They say the trouble goes to show that the markets are unruly and unhelpful, so they must be overrun. The single currency, we are told, would remove exchange risk for business and increase trade and prosperity. Banks charm more for money transmission than for switching currencies. They might try to replace some of the lost foreign exchange commission with higher transmission charges. For most British businesses, the single currency would be all cost and no benefits.
Most businesses serve a local or national market.
There would be no foreign exchange savings, but they would have to re-equip to handle the new currency. Every slot machine and cash dispenser would need modifying. It means 2 billion pounds or more of costs to set the system up. When two or more countries enter a currency union, they have to accept obligations towards each other. As poorer countries and regions can no longer devalue to make themselves more competitive, the richer parts of the union have to send benefits and subsidies to the poorer parts.