Preparing for the Euro: What UK companies must do to be ready

It is only a matter of time before a referendum on joining the euro is held. Whilst we can't predict the outcome or precise timing of the referendum, UK companies cannot afford to ignore the following: there is a significant chance of a " yes" vote within two years if there is a "yes"vote the timeframe for entry will be shorter than that enjoyed by those countries already in the euro almost every aspect of their business will be touched in some way by the process significant costs will be incurred and these need to be budgeted for. There are preparations that companies can and should be making now. Whether you're a europhile or a europhobe, the risks of not being prepared are too high to be ignored. This briefing explains what you need to do and looks at how companies across the euro-zone have prepared and what lessons can be learned from those experiences. It will also give you invaluable guidance on what action you need to take when and if the UK does opt in. Make sure you' re ahead of the game. Contents include: Lessons learned Compliance What can companies do now? A route-map to preparations Post implementation review Mobilisation Business strategy Impact assessment Implementation Post implementation review

Table of Contents:
PrefaceAbbreviations Executive summary Introduction Background Politics are taboo Economics are for economists Objectives of this volume Intended readership Case studies Economic and Monetary Union History Stage 3 Transition period Stage 3B – notes and coins The remaining EU countries Other European countries The position of the United Kingdom Background The five economic tests The Outline National Changeover Plan Regional euro forums Trade bodies Public opinion Corporate Britain Sterling-based expressions Lessons learned Preparations for 1 January 1999 The transition period Preparations for 1 January 2002 Ireland What can companies do now? Introduction Potential timing The Seven Ss S number 1 – Strategy Mobilisation and awareness S number 2 – Scope S number 3 – Size Flexibility How to move from theory to practice A route map to preparations Conditional mode Getting from A to B S number 4 – Sponsor S number 5 – Steering committee S number 1 revisited S number 6 – Supremo The implementation phase Framework Programme office Accounting Customer interface Human resources Information technology Legal Marketing and sales Supply chain Treasury and finance Training and communication S number 7 – Sensitivity Resourcing Dos and don’ts Dos Don’ts Conclusions Forget politics Depth, breadth and uncertainty Assessing the impact Timing Governance Communication Competition