UK firms told quote in euros

UK firms told quote in euros
Melanie Reynolds UK companies are in danger of losing business in Europe if they are unable to handle transactions in euros from January 1999. “Whether the UK is in the European Monetary Union or not, if UK companies are not prepared to quote in euros, they will lose out long term to their competitors who can,” said Bernd Euler, Siemens finance director. “They will lose business as it will be easier for companies dealing in euros to deal with others doing the same.” Siemens has been told by its customers that from next year they want to use the euro to avoid exchange rate fluctuations. In preparation, the company has opened what it claims is the first UK bank account in euros. The account is to be used as a test site, to train staff in the new currency’s use and to identify problems prior to its adoption. Siemens will expand the use of the euro as its in-house currency worldwide from October 1999. The UK Government has said it will not enter the European Monetary Union, for which the euro is the agreed currency, in the first wave. Cranfield University School of Management is holding a conference: European Monetary Union: the implications for your business, on May 20. For further details visit: www.cranfield.ac.uk/som


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