Despite the British Bankers' Association's reluctance to comment on whether it supports the euro, it...
Despite the British Bankers' Association's reluctance to comment on whether it supports the euro, it has, along with the Association for Payment Clearing Services, published an outline blue print for the banking industry to help prepare for a change in currency.
The blue print has been published as a result of the government's 'prepare and decide' policy.
However, because the timetable proposed by the Treasury is considered demanding, the BBA believes that its blueprint sets out a more realistic schedule.
The association concludes that there ought to be be at least a two-year gap between any government decision and actual entry into the eurozone.
This would give the banking industry enough time to prepare retail systems and suggests that there should be a further 10-14 month gap before the currency is introduced.
"We looked at the wave that the euro had gone through and tried to work out a time scale of how it would be accomplished if we did join," says a BBA spokesman.
The BBA is not concerned with the economics of entry and makes it clear it is merely concerned with the issue of planning.
"There is no particular reason for the blueprint's timing and it simply offers suggestions of how the industry should prepare if the UK enters into the euro."
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