EMU delays could be costly
Monday 18 August 1997
Sue Roberts, a senior manager with Cap Gemini, said: "There is now a groundswell of opinion that EMU will proceed on time. Although it is likely that the UK will not be in the first phase, UK companies are taking a serious business risk in delaying their preparations."
The report says many companies have underestimated the time needed to prepare for European monetary union (EMU). If they fail to act now they could run the risk of incurring much higher costs and lower revenues. Delays may even force companies out of business, as many would be forced to reduce their prices to compete with European rivals but would miss out on low-priced materials available within the European trading zone.
The price of converting IT systems will rise as computer experts concentrate on revamping computer systems to cope with the millennium time bomb.
However, a separate report by the Centre of Policy Studies says EMU could offer speculators "staggering opportunities for profit". Dr Walter Eltis,former adviser to Michael Heseltine at the Board of Trade, says dealers such as George Soros have the opportunity to make a killing by attacking weaker currencies and pouring money into stronger currencies such as the German mark.
The speculators could put such a strain on the new currency system that some countries would be forced to pull out and EMU could collapse, leading to a rise in the value of the mark and huge gains to dealers.
Presents unwrapped, turkey gobbled... it's time to relax
- 1 Jennifer Lawrence scores first UK top 40 single with Hunger Games track 'The Hanging Tree'
- 2 Shia LaBeouf claims he was raped during #IAMSORRY art installation performance
- 3 'You should come to my house and eat cheeses with me': 4-year-old sends adorable love letter to girl at school
- 4 Scientists predict green energy revolution after incredible new graphene discoveries
- 5 Michael Buerk wishes he killed Jimmy Savile when he had the chance - by pushing him overboard a cruise ship
Sean Abbott: Messages of support flood in for bowler after death of Phil Hughes
Dr Lam Hoe Yeoh: Voyeur doctor jailed for eight years after using network of hidden cameras to film patients, colleagues and friends on the toilet
Kim Jong-un 'in dire need of allies' within his own government as younger sister appointed to senior role
Scientists predict green energy revolution after incredible new graphene discoveries
Michael Buerk wishes he killed Jimmy Savile when he had the chance - by pushing him overboard a cruise ship
Obama: The only people with the right to object to immigration are Native Americans
Ukip says babies born to immigrants in the UK should be classed as migrants – which would include Nigel Farage’s own children
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
Ukip mocked after mistaking Westminster Cathedral – for a mosque
David Cameron sets out immigration reforms: We should distrust Ukip and their 'snake-oil of simple solutions'
iJobs Money & Business
Excellent Package: Austen Lloyd: EAST ANGLIA - SENIOR SOLICITOR LEVEL ROLE** -...
£Attractive Package: Citifocus Ltd: Prestigious asset management house seeks a...
£Negotiable: Citifocus Ltd: This is a varied role focusing on the firm's mutua...
£90000 - £140000 per annum + benefits: h2 Recruit Ltd: Are you a high achievin...