The euro is nearly one week old, and chances are the new currency has made absolutely no impact on your life - yet.

Until 2002, ordinary people will only be using the euro if they make electronic-based transactions just, that is, by credit card, cheque, money transfer, etc. Prices will begin to be posted in both the euro and the home currency from this month and all stock market transactions will be done in euros.

Euro notes and coins will come into circulation from January 2002 with the Irish pound and all other EMU currencies finally being withdrawn six months later.

Anyone who uses their credit card in another EMU state will quickly discover one of the major pluses of the new currency: no more currency exchange charges, which on any given day can result in a loss on the price paid for goods or service.

Bank customers with euro accounts will no longer be charged any commission either when making euro purchases. Although Britain is not part of EMU, and currency and commission charges will still apply when buying sterling (either with euros or pounds) Bank of Ireland has abolished its 1.75 per cent handling charge or commission on all cross-border credit card purchases, something the other banks will no doubt follow in due course.

Although, Britain has not yet joined EMU, the larger retailers, like Marks & Spencer and Debenhams, and airlines like British Airways have announced that they will be dual pricing their goods and services in their domestic operations from this month to facilitate EU customers and visitors.

Standard Life has prepared a new year's euro resolutions list for its customers and suppliers to prepare themselves for the new currency. If you have not already done so it suggests that you:

make an appointment to see your bank manager about setting up a euro account, getting a euro chequebook and a euro-denominated credit card;

if your personal computer cannot reproduce the euro symbol, upgrade your software to ensure that it can;

start preparing for the introduction of the euro notes and coins now by working out pricing structures in your business;

check out alternative suppliers across the euro zone to see if better prices can be achieved;

check out the potential competitors across the euro zone to ensure that your prices remain competitive;

write to all your customers and suppliers to find out what their euro plans are;

appoint a euro officer among your staff to keep a file of relevant newspaper articles and other information about the euro;

establish if your accounting software package can handle euro entries and reconciliations.