Tony Blair chose last week to restate the case for Britain joining the euro. For many of us, it is coming sooner than that whether we like it or not, writes RUDI VIS, MP for Finchley and Golders Green

The UK is not going to join the euro on the first of January 2002.

Nevertheless we in Finchley and Golders Green will be affected by its introduction.

In 2002 some 40 million Brits will visit Euroland and many of them will be locals. Those of us with old' coins and notes will have to exchange them by the end of February 2001, although the last day that the old currency is legal tender in France will be 17th February, Ireland's last day will be 9th February 2002 and the Dutch aim for 28th January 2002.

Businesses in Finchley and Golders Green and anywhere else in the UK should prepare themselves for the introduction of the euro.

Of course businesses with Euroland trading links will be immediately affected, not only with the new currency but also in terms of competition from businesses in the euro area.

In many instances the changes will not stop with converting currencies and prices but may include a review of markets, marketing approaches and strategic adjustments.

The euro is of course a decimal currency with seven banknotes (5, 10, 20, 50, 100, 200 and 500 euro) and 8 coins (1, 2, 5, 10, 20, 50 cents and 1 and 2 euro).

In the euro area after January 1, 2002, all bills and change in shops and restaurants will be in euro. Cash machines will dispense euro notes, but credit and debit cards will work as normal.

In the UK, euro notes will be available from most banks and bureaux de change from January 1, 2002. One cannot be sure about the exchange rate for the pound versus the euro since that is not fixed. At the time of writing one pound is worth about 1.63 euro, but this may change daily.

It would be nice if you have unused old' foreign currency such as marks or francs to donate it, on time, to your preferred charity. Most banks will be able to help you.

You may wish to have more details about the euro, which can be found on the European Central Bank web site about currencies (www.euro.ecb.int) or about the exchange of national currency for euro at banks in the euro area (www.euro.gov.uk/keyfacts.asp) or for travel advice on the Foreign Office web site (www.fco.gov.uk).

Even if you don't like the idea of the euro almost all of us will be affected by it.

November 28, 2001 19:53