The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Coping with New Year hangovers from the euro

Introduction of euro notes and coins involves complex decisions on the part of bankers on how to deal with legacy currencies in contracts.


Is the UK watched from the sidelines on January 1, around ?14 billion in euro notes and ?50 billion in coins were distributed across the 12 eurozone member countries. If and when the UK finally decides to join the party, the far-reaching changes facing UK banks will not be limited to operational and compliance matters. UK entry will redefine the UK banking marketplace, raising new strategic challenges and threats for the institutions concerned.

Instead of watching and waiting, UK banks need to plan ahead. As Lynne Guyton, a senior manager at management consultants Accenture points out, the euro will continue to be an important driver in the evolution of Europe's capital markets. From a strategic perspective, banks need to be taking these into account. Guyton says: "Treasury services post-EMU will be principally driven by the polarization of currency risks between the world's two major currency blocs - the US dollar and the euro."

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree