Markets will be scrutinising the preparations for EMU and this would be exactly the type of muddle that would be seized upon. The role of enterprises Enterprises are ultimately responsible for preparing themselves for the Euro. Recent surveys indicate that preparations for the introduction of the single currency are uneven. In particular, enterprises outside the banking and financial sector are only now beginning to examine the wide ranging consequences of the introduction of the Euro, not least the wide ranging communication challenges they will face, both internally with staff and externally vis a vis suppliers and customers. This is another example where the capital markets may well exert a disciplinary role.
Companies are responsible to their shareholders rather than acting as conduits for political ideas.
Nonetheless, equity analysts will scrutinise companies plans very carefully to see that they are not loosing out in such a major reshuffle of competitive positions. The share price may well act as a signal, and penalty, if plans are judged inadequate. To meet this challenge, banks and nonfinancial enterprises must use all resources at their disposal. Given the common nature of the challenge, it is probably desirable for a whole range of business organisations to coordinate their activities to avoid any duplication of efforts, to benefit from shared experiences, to exploit economies of scale and to ensure that consistent information is being distributed to citizens. The leaders chairmen and chief executives of banks and business should also recognise that they personally have an important role in the entire communications exercise.