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If you have any trading links with the euro area, direct or indirect,
you should consider the implications on your business. These factsheets suggest courses
of action and provide sources of information.
Background
The euro is the currency of twelve member states of the European Union: Austria, Belgium, Finland, France, Germany, Greece, the Republic of Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.
On 1 January 2002, these countries introduced euro notes and coin, replacing the former national currencies such as the French Franc and the German Mark. The euro is now the only legal currency in these countries.
Ten new countries joined the European Union on 1 May 2004. They are Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, the Slovak Republic and Slovenia. Under the terms of their accession, these countries are expected to adopt the euroin the future.
These factsheets
These factsheets offer some suggestions about what your business should do to consider the practical and strategic implications of the euroon your business.
The introduction of the euro in the euro area continues to affect the way UK organisations do business with Europe and with organisations which have European connections. The factsheets do not look at what businesses might need to do if the UK were to join the single currency but UK business should consider this in their planning. Details of the Government’s policy onmembership of the single currency are set
out in Factsheet 1.
What action you decide to take depends on you. Some businesses may decide that they need to do nothing. Whatever the solution, this is not a static process.
The euro has changed the way businesses trade across Europe and the business implications will continue to develop, particularly as the New Member States adopt the euro in the future. If you decide that, foryour business, no action is necessary at this stage as part of your ongoing planning, you should think about whether your position could change.
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