European Union (EU) finance ministers agreed on November 8 to abolish old EU national currencies in 11 euro-zone countries on March 1, 2002, four months ahead of schedule after the introduction of the euro cash on January 1, 2002.

The agreement means banks, businesses and consumers will have a dual-currency circulation period of only two months to change over to the EU's single currency, the euro.

The changeover deadline had been set for July 1, 2002. The EU finance ministers take the new step in order to minimize confusion during the transition period.

Currently, 11 of the 15 EU nations have adopted the euro: Austria, Belgium, Germany, Finland, France, Ireland, Italy, Luxemburg, the Netherlands, Portugal, and Spain. Sweden, Denmark and Britain have opted to stay out tentatively while Greece has not met the EU's economic criteria but hopes to join the euro zone in 2001.

So far, the euro is mainly used by companies and government bookkeepers. The introduction of euro-denominated notes and coins will not start circulating until 2002.

But Europe's business circle is not in favor of setting a deadline for ending the dual circulation of the euro and national currencies between January 1 and July 1, 2002.

The Association of European Chambers of Commerce and Industry (Eurochambers) has said that any period of dual circulation will constitute a burden for companies as retailers will have to accept payments in a national currency and give change in euros. The Eurochambers have recommends the distribution of euros to companies and consumers before January 1, 2002 through banks and special exchange offices in order to alleviate a security risk for retailers and cashiers.