions,” he said.

Specifically, the Central Bank’s campaign, which began a while back, has already held seminars for 6,000 members of staff, eachers and the Economists’ Association.

In his opening speech, Lefteris Christoforou warned that Cyprus could be ridiculed in Europe due o delays in informing the public, saying that instead of an advertising campaign, “we are being led to a euro-scandal”.

“We have seen mayhem regarding he way in which the tender was given to advertise the euro,” said Christoforou. “We respected his procedure and sadly as a Committee we have seen that the state’s side has not been justified; and when the state is slapped, we all suffer the consequences – especially the ax-paying public.”