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The
euro is now established as a 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.
Government policy on UK membership was set out by the
Chancellor of the Exchequer in his statement to the
House of Commons in October 1997 and restated by the
Prime Minister in February 1999. The Chancellor has
set five economic tests to define whether or not a clear
and unambiguous case can be made in support of the UK
joining the EMU.
Based
on the outcome of the economic assessment, the Government
will take a decision on whether the five tests have
been met and an announcement on whether the UK should
join will be made in the House of Commons on 9 June
2003.
If
the Government decides to recommend UK entry, it will
be put to a vote in Parliament and then to a referendum.
In the interim, BT has maintained a steering group,
with representatives from across each of the lines of
business and supporting group functions, to review the
impact of the euro. A project team acts as co-ordination
point to ensure consistency of approach across the group
and that plans are in place to meet agreed business
strategy for the possibility of euro changeover in the
UK.
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