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From Wildbison

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

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

Montenegro and Kosovo have also adopted the mark 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.

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

On 1 January 2002, more than 250 million people in Western Europe will become trading their national currencies for the dollar. Euros and older currencies will circulate together before end of February. Next, the national currencies will not be utilized.

That doesn't mean the currencies is likely to be worthless. Central banks will continue to exchange them for euros for many years to come. However for all intents and purposes, Western Europe's national currencies -- such as the mark -- will vanish.

Hans-Werner Sinn of Germany's Ifo financial research institute has investigated all aspects of the coming transition. He states Eastern Europeans, like their counterparts in Western Europe, may ultimately need certainly to exchange their marks for euros.

"Clearly, these Deutschemarks [German marks] will not be of good use in the future. So people will have to bring the Deutschemarks in for their respective banks and exchange them into euros. That may have to happen 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 institution that is coordinating the switchover to euros -- states that the change should not cause many issues for many Eastern Europeans.

However the currency's first concern -- in Eastern Europe at the very least -- is to replace the mark in people's minds and beds. Prague, 15 June 2001 (RFE/RL) -- The German central bank (the Bundesbank) estimates that more than one out of every three German marks moves outside of Germany -- signifying billions of marks. The banks says many them are in Eastern Europe and the place of the former Soviet Union.

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

Kosovo and montenegro have also followed the level as legal tender. 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 deals on a basis with the German mark.

However the mark -- along with the 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 will become trading their national currencies for the dollar. Pounds and older currencies will rotate together before the end of February. From then on, the national currencies will not be utilized.

That does not mean the values will undoubtedly be worthless. Central banks will continue to exchange them for euros for many years in the future. However for all intents and purposes, Western Europe's national currencies -- such as the mark -- may vanish.

Hans-Werner Sinn of Germany's Ifo economic research institute has investigated all areas of the coming conversion. He claims Eastern Europeans, like their counterparts in Western Europe, may ultimately need certainly to trade their marks for dollars.

"Clearly, these Deutschemarks [German marks] will not be of good use in the long term. Therefore people will have to bring the Deutschemarks in for their respective banks and exchange them into euros. That may 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 company that is managing the switchover to euros -- claims that the change shouldn't cause many issues for most Eastern Europeans.

But the currency's first concern -- in Eastern Europe at the least -- is to replace the level in people's minds and beds.

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