The Euro is a reality in 11 EU countries and in Europe's wholesale financial markets. The Euro impacts on business at the economic, strategic and operational levels. The initial focus of the Euro Challenge was on meeting the operational challenge. There is still much to be done as the physical introduction of the Euro on 1 January 2002 approaches.
Businesses are now, however, considering the strategic impacts very carefully.
In the prospective second wave countries, uncertainty remains a key factor for businesses to manage. EMU will further the process of economic integration which in turn will lead to more competitive intensity, greater consumer choice and downward pressure on prices. The Euro is already a reality in 11 European Union countries and in Europe's wholesale financial markets. The Euro creates challenges for business at three different levels. First, there are economic impacts as preparations for the entry to EMU, the introduction of a uniform monetary policy and the stability pact all influence the conduct of macro-economic policy.