FAIR to minimise fear

With the adoption of the euro, which is now only 12 months away, we become increasingly apprehensive and exposed to a multitude of fears: fear of change, fear of not being able to adapt, fear of inflation!

It is only understandable that any change in our lives brings about an impending unease and sometimes distress. Some argue that we are not well-equipped for change to take place or that we need not do any modifications, for everything is perfect the way it is. Whatever the reasons we give ourselves, accepting change remains a major challenge.

So how can we ever overcome our fear and embrace the euro in January 2008? The FAIR initiative offers some promising solutions. FAIR stands for Fair-pricing Agreement in Retailing. Launched by the National Euro Changeover Committee, the FAIR initiative is remarkable in its unique potential to bridge the interests of both consumers and retailers. Fundamentally, it emphasises fairness and transparency in the pricing of goods and services once the euro changeover process kicks off!

With the introduction of FAIR, consumers will be assisted throughout the whole changeover process and encouraged to become confident and familiar with the new currency and the prices in euro. Consumers will have the certainty that retailers who are subscribed to FAIR and displaying its logo on the shop window are those ones offering price stability together with the comfort of purchasing goods in a sound shopping environment, thus alleviating the many preoccupations they may have.

The retailer, on the other hand, earns consumers' trust and customer retention. Abiding by FAIR's guidelines means that the retailer will not only enjoy the many benefits on offer but will also be rewarded with the customer's loyalty by promoting constant reliability and customer protection.

Through subscription to FAIR, businesses will show their involvement and inclination towards FAIR's main principles, such as dual display of prices and adherence to using a correct central parity rate during the voluntary period. It will also make the transition to the mandatory dual display period smoother and easier.

FAIR becomes operative tomorrow, almost 12 months ahead of the adoption of the euro. On applying to FAIR, businesses will be asked for details regarding their dual display implementation timetable plus a pledge of their compliance to the dual display guidelines. Once these guidelines are being respected, and at least one aspect of dual display is implemented, they will be given the FAIR mark. This logo constitutes a visible sign of the commitment taken by organisations and endeavours to show that dual display is being done accurately according to the established central parity rate.

Throughout the entire changeover process, dual display will act as a highly effective tool in empowering consumers and helping them get accustomed to the change in currency and to the familiarity of prices in euro. A mental changeover is therefore likely to occur whereby consumers are expected to contemplate the various prices in the new currency, ensuring an efficient transition and successful adjustment to the euro.

FAIR will grant businesses the opportunity to enhance their preparedness in dealing with the new currency. Free training for retail staff is also on the agenda, guaranteeing an improvement in consumer confidence in the euro changeover process and in the organisation subscribed to FAIR. With proper training, businesses will be able to handle euro cash, identify the various coin denominations and euro notes, give correct change and solve the customers' euro related concerns.

Having joined FAIR, businesses will benefit from free publicity, from the option to link directly to the euro changeover Website and from the prospect of using the FAIR mark in their advertising campaigns and promotional material. Another positive attribute is that every participating organisation will be supplied with a business starter kit once its subscription to FAIR is officially awarded.

FAIR provides an opportunity for every organisation participating in it to ensure a satisfactory level of preparation, sorting out its own queries and doubts at an early stage before the mandatory dual display date. It offers certainty that businesses will be able to meet the challenges posed by the euro changeover, and benefit from it.

The management and monitoring of FAIR is carried out by the Euro Observatory on behalf of the Ministry of Finance. However, while NECC and the Euro Observatory play a decisive role in administering and advocating this initiative, it is the participating organizations that can help it acquire credit and success by dedicating themselves to its intent and objectives for the benefit of all parties involved.

FAIR essentially promises that prices will not increase for the mere reason that a currency changeover is in progress. Its ultimate purpose is to free us from unnecessary fears and flawed perceptions and make us more fit for the euro changeover.

So hopefully, once the changeover process starts gaining momentum, our attitude to the new currency will improve. FAIR should help simplify matters and the whole course of action. FAIR will boost consumers' self-assurance and endow retailers with trustworthiness, making sure everything is running smoothly and urging both consumers and retailers to co-operate and actively participate in its numerous accomplishments.

FAIR will reduce rampant mistrust and banish false concepts and convictions. It will restore peace of mind and provide us with a feeling of confidence every time we will step into an outlet and make our purchases in the much-anticipated new currency!

Ms Camilleri is information officer at the Ministry of Finance