According to Daimler-Benz: at our company, not a day to put the euro at work we waste. On 1 January 1999 the new currency day our company is changed completely to the euro as the internal and external unit of account. We hope to be one of the first German companies perhaps the first to make the full change. We will also encourage our suppliers in Europe to send us from the very beginning the invoice in euros. Our European customers will of course, have the option of paying in euros or national currency until 2001.
Almost all large European companies are in favor of the single currency. Intel is often mentioned in discussions such as these. But it was recently agreed a historic and transatlantic merger with Chrysler Corp. the United States, we are very consistent with the forces of global competition that make the euro is so essential. For our new company, DaimlerChrysler AG, and Germany and Europe as a whole, economic and monetary union will bring about significant and lasting benefits while we take our place in the interdependent world of the 21st century. These benefits take form in fact, already are taking place in several areas at the same time. First and most fundamental is the policy.
The single currency will boost the countries of Europe to cooperate more and more in the search for common solutions to economic problems. While they do, they will be increasingly intertwined politically. At the same time, the euro will unleash powerful market forces to transform the way in which Europeans live and work. The coming years will bring greater efficiency, greater productivity, higher quality of life overall and the decline in unemployment. For companies, a common currency will reduce transaction costs the Elimination of, among other things, the unnecessary waste of resources dealing with several European currencies. At present, doing business across borders means having to buy and sell foreign currency and take the risk that sudden changes in their relative values they could stop a known business strategy.