There could be opportunities for companies to develop purchasing alliances or to create buying groups with other companies. For those within the euro-zone, the euro will contribute to the creation of an enlarged domestic market. For companies already treating the EU as a domestic market within the context of the Single Market, this raises the prospect of tighter competition as companies deal increasingly with suppliers from within the euro-zone, within the real domestic market served by a single currency. Catering to the needs of new customers may require adjusting products and hence, the raw materials used. Quality standards, national regulations, cultural differences or marketing considerations may lead to adjustments in the components used.
Many industries currently operate in a single reference currency.
The US dollar, for example, is the standard used in the oil and aeronautical industries. The use of the euro as an international reference currency would remove various long-term risks associated with the use of multiple currencies and would allow European companies to concentrate on structural competitiveness and productivity. The euro will stabilise trade patterns and thus reduce marketing costs. Also, there will be strong economic pressure on neighbouring countries such as Norway, Switzerland, and East and Central European countries to closely link the value of their currency to that of the euro, thereby enlarging the zone of monetary stability. Terms of payment are likely to converge as a result of the broadening of the supplier base.