y the Euro they have a surprise in store. When it fully takes effect all trade for gods and services will be conducted with the Euro. Companies that trade within the EMU will no longer have to worry about costly conversion rates and delays that is inherent when using different currency for business. As far as trade goes there will be no boarders. Countries that refuse to trade in the Euro may have difficulties. At some point in time they will receive payment for goods or services from an EMU country. If they are not prepared to deal with the EURO they will loose business to competitors that are prepared. Part of being prepared is having the financial software that is compatible with the Euro and opening bank accounts so they can transact with Euro currency. England has chosen not to enter the EMU. Many companies within England will not be afforded this luxury. Trading abroad using the Euro will be unavoidable, as many suppliers and business will fall under the EMU. It will be a domino effect, in order for England’s business community to compete with the rest of Europe; they will have to be EURO compliant. One such company in England is Siemens. Siemens is a German based company that is one of the biggest electrical engineering and electronics companies in the world. As far back as 1995 the England based firm started planning for the Euro. Euro project director, Gerard Gent, says “the introduction of the Euro has a very positive step towards economic conditions in Europe and the global competitiveness of the region” (Euro case study: Siemens 1). Many areas had to be considered from a business focal point, “they tackled a variety of…areas including…purchasing, accounting…and data processing” (2). One of the major concerns now is being able to convince their suppliers to be Euro compliant. As of now no supplier or business is being forced to prepare for the new currency but it is highly recom...
