Euro changeover may affect Sterling exchange rate

JAPAN - The introduction of euro notes and coins may have implications for the euro-sterling exchange rate, according to Bank of England's director for Europe, John Townend who was speaking in Tokyo.

He said the changeover was important to the UK as the undervalued euro is causing difficulty to the UK's monetary policy and because of the question of the exchange rate for possible EMU entry in future.

Speaking at the Institute for International Monetary Affairs Euro Symposium in Tokyo he said

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