Mint of Finland busy churning out Slovenian Euros

Bankers believe that two weeks will be enough to change to new currency

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By Virve Kähkönen
     
     The mint spits out small ten-cent coins into a large box resting next to the machine at a steady pace. Miljenko Licul approaches the box, picks up a few coins and nods his head approvingly.
     Licul, the designer of the Slovenian euro coins, has no complaints about Finnish craftsmanship.
      Brane Bertonceij and Vida Seme Hocevar of the Slovenian Central Bank are also satisfied: The production of Slovenia's new euro coins is running smoothly, although there is a slight rush. Slovenia is taking the euros into use at the beginning of next year, and 300 million coins need to be ready by then.
     
The Slovenians are making sure that the minting of the coins, begun a few weeks ago at the Mint of Finland, is going according to plan. Back home in Slovenia practically everything is ready for the euro.
     "Public opinion on the euro is positive, and 80 percent of the people is familiar with the euro to begin with", says Bertoncelj.
     Distribution of the euros will start at the beginning of January. This will be followed by a two-week transition period when both euros and Slovenian tolars are legal tender.
     "We have experience, so the time should be sufficient", says Bertoncelj referring to the country's history. The euro will be the fourth currency that the country will have used in the course of two decades.
     
Slovenia is the first of the new EU members to adopt the euro as its currency. Lithuania and Estonia have also been knocking on the doors of the euro zone, but Estonia withdrew its application early this year, and Lithuania's membership was postponed due to the country's failure to meet the set criteria.
      Lithuania's exclusion has aroused passions in Lithuania. According to the country's Minister of Finance Rolands Krisciumas , the occurrence shows that the current members do not want new countries to join the euro zone.
      Slovenian bankers have adopted a conciliatory stance to the issue, and do not wish to debate the fairness of the criteria for joining the euro. They do hope that Estonia and Lithuania join the new currency soon.
      "We can help Lithuania in particular with our own experiences and know-how", Bertoncelj believes.
      The Slovenian euro deal is good business for the Mint of Finland, since it accounts for one-third of the company's annual output. The company will also mint Estonia's euros, but that has been moved to next year.
      "And more offers are being made. The competition for Malta's euros may be resolved in the near future", says Raimo Makkonen, head of the Mint of Finland.
     
According to Makkonen, the Mint of Finland is Europe's leading manufacturer of euros, and it intends to retain the status. This year the company is exporting euro coins to Ireland and Luxemburg in addition to Slovenia.
      Makkonen expects the company's annual turnover to grow by 15 percent this year. The growth is the result of the euro contracts, as well as a deal with the Ministry of Finance of Thailand, which is the second largest coinage deal in the company's history.
     
Helsingin Sanomat / First published in print 29.5.2006


Links:
  Mint of Finland Ltd.

VIRVE KÄHKÖNEN / Helsingin Sanomat
virve.kahkonen@hs.fi