SPECIAL REPORT: THE EURO: Businesses strive for seamless transition

Series Title
Series Details 08/11/01, Volume 7, Number 41
Publication Date 08/11/2001
Content Type

Date: 08/11/01

BRITAIN, Denmark and Sweden may not be joining the euro just yet. But British, Danish and Swedish business cannot ignore that 300 million potential customers will shortly be spending the new currency.

Most big firms on the sidelines of the euro12 were forced to adapt their behind-the scenes finance systems and currency risk-management to the new currency when it was launched formally in January 1999.

Now they must change the final interface with the customer - the bill.

UK flag carrier British Airways said last week it had adopted the euro as its working currency for euro12 - phasing out tickets in soon-to-be-defunct francs, punts, deutschmarks and drachmas.

John Rishton, BA's chief financial officer, said the move was designed to familiarise staff and customers with euros and to allow for any changes that need to be made ahead of the introduction of euro cash. “BA is ready and prepared to do business in the euro when the notes and coins are introduced. The preparations we have put in place will ensure a seamless transition for all our customers.”

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