Information Technology

Information technology (IT) systems are obviously of key importance in effecting a smooth changeover to the euro. The introduction of the euro may require software changes to existing IT applications and so will involve strategic and operational decisions. All financial and accounting systems such as payments processing, planning and budgeting, management reporting and payroll will be affected to some degree by the changeover to the euro. The first task for any organisation, therefore, is to carry out a comprehensive audit of all information systems currently in use that deal with monetary values. This will be necessary in order to put a plan in place to ensure that the IT systems can effectively support the organisation's business during the transition to the euro.

Within the civil service, an inter-Departmental group, with representatives from the IT unit in every Department, meets regularly to exchange information and develop IT initiatives and preparation for the euro is on the agenda for each meeting. The Department of Finance has issued a circular to all Departments which requires them to identify all computer applications, system software and hardware that must be modified, upgraded, or replaced for the changeover to the euro. Departments must ensure that any new investment in IT that processes currency data is capable of handling the euro and must draw up proposals for modifying IT systems as required by the changeover to the euro.

A booklet has been published on EMU: The Issues for IT as part of the Forfás Business Awareness Campaign. The Campaign's general information pack also contains documents on IT planning. These publications are focused on the need for organisations to ensure as appropriate that their information technology systems are capable of accommodating the euro during the transitional period and subsequently when euro notes and coins replace the national currency.