high commissions for converting euros, particularly for small users. Preparation is also a
strategic issue for business. First, EMU will result in greater competition, as price differences
will be more obvious to consumers. The cost of converting currencies serves to
increase the costs of UK businesses and make them less competitive. Second, EMU will
probably result in more mergers and acquisitions across Europe and this will have dramatic
effects on the structures of industries (see the following mini case).