delay in the UK decision it is still uncertain if its economic cycle is moving away from the US towards mainland Europe.
             Calculation of Euro-Currency Conversions - year 2001.
             Country Member of Euro Currency Fix Date Fix Rate LocalAmount
             Belgium Yes Franc 31/12/98 40.3399 605,098.50
             Germany Yes Mark 31/12/98 1.95583 29,337.45
             Spain Yes Peseta 31/12/98 166.386 2,495,790.00
             France Yes Franc 31/12/98 6.55957 98,393.55
             Rep. Ireland Yes Pound 31/12/98 0.787564 11,813.46
             Italy Yes Lire 31/12/98 1936.27 29,044,050.00
             Luxembourg Yes Franc 31/12/98 40.3399 605,098.50
             Netherlands Yes Guilder 31/12/98 2.20371 33,055.65
             Austria Yes Schillings 31/12/98 13.7603 206,404.50
             Portugal Yes Escudos 31/12/98 200.482 3,007,230.00
             Finland Yes Marks 31/12/98 5.94573 89,185.95
             Greece Yes Drachma 31/10/00 339.65 5,094,750.00
             U.K. No Pound Sterling 31/10/00 0.5809 8,713.50
             Denmark No Krone 31/10/00 7.4432 111,648.00
             Norway No Krone 31/10/00 7.8735 118,102.50
             (Reference: Silkscreen Consulting 8, October 2001)
             * Local amounts are in the currency named.
             2. REASONS WHY THE UK MAY OR MAY NOT JOIN
             To join would need agreement from the Government, Parliament and the country
             The Maastricht Treaty allows the United Kingdom to choose whether it wants to join EMU. As a matter of law, the United Kingdom could only join if both the government and Parliament were to decide that it should do so. In addition, the government is committed to seek the agreement of the people in a referendum, if it were to decide that the United Kingdom should join.
             The UK government will take its decision on the basis of the economic arguments. Whenever a decision is considered, the UK government will examine the following questions:
             · Would joining EMU create better conditions for firms making long-term decisions to invest in the United Kingdom?
             · How would adopting the single currency affect their financial services?...