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Click here to download the "Using the euro - competing in Europe" pdf (256KB).
N.B This document was published in September 2001
On 1 January 2002, euro cash will be introduced in 12 EU countries.
This is replacing the existing national (legacy) currencies that, by the
end of February 2002 at the latest, will have been withdrawn from circulation
and will have ceased to be legal tender (see inside for details of countries
and dates of withdrawal of legacy currencies). This may have implications
for the way UK firms do business with Europe, and for firms that have
European connections.
This guide provides you with some practical advice to help you move
from using the legacy currencies to the euro. The information is not
exhaustive as requirements will vary from one business to another, but
it should provide a basis for you to carry out your own analysis. For
more information, see the Treasury’s factsheets on the wider implications
of the euro for exporters, importers, businesses with European connections
and businesses that supply multinationals. To understand how
the euro might affect your business sector, you might also want to read
how other firms have responded to the euro. Short case studies
are available.
Factsheets and the case studies can be obtained by:
Visiting: www.euro.gov.uk
Telephoning: 08456 01 01 99
Twelve Regional Euro Forums have also been established across the UK
to provide local advice and support for businesses that are preparing
to trade in the euro – see the back page for details of how to contact
them.
From 1 January 2002, it will no longer be possible to write cheques or
make electronic payments in legacy currencies. You need to consider where
in your business, or for what purpose, you use the legacy currencies.
There is information in this guide on:
Pricing
Invoicing
Banking and cash handling
Cash
Information systems
Legal and tax
Tax
Training
Retailing
Under each of these sections you will find suggestions on issues for
consideration and details of where to find further information.
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