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The euro is established
as the single currency spanning the 12 EU member countries participating
in Economic and Monetary Union (EMU). Most of the group’s
business in Europe is conducted in the UK, which is not one of
the 12 participants.
Following
the June 2003 announcement by the UK Government detailed planning
and preparation for euro conversion has been put on hold until
a Government decision to recommend UK entry. After any such decision
the issue will be put to a vote in Parliament
and then to a referendum. BT has completed outline planning, participated
in by representatives from across each of the BT lines of business
and supporting group functions, for adoption of the euro. BT policy
will ensure consistency of approach across the group and will
be in line with Government plans for a phased transition.
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