The 140 or so of our compatriots who reside in Andorra are mainly active in the real estate, insurance and hotel industries, as well as the travel sector and the sale of regional Belgian products.
Every year approximately 250,000 Belgians travel to Andorra, a significant number for this small state.
Relevant EU banking and financial legislation, legislation concerning the prevention of money laundering, the prevention of fraud and counterfeiting of non-cash means of payment, and statistical reporting requirements should therefore be made progressively applicable to the Principality of Andorra with a view to ensuring a more level playing field.
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The delegation of the European Union should be composed of representatives of the European Commission, the Kingdom of Spain, the French Republic and the European Central Bank.
Before the introduction of the euro, each country developed its own models and practices for cashless payments.