The UK's entry into the European single currency could be under way as early as Autumn 2004, with notes and coins in circulation by 2007, according to Chancellor Gordon Brown.  The uncertainty over  the UK's adoption of the Euro presents UK financial institutions with a dilemma - start preparing now or defer any investments. By not making adequate prepearations, institutions risk being placed at a major competetive disadvantage. Deloitte Research outlines an approach to hedge against the risks involved whilst at the same time reducing the cost and impact of a conversion program. By starting to prepare now, institutions can make the "smart play" and carry some of the costs of euro transition within other business critical programs. In doing so it is possible to optimise euro spend by combining it with other business initiatives.

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