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Monday 23 September 2002

THE EURO - A BLESSING OR A CURSE FOR BRITISH BUSINESS?

The Institute of Directors (IoD) today published its expanded and updatedeuro briefing papers for business. The series of five papers includesinformation that helps provide answers to the most commonly asked questionsabout British membership of the euro.

The five papers are:

* Should the UK join the euro?
* The economic benefits of euro membership
* The economic costs of euro membership
* The Government's position on the euro
* The euro: economic or political project?

Commenting on publication of the five papers, Ruth Lea, Head of the IoD'sPolicy Unit, said:

"British membership of the euro would be a momentous step with enormous political and economic implications. It would mean, effectively handingover the management of the British economy from British institutions toEU-wide institutions. Handing control over, without 'sustainable convergence',could seriously risk damaging economic stability, business success and jobprospects.

"By comparison, the advantages of British membership are modest indeed. Ofcourse while we recognise that some large international businesses see advantages in being able to plan and monitor the performance of their overseas operations by being in the euro, IoD members are still of theopinion that Britain should not join for the foreseeable future for business and forjobs.

"The expanded and updated briefing papers published today will help informthis very important debate."

In March 1998, the IoD produced a set of short briefing papers on British membership of Economic and Monetary Union (EMU) as part of the debate. Theseries of briefing papers published today expand and update the earlierversions as both arguments and events have greatly progressed since 1998.

Ends

19.9.02 No.122

Notes to Editors

1. Copies of the five briefing papers are available from the PressOffice.

2. The IoD (Institute of Directors) is a non-political independentorganisation with over 55,000 members. In addition to its wide range ofbusiness services, the IoD provides an effective voice to represent theinterests of its members to government and key opinion-formers. It alsobrings the experience of business leaders to bear on the conduct of publicaffairs.

Contact points:

David Marshall, Director of Public Affairs, tel. 020 7451 3263
mobile and out of hours: 07764 883 420

Richard Taylor, Press Officer, tel: 020 7451 3264
mobile and out of hours: 07721 734886
email: press@iod.com
web: www.iod.com