Living with the Euro: the consequences for world business

Philip Whyman

Journal of World Business, 2002, vol. 37, issue 3, 208-215

Abstract: This paper evaluates the impact Economic and Monetary Union (EMU) will have upon world business. The impact upon the European business environment includes potential benefits of a low inflation, low interest rate zone, contrasted with problems of incomplete prior convergence and a deflationary bias at the heart of the EMU model. 'Micro' consequences include intensified competitive pressures, completion of the single market and industrial restructuring, tensions in labour relations between supra-national corporatism and decentralised flexibilisation, the impact of Foreign Direct Investment (FDI), together with estimated cost of transition. The paper concludes by warning businesses that inaction increases vulnerability, whilst preparedness maximises potential gains.

Date: 2002
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