Manufacturers warm to the euro

Manufacturing News, Source : TheManufacturer.com
Published : 28 Oct 2002 10:04

A recent survey of UK manufacturers carried out by NOP on behalf of the Engineering Employers’ Federation (EEF) has shown that companies have increased their support for the euro regardless of being less impressed by growth opportunities within the EU market.

Martin Temple, EEF Director-General, said: "Our survey shows that whilst manufacturers are becoming more internationalised and more exposed to the euro, the majority of them still remain undecided on this issue. Apart from a more competitive exchange rate, what manufacturers need most is to see their largest market - the EU - perform more strongly.

"Whether or not the government is seeking to raise business support for early euro membership, we urge it to show greater leadership and redouble its efforts to make the eurozone a more dynamic marketplace by pushing for greater liberalisation and seeking reform to the Stability and Growth Pact.

"However, whilst for most sectors of manufacturing a clear view on euro membership remains difficult, for one of the biggest sectors, motor vehicles, the dominance of the euro is now a criticial factor in investment decisions."

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