Будет ли евро эффективным стимулом для развития европейского бизнеса

It is obvious, that creation of European Monetary Union and launching euro will cause vast changes in a modern global economy and these “euro-effects” will not be completely positive for European business. It is connected, first of all, with uneven distribution of “pluses” and “minuses” of European monetary integration among separate organizational structures, and, secondly, with different essence of short-term and long-term effects of eurocurrency. As far as the European Central Bank will take charge of monetary policy for 11 of the EU’s 15 member countries, the governments of these countries being deprived of traditional instruments of economy regulation (interest and exchange rates), will be compelled to change the forms of impact on economic performance. It is now difficult to say what methods will be selected. Undoubtedly, the shifts will take place in a tax sphere, in labour markets and some others spheres. This will be followed by changes in economic climate for European business functioning.Rather high costs on business adaptation to new technical and economic realities in a short-term period may lead to a bankruptcy of small-sized, weak and inefficient companies. In a long-term period these effects will be compensated by eliminating currency convcrtation costs and monetary exchange risks. In the opinion of many experts, it will cause reduction of companies’ requirements in current assets, better finance management and growing profitability of business operations. It is of no doubt that mutual European trade will expand as well as inter-Europcan business relations. Monetary integration being direct consequence of economic integration in Europe will be a powerful source of future integration processes. Technical adaptation of banks to new conditions created by launching euro takes forms (and will take form) of introduction technical innovations (for example, banks’ connection to a TARGET-system). That’s why despite initial large euro-adaptation costs this process in the long run will promote increasing in efficiency of European banking system. This is extremely important for European banks, which are not so strong as American and Japan ones arc, especially in the field of scale of banking operations and their profitability. Another moment is even more important. Fixing prices in euro (since 2002) greatly intensify competition among organizational business-structures. As a result we can observe a process of mergers and acquisitions in Europe especially in industrial sectors, banking and insurance. This capital concentration will allow European business to fight successfully with American and Japanese competitors and thus to improve Europe’s economic positions of in the world economy. At the same time this process might be resulted in concentration of some industries in particular countries or even regions, as has happened in the United States, that may increase the risks of asymmetric shocks. Launching euro will change not only European financial markets but also world ones. The expansion of European financial market will make European securities more attractive for local and foreign investors which will be forced to transform the principles of investment portfolio formation. It stimulates not only development of new investment strategics, but also a search for new analytical instruments of securities market trends. A growth of volume of European financial market will mean relative squeezing of some regional markets and thus a gradual transformation of world financial market structure. And, at last, some words about possible prospects of euro as one of the major world currencies. This metamorphosis will change economic and financial environment for European business. It will also influence business-structures from outside single European market, first of all from the countries, which have strong economic relations with EU’s members, for example, Russia and Lithuania. Companies and banks from these countries since January 1, 1999 should solve a lot of problems concerning the most fast and effective form of payments in euro; the mechanism of converting euro into local currencies; the revaluation of companies’ assets and liabilities in euro etc. This moment the main task for Russian and Lithuanian business-structures consists of building- up such a “euro-strategy” that would allow them to adapt to new realities with minimal loss.