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.
Convergence will take place over time, however, and will not happen immediately following the introduction of the euro. In the meantime, companies could consider giving preference to suppliers who offer the most favourable conditions of payment. The current payment situation in Europe inhibits the development of intra-European trade and the smooth working of the internal market. Small and medium-sized enterprises are particularly affected by the long payment periods since they are more dependent on trade credit than larger firms. By facilitating trade within the EMU, the euro is likely to lead to the development of merchandise transportation and corresponding logistics.