PARIS, Jan 7: The successful introduction of the Euro January 1st has brought about in its wake a decision by the United States to introduce a wholly new generation of currency, possibly as early as next year.

The decision to undertake the plan — code-named NexGen (for Next Generation) — was taken a while back, with sources close to the matter saying that it was the result of the announcement by European Union authorities several years ago that the EU would be introducing a new Pan-European currency on January 1st, 2002.

Although Washington has always publicly given the impression that in its eyes the dollar would never be dethroned by the Euro, governmental insiders do not hide their concern that the Euro, which is already utilized as their national currency by more than 300 million Europeans, a number which within ten years could jump to 500 million and beyond, will certainly one day be in a position to perhaps not dethrone the dollar, but provide a major competitive force against the reigning American currency.

This concern has accelerated in recent days with the successful introduction of the Euro — a success which Washington seemingly had not expected — a concern that has in turn taken the form of a decision to accelerate introduction of NexGen which is already being announced for next year.

A central feature of NexGen currency will be high-tech devices to supposedly foil technically-advanced counterfeiters, especially those who have already set up their operations in Europe, with a view to copying the otherwise highly-sophisticated devices already included in the next European paper bills.

According to the draft of a Treasury Department report seen by this writer, the US government is especially concerned about the use of personal computers, scanners, and colour printers — that could be made in the counterfeiting of the new generation of US bills — devices that are also providing sleepness nights to European financial authorities, especially those at the European Central Bank, who recently expressed their outrage when some of the more secret anti-counterfeit devices included in the new European paper bills were made public in the German press.

As for the US Treasury report, it says that the NexGen currency, which US Federal authorities also refer to as the “new currency design,” are to incorporate “conceptual” features that have been developed to counter the issuance of bogus bills, among them what the government refers to as “covert, machine-readable features” that will not be apparently identified to the public.

The US Government has already prepared a public education campaign that is to be unveiled later this year, to make aware “all domestic and international users of the dollar,” which it refers to as “cash handlers,” that the new currency design “maintains the security of US currency by staying ahead of advances in technology,” certainly a veiled reference to the highly-sophisticated anti-counterfeit features - those made public as well as those kept secret included in the new European paper bills.

The public education campaign to be launched in the United States will also let it be known that “the security features of the new currency will be easy to recognize and use, and that all currency now in circulation will remain valid, legal tender.”