MAZARS, an international auditing and expertise organisation, carried out a survey in the UK at the end of 2002, questioning British business people on the changeover to the Euro. The results of this survey are very encouraging for the future of the European currency.

Indeed, despite general scepticism and a strong campaign to keep the pound, a significant number of British managers (63%), members of SARL, believe that switching to the Euro would have a positive effect on their business.

Undeniably, Europe is a market which British businesses cannot afford to bypass. More than 50% of exports go to this market which provides for around 375 million consumers. Around 3 million jobs in the UK are linked to it. Most of the businesses questioned have a presence in the French and German markets, and also in the Netherlands, Belgium, Italy and Ireland.

The switch to the Euro has not prevented British businesses from continuing to perform well. The only down-point: a reduction in liquidations against an increase in the countries in the Euro zone.

According to this survey; adopting the Euro would make it easier for British businesses to increase their presence in Europe. According to the interviewees - the key decision makers of British businesses working in Europe - Germany and France have promising perspectives for growth (19% and15.2% respectively).

Nevertheless, in spite of the desire of British directors' to move into the integrated European market, 85% of the decisions concerning finances, strategy, investments, budget and capital are still the responsibility of the UK headquarters. On a local level, the decision-making process is concentrated on sales and human resources.

Human resources are seen as an essential success factor. For three years this has been rated as top investment for the businesses questioned; having quality personnel on location in the country is one of the keys to success, even if legislative differences sometimes present problems.

According to David Herbinet, a Mazars partner in Great Britain: "The majority of transactions carried out by growing British businesses are well documented. The fact that activity is centred in Europe has led many British directors to change their attitude towards the Euro; this change is likely to surprise a large section of the world of British business."

Countries representing the most significant growth opportunities over the next three years (percentage of total responses)





Factors contributing to successful growth in Europe





European operators’ functions affected as a result of the introduction of the Euro





Will the Euro have a positive effect on your business if it is adopted by the UK? (percentage of total responses)





Where functional decisions are made in relation to European operations





Marketing strategies adopted for successful penetration into the European marketplace





Paris La Défense, May 20, 2003





Sandrine VERDELHAN
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