92003E0305

WRITTEN QUESTION E-0305/03

by Bart Staes (Verts/ALE) to the Commission

(10 February 2003)

Subject: Price increases resulting from the introduction of the euro

In his answer to Written Question E-0928/02(1), Commissioner Solbes Mira said that the changeover to the euro had not resulted in across-the-board price rises: the impact of the changeover on monthly inflation is estimated at between 0 % and 0,16 %.

In late December 2002, the President of the European Central Bank, Wim Duisenberg, painted an entirely different picture when he was forced to admit that the changeover had resulted in price increases to some extent.

Can the Commission indicate whether the data on which it based its original answer dated 5 June 2002 is still valid? If so, how does it account for the remarks made by Mr Duisenberg? If not, can it provide me with a fresh and, this time, detailed overview of price increases, one which is based on up-to-date figures from Eurostat?

(1) OJ C 301 E, 5.12.2002, p. 69.

Answer given by Mr Solbes Mira on behalf of the Commission

(14 March 2003)

The basis for the reply of the Commission to Written Question E-0928/02 by the Honourable Member were figures published by Eurostat on 28 February and 16 May 2002, which estimated the likely impact of the euro cash changeover on overall euro area harmonised indices of consumer prices (HICP) inflation between December 2001 and January 2002 to be within a range of 0,0 and 0,16 %.

On 17 July 2002, using data for the first six months of the year compared to the last six months of 2001, Eurostat released figures showing a likely range of 0,0 and 0,2 %. This latest study therefore again showed a limited impact from the changeover on overall HICP inflation.

It should be noted that the three Eurostat studies mentioned above contained a detailed account of price increases in the sectors covered by the HICP basket. In the coming weeks, Eurostat intends to publish further analysis using data for the whole of 2002.