Translation of "petite monnaie " (French → English) :

This high initial capital is seen as a major obstacle for smaller firms (mainly waived institutions) to apply for an authorisation to become an electronic money institution.

[5] The cash needs of retailers in the first days and weeks after the changeover will be significantly higher than under normal circumstances, since national cash received from customers can no longer be used for giving change and since customers will use national cash for payment purposes more than usual to get rid of it without having to exchange it in banks. If customers who pay in euro already use small denomination euro banknotes or pay the exact amount, retailers will need less euro change.

Secondly, as retailers had committed themselves to giving change exclusively in euro, and as many citizens used retail outlets for exchanging old currency into new currency (sometimes by buying a small item with a big banknote), retailers needed a lot more notes than usual since incoming national cash could not be recycled and used as change.

Generally speaking, sales outlets, and in particular large stores and supermarkets, followed very closely the recommendations made at European and national level that they should give change exclusively in euros, even though in some cases small shops tended in the first few days to give change in the same currency as that used by the consumer for payment.

In particular, Italy made an exception for small retailers; Luxembourg set a specific date when all price indications had to be changed from the local currency into euros; France provided that the selling price should be indicated both in the national currency and in euros, while the unit price had to be indicated in the national currency until a specific date and in euros afterwards.

Whereas the fixing of the equivalent in national currency of the tax reliefs provided for in Council Directive 69/169/EEC of 28 May 1969 on the harmonization of provisions laid down by law, regulation or administrative action relating to exemption from turnover tax and excise duty on imports in international travel (4), as last amended by Directive 78/1033/EEC (5) and in Council Directive 78/1035/EEC of 19 December 1978 on the exemption from taxes of imports of small consignments of goods of a non-commercial character from third countries (6) would result in a reduction in terms of national currency in the tax reliefs applicable in one Member State ; whereas, in the ...[+++]present circumstances, such a reduction should be avoided,