c guidelines (Heller, 1997). Countries such as Finland, Italy and Spain are historically prone to asymmetric labour market shocks, which induce high unemployment. Fiscal policy can no longer be utilized as a direct targeting instrument within ‘Euroland’, thus member states may begin to exhibit signs of political and economic disarray (Soltwedel, Dohse and Krieger-Boden, 2000). The ‘Eurozone’ business community may also be subject to excessive scrutiny of commercial practices, as a result of the EMU evolution. This increased surveillance stems from the EMU’s intent to protect consumers throughout this dynamic period within Europe, however this will inevitably raise the transaction costs faced by the business community (Europa Quest (2), 2001). The cost facing ‘Euroland’ firms are substantial, yet this new founded economic community will surely yield far greater benefits for its participants and ensure the EMU establishes a dominant presence in global markets.The EMU will generate unparalleled benefits for ‘Euroland’ firms, however the implications for other business communities within Europe are complex. The effect of the EMU on the ‘non-Eurozone’ nations of Europe can be viewed from 2 perspectives; that of those countries who have chosen not to join the EMU and those who are seeking ascension into the EMU. The United Kingdom’s absence from the EMU has been a well-publicized and highly debated topic in Britain (BBC, 1998). The UK and Denmark exercised an ‘opt-out’ from the EMU, citing the need to make an independent decision on the ascension issue (Harris, 1999: 91). Each country possesses the economic stability and prosperity to meet the Maastricht Convergence Criteria, however at the deadline for membership in 1998, they felt their economies were not ready for the dynamic and challenging nature of the EMU (Europa Quest (2), 2001). Many feel that is impe...
