The euro referendum draws near

Euro notes and coins will be introduced across Europe

When the euro is introduced across most of the European Union on 1 January, 2002, it will quickly become a familiar sight to anyone travelling across mainland Europe.

And, even though there are currently no plans for a referendum on the currency across the UK, the coins and notes could appear almost immediately.

The referendum could come as early as 2003

The cash will first enter Wales through ports and airports.

Firms which deal with these tourists and business travellers should be prepared to accept the new currency.

"It is definitely going to be the currency of the future, so the sooner we start getting used to it the better," said taxi driver Steve Slimmings, who works out of Cardiff International Airport.

Many shops, including Dixons and Marks and Spencer, will accept euros from January, and other companies are expected to join too.

And, with the Six Nations championship soon to start, the euro could even be accepted in Cardiff pubs on match days.

Early referendum

This increased familiarity may even lead to a referendum on the currency being moved forward, possibly even as early as 2003.

At one high street store in Cardiff, even the doubters were preparing for the change.

"I think it's inevitable so, at the end of the day, it's better that it happens," said one customer.

Others have even gone one step further and cannot wait for its introduction.

"I already know I'm going to vote yes if and when the referendum comes," said another.

Currency basics

The basics of the new currency are fairly straightforward.

Only the UK, Denmark and Sweden are not involved out of the 15 countries that make up the European Union - the other 12 will begin to usher in the new currency from 1 January.

Since the UK is not involved directly, shoppers may be forgiven for not knowing that there are currently around 1.6 euros to the pound.

If you want to convert a price-tag from euros to pounds and pence, this means that you should divide by three, then multiply by two for a rough approximate.

Spare currency

People in the UK should also be warned that any spare currency you may have lying around the house will soon be worthless - it is estimated that up to £120m is currently wedged down the back of UK's sofas!

All of the countries that are about to use the euro will be phasing out their own currencies in the first few months of 2002, so it is advisable to get rid of any spare notes quickly.

Alternatively, any foreign coins found down the back of the sofa can be donated to Children in Need.

However, consumers are unlikely to have the same problem of wasted currency from this year on.

In the unlikely event that there is some spending money left over from a holiday, the wider acceptance of the euro should make it much easier to spend the left-over cash.