Welcome back to all our readers from what I hope was an enjoyable summer break. Despite the encumbrances of out-of-office messages and voicemails, my colleagues have been hard at work planning on your behalf: editorial for this magazine and the new-look Handbook (due out in February 2003), conferences, seminars, exam papers and revision schools.
It is now nine months since the euro became the currency of 12 nations in the European Union, and it is a good time to consider what Euroland and the euro mean for the UK treasurer.
The euro still gets a negative press in the UK, with Joe and Joanna Public seemingly against the whole concept. In Europe, Giuseppe, Jeanne and Jochen (etc…) are beginning to have their doubts about its benefits. General economic and market conditions have not been helpful, and it now seems that the weather conditions, such as the recent floods in Germany and elsewhere, may have an influence.
It is not for us to manoeuvre through the choppy waters of the politics of the argument, but it is important to remind readers of the five economic tests which have to be passed before the UK can join the euro. Jeremy Peat opens this month’s Spotlight with a detailed analysis. The BBA and APACs have kindly allowed us to reprint their outline Euro Blueprint, which sets out what would happen if the UK were to join. The other articles deal with a number of regulatory issues which affect UK treasurers.
One area where the euro should have tangible benefits is euro cash pooling – the ACT’s Euro Cash Pooling Working Group is addressing many of the issues involved, and The Treasurer is contributing to the debate with a series of articles over the next few issues, starting on page 26 this month.
We are now well into the swing of our Deals of the Year – the shortlist will appear in the October issue. It is not too late to put forward an interesting or exciting deal for consideration. Please let me know at mhenigan@treasurers.co.uk.
The first anniversary of the attacks on the World Trade Centre and Pentagon falls this month. I do not want to dwell on those awful events, but Rev. Justin Welby has written some reflections of his own on page 17. Justin is available to provide ethical and personal advice to members, and I would encourage any of you with concerns or problems of a professional or personal nature to contact him. As a member and former treasurer himself, he will understand.
Readers should find enclosed a CD ROM from e-forex supported by The Association of Corporate Treasurers, The Electronic FX Trading CD-ROM 2002. If your copy is missing, please contact Alison Law at alaw@treasurers.co.uk or call 020 7213 9728.
Finally, we are sad to be losing our Production Manager, Sue Ennis, who has decided to leave the City of London and head west to Caerphilly. We all wish her well.
MIKE HENIGAN
Managing Editor