ECENTER

Changes to Euro may boost economic activities, while saving our environment

admin — Fri, 08 Oct 2010 09:12:37 +0000

Removing 1-,2-, and 5-eurocents will reduce logistics of extent that will sink the largest ocean freight ship in the world and would save the Eurozone over $36 million

As of June 2010, with more than €800 billion in circulation, the euro is the currency with the highest combined value of banknotes and coins in circulation in the world, having surpassed the U.S. dollar.

Removal of three out of 8 coins that’s a simplification of 37.5% in cash transactions!!! It will also remove the need to count move and store 165 million tons of coins which take space of 32,000 m3. To put this into a better perspective it is more than the largest ship in the world is capable of carrying.

Loading all the 1, 2, and 5- cent coins would sink the largest ship in the world (Emma-Maersk) [Capacity of 156.9 million tons].

Suggestions For the Local Governments

Remove those 1, 2, and 5 cents from retail and governments should achieve one of the simplest quick-wins. There are number of reasons for doing so starting from:

There is virtually no specific product people can buy for the price below 10 cents. And even if there was, they could easily pack in bulk (i.e. 3 pieces for 10 cents)
It will SIGNIFICANTLY reduce cash logistics transportation, storage and personnel costs
It will be a green solution (save on cash transportation fuel and storage logistics – extra space, extra energy and extra fuel)
It will improve the quality of people’s lives (ask the cash register operators at the end of their shifts how much time it will save them)
It will contribute to working more on productive activities rather the non-productive counting of small cents (ask the cash register operators how much time it would save per transactions if they don’t have to deal with ones, two, and five- cent coins)
It will make things simpler.
Reduced space for error by 1 digit
It doesn’t require Einstein’s brain to understand that it requires counting the coins (lost people’s time), packing the coins (lost people’s time and material with some waste produced), transporting the coins (lost people’s time, material, energy, with some extra waste produced), storing the coins (lost people’s time, material, energy with some extra waste produced). If economies want to save, this is a very simple way to do so.

Suggestions for the Eurozone bodies

ECENTER suggests to remove the 2-euro coins and change 1-euro coin for a bank note. The reasons behind these suggestions are simple. 84 mil. tons of coins would be changed for 0.01 million tons of bank notes which will require significantly less storage space, transportation costs and would actually foster transactions at a smaller scale.

Weight & Logistics – it’s easier and more convenient to carry ten 1-dollar bills than three one–Euro coins. It applies even more significantly when considering logistics between banks (or other financial institutions) and outlets (or wholesale/retail operations).
Facilitates smaller services industry – it is easier to tip with a bank note than with a coin. It feels awkward to give a coin as a tip or as a special value for provided service; therefore sometimes people rather not ask for the service to be done, because 5 Euro is too much to give and 1 coin seems too small.

Sure, coins have significantly longer durability than bank notes and may be easier to recycle. Though, it is a payment tool and not a bottle and for its use it’s much better as a note than coin.

The Nederlandsche Bank calculated it would save $36 million a year by not using the smaller coins. Other countries such as Germany favoured retaining the coins due to retailers’ desire for €1.99 prices, which appear more attractive to the consumer than a €2 price (Psychological pricing). According to a Eurobarometer survey of EU citizens, Germans are most skeptical about the removal of the coin (only 32% support it), however across the entire Eurozone there is a slight majority (52%) for their removal.

Please, remind us – is there anything in the Eurozone’s regulations that countries should follow the idea of more conservative Germany rather than the one of majority?

ECENTER invested into Bankomaty.sk and Pobockybank.sk

tvysny — Thu, 07 Oct 2010 10:07:15 +0000

ECENTER invested into Bankomaty.sk and Pobockybank.sk. This way ECENTER is providing an additional value to people and contributes to making Slovakia a more convenient place for doing business – especially in utilizing the local banking services. The sites provide very easy access and quick to the closest ATM and Bank branch of the user’s location choice.
It helps with banking efficiencies when locating the closest bank to any place and reduces banking costs for the users (using one’s bank ATM is significantly cheaper than the one of competing bank).

The version for mobile phones is prepared to be launched on Nov. 1st. ECENTER decided to invest into this project because it is also supporting its efforts in locating young talents and future leaders – the creators of this project. We hope you will enjoy using the sites and thus also contribute to success of young talented entrepreneurs.

Slovakia in Figures 2010

tvysny — Thu, 01 Jul 2010 10:05:03 +0000

ECENTER, in cooperation with American Chamber of Commerce in Slovakia published Slovakia in Figures 2010. This was the first publication of its kind after the new government was formed. The publication is providing factual and concise information about Slovak Business Environment and informs potential investors about opportunities in the market. The publication has been used by many local banks, law offices, embassies and other organizations in presenting the country to their business partners.

Pavol from ECENTER re-elected to the Board of Directors at American Chamber of Commerce in Slovakia

tvysny — Sat, 01 May 2010 09:10:48 +0000

Pavol from ECENTER was re-elected to the Board of Directors at American Chamber of Commerce in Slovakia. He served his first term in 2008 representing SMEs (Small and Medium Enterprises). In this term he will continue helping the largest and … →

Social Security System Analysis

tvysny — Thu, 01 Apr 2010 09:10:10 +0000

ECENTER prepared analysis with objective to improve social security system in Slovakia. The new system proposed to increase state revenues by lowering payments by companies. The proposed solution was a win-win solution which would create more job opportunities in the country through increased motivation of doing business because of higher potential for earned profits. This proposal was broadcasted through all major Slovak media. Pavol was asked to make a presentation about this proposal to Rotary Club in Bratislava, Slovakia.

Warehouse mapping software application for international sales

tvysny — Tue, 01 Dec 2009 09:09:33 +0000

ECENTER assisted to improve and prepare warehouse mapping software application for international sales. The application was prepared by an Italian client and is currently offered in 7 languages. It allows excellent mapping of companies’ warehouses which significantly lowers warehousing costs … →

EU funded projects application process assistance

tvysny — Thu, 01 Oct 2009 12:00:51 +0000

ECENTER assisted with application process of EU funded projects with SPPP, American Chamber of Commerce in Slovakia, and AZZZ (Association of Employers Unions and Associations). The assistance included project development preparation of application materials and submission of the project details.

ECENTER assisted an international company with potential acquisition of a pharmaceutical company

admin — Sat, 01 Aug 2009 20:24:46 +0000

ECENTER assisted an international company with potential acquisition of a pharmaceutical company in the Central European market. Acquired targets were large producers with local ownership with a specific field of expertise. We provided business brokerage services since the buyer was … →