Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Implications of EMU for Australia following the introduction of the euro.



Download WordDownload Word

image

 

MEDIA RELEASE

DEPUTY PRIME MINISTER AND

MINISTER FOR TRADE

THE HON TIM FISCHER

 

28 December 1998

Implications of EMU for Australia following the introduction of the euro

I am pleased to announce the release today of the Department of Foreign Affairs an d Trade document titled "Study of the Implications of EMU for Australia following the introduction of the euro on 1 January 1999".

In just four days time the world will witness the birth of a new currency, the euro, and the phasing out, over three and a half years, of eleven EU currencies, including the German Mark and the French Franc. EMU and the adoption of the euro is a major event for Europe. It's a further step along the road to closer European integration which began almost 50 years ago and which has contributed so much to European prosperity and peace.

The Department's study finds that the euro will completely reshape European business soon after its arrival on 1 January. A more competitive business climate will present new challenges for exporters right from the start. Adjustments to the new currency will need to be made. But there will be opportunities too. In the medium to long term the balance could be favourable for those Australian companies which adjust early to the euro and embrace Europe-wide strategies.

These issues and others are explored in detail in the study and I urge Australian business to get hold of a copy, and to do so as soon as possible. The study is available in hard copy and on the DFAT's home page on the Internet. Advice to business can also be found on Austrade's home page on the Internet.

The Study is available at: http://www.dfat.gov.au/trade/emu/index.html

 

Media Contact: Julie McDonald 0418 623 327

 

 

 

jy