DunphyPortillo971

Prague, 15 June 2001 (RFE/RL) -- The German central bank (the Bundesbank) estimates that multiple out of every three German marks moves outside of Germany -- signifying vast amounts of marks. The banks says the majority of them are in Eastern Europe and the area of the former Soviet Union.

Because of the mark's security, and Germany's role as a place of employment for Eastern European workers who send their money home, the tag has evolved right into a de facto second currency in the lands to the south and east of Germany's borders.

Montenegro and Kosovo have even used the level as legal tender. Their currencies have been pegged by other countries to the level through currency boards. Bosnia uses a model of change called the "convertible mark," which positions on a foundation with the German mark.

Nevertheless the mark -- combined with the other currencies of the European Union's 12-nation euro-zone -- is approximately to disappear.

On 1 January 2002, over 250 million people in Western Europe begins exchanging their national currencies for the dollar. Older values and pounds may move together before end of February. From then on, the national currencies will not be used.

That doesn't mean the values will soon be useless. Central banks will continue steadily to change them for euros for several years in the future. However for all intents and purposes, Western Europe's national values -- such as the mark -- may disappear.

Hans-Werner Sinn of Germany's Ifo financial research institute has investigated all areas of the coming move. He says Eastern Europeans, like their counterparts in Western Europe, will ultimately need certainly to trade their marks for euros.

"Clearly, these Deutschemarks [German marks] will no longer be of good use in the long run. So people will have to bring the Deutschemarks in to their respective banks and exchange them into dollars. That will need certainly to occur in the spring of next year [by the end of the February deadline]."

Antti Heinonen, the director of banknotes at the European Central Bank, or ECB -- the organization that's matching the switchover to euros -- claims that the change should not cause many issues for some Eastern Europeans.

However the currency's first challenge -- in Eastern Europe at least -- is to change the mark in people's minds and mattresses. Prague, 15 June 2001 (RFE/RL) -- The German central bank (the Bundesbank) estimates that several out of every three German marks moves outside of Germany -- signifying huge amounts of marks. The banks says the majority of them have been in Eastern Europe and the territory of the former Soviet Union.

Because of the mark's stability, and Germany's role as a place of work for Eastern European workers who deliver their money home, the mark has evolved into a de facto second currency in the places to the south and east of Germany's borders.

as legal tender montenegro and Kosovo have also followed the level. Their currencies have been pegged by other countries to the mark through currency boards. Bosnia uses a unit of exchange called the "convertible mark," which trades on a basis with the German mark.

However the mark -- combined with other values of the European Union's 12-nation euro-zone -- is about to disappear.

On 1 January 2002, over 250 million people in Western Europe begins trading their national currencies for the dollar. Pounds and older values may move together until the end of February. From then on, the national currencies will not be properly used.

That does not mean the values is likely to be useless. Central banks will continue to exchange them for dollars for a long period ahead. But for all intents and purposes, Western Europe's national currencies -- such as the mark -- will vanish.

Hans-Werner Sinn of Germany's Ifo economic research institute has investigated all aspects of the coming conversion. He claims Eastern Europeans, like their counterparts in Western Europe, will eventually have to trade their marks for dollars.

"Clearly, these Deutschemarks [German marks] will not be useful in the long term. Therefore people will need to bring the Deutschemarks in with their respective banks and exchange them into euros. Which will need certainly to occur in the spring of next year [by the end of the February deadline]."

Antti Heinonen, the manager of banknotes at the European Central Bank, or ECB -- the institution that is matching the switchover to euros -- claims that the change shouldn't cause many dilemmas for many Eastern Europeans.

Nevertheless the currency's first problem -- in Eastern Europe at the very least -- will be to change the mark in people's minds and mattresses.