Speaking at the annual Baker Tilly corporate recovery conference inCheshire, he confirmed that despite high profile coverage of theweakness of the economies within the zone, the new currency is here tostay.
'One important thing for business is that in 2002 the legacy currencieswill disappear and the UK will be faced with our largest trading partner,with a GDP of 80-90% of the US, which will increase usage of the euro inthe UK,' he said.
Business will have to make some difficult decisions and the main changewill come with the reality of a single currency within which the UK playsno part, he added.
This will crystalise the implications of remaining outside, but Kernwarned that the costs of remaining on the periphery will mount as baserates inside the euro will remain lower (2-5%) than those outside, makingshort-term borrowings cheaper within the zone.
But Kern predicted that the UK will experience level economic stabilityover the next five years of around 2.5%, which he said would allow thecountry to remain outside the euro without threatening the domesticeconomy.'The euro will survive and be a success although there will be tensions,but this will not blow up the euro,' he said.
Ceres, located in the asteroid belt, has a carbonaceous-rich upper crust, SwRI study claims
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