Euro focus: When the conditions are right
I refer to the headline in Accountancy Age 27/7/2000 regarding joining the single currency.
There are four words which you have missed out of your report! They are …’when conditions are right’.
The thought that joining the single currency will solve the current problems created by the strong pound is misguided. When we join the single currency it will be at the prevailing sterling/Euro exchange rate. If therefore we join at the current exchange rate the problems created thereby will continue – not be resolved.
If we are to join then we must wait for when the ‘conditions are right’ if we are not to be permanently disadvantaged.