Americans in Europe see ease,
convenience in switch to Euro
Stars and Stripes
Information has been coming to them in bits and pieces, and most U.S. servicemembers
and Defense Department personnel seem eager to learn more about the euro, though few
expect any profound changes.
Perhaps the most pressing concern among those in uniform is what effect the euro will
have on their entitlements, specifically, the cost-of-living allowance. The monthly,
tax-free benefit is intended to help offset the costs of living in expensive overseas
areas.
"I am wondering how this will affect our COLA, since there are different COLAs in
different countries," said Air Force Master Sgt. Mark Rizzo, who is assigned to SHAPE
in Belgium. "I am wondering how this will work under the euro."
Rizzo wasn’t the only one thinking of the allowance.
"It concerns me that my COLA could be affected," said Air Force Airman 1st
Class F. Gabriel Rios-Cotto, a member of the 569th U.S. Forces Police Flight in
Kaiserslautern, Germany.
In interviews with military and government finance officials, no one indicated that
servicemembers would take it in the shorts over COLA.
"It will eliminate 11 different types of currencies [tiny Luxembourg officially
uses Belgian francs],'' said Army Maj. Shawn Fenner, a finance officer for SHAPE. "I
look forward to it, since it will make things simple."
So does Navy petty officer 1st class Michael Martin.
Martin’s wife, Angela, is a local national who works at Naval Air Station
Sigonella, Italy. She is paid in lira, but Martin expects things to become a little easier
for the couple, especially when they travel.
"We have Italian and American bank accounts," Martin said. "Her pay
stubs already show her income in lira and in euros."
"It’s going to be great when we travel to France," he said,
"because we can hit the bank, get the money we need, and won’t have to worry
about converting it."
Martin also said the conversion process should be easier at airports and commercial
currency exchange facilities.
"Just think," Martin said, "exchange machines will only have a couple of
flags on them, representing the countries that aren’t in the union."
"It will be a good thing for all," said Matthew Tiltoe, computer specialist
at Chievres Air Base in Belgium. "You won’t have to change your money all the
time. But with one currency, I will be wondering about prices and whether something will
be at a different price in a different country. I will wonder whether I can get something
cheaper in a different country."
Desiré Mings, a civilian in Kaiserslautern, has also heard the euro will make travel
easier.
But before she books a vacation, she’d like to rid herself of some of the coins
she has accumulated on previous trips.
"Somebody suggested I get rid of all my German coins before they are
obsolete," Mings said. "I haven’t done that yet."
Military personnel and civilians are being encouraged to turn in their coins sooner
rather than later.
On post, the local Community Bank branch office is the place to go, though they want,
with a couple of exceptions, only the coins from that host nation. They also must be
placed in coin wrappers first.
Local banks will usually accept loose coins from their own country, providing the
person has a bank account.
Martin suspects that local banks and stores will have a tough time initially.
"The transition for businesses will be a huge headache, especially for the mid-and
small-sized stores that haven’t started displaying dual prices [in euro and current
currency]," Martin said.
"Just delivering all that currency at the end of the year is going to be a big
deal."
Staff writers Kevin Dougherty in Darmstadt, Germany, Sean Cobb in
Kaiserslautern, Gregory Piatt in Brussels, Belgium, and Anthony Burgos in Sigonella,
Sicily, contributed to this report.
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