A recent day trip to France reminded me of how soon the euro will be a reality for the citizens of the ‘in’ countries. From 1 March, the countdown clock will show 305 days before it will be nigh-on impossible to spot a Mark, the Punt will be floating away into the distance and the Schilling won’t be worth tuppence (of course, strictly speaking, all the currencies will run concurrently with the euro for several months, so traditionalists have a short period of grace). The euro will be within a coin’s throw of the White Cliffs and cannot be ignored.
The euro has constantly been in and out of the headline news, with most national newspapers more out than in. Of course it has been (or certainly should have been) on all the agenda for all UK companies for some time now. Treasurers at companies of all shapes and sizes will need to be 110 per cent certain that they are on top of the full range of problems and opportunities the ‘new’ currency presents. It does not matter if you trade only in the UK, there is bound to be some impact. And, of course, the question of the UK joining the euro is likely to be addressed within two years of the next general election.
Recent coverage of the euro in The Treasurer has not been that extensive over the past twelve months or so – an element of ‘euro-fatigue’ has set in. However, the topic has now moved up a couple of notches on the agenda and we are anxious to reflect the issues and concerns facing readers. I hasten to add that, although we may invite comment from both sides, we will not be taking sides on the political issues – it is the reality of the euro that needs to be addressed. Steven Bell addresses some of the economic issues in his article on page 7.
The editorial and publications committee will be working hard to ensure we cover the important issues but the key, as always, will be to get articles from those at the sharp end: the treasurers and finance directors. If you have any advice or experiences you would like to share with other members and readers, please let me, Valerie Hawkes or any member of the committee know.
We look forward to hearing from you.
MIKE HENIGAN