While the rest of Europe continues to converge into one, the UK is being some what left behind but we are slowly making ground.  Whether the UK voters likes it or not, the UK is a major and very important part of Europe and it is highly likely that at some point we will catch up with the process, or risk losing our spot at the top table.  But how will it affect your finances in due course?

The main change at some point will be a change to the ECU, something which many are fighting but at some point it seems inevitable that it will happen.  This would see one interest rate set across Europe by what many expect to be a leading European Central Bank – with input from all member states.  While this would reduce the affects of currency movements, it will have a massive impact upon the financial sector.

In many ways it will make it easier to access European financial services, which under the EU finance directive, will see all members states receiving free access to other member state markets.  We will see a whole host of cross selling, new instruments introduced and a general expansion of the sector.  As the UK currently has one of the largest and most robust of financial sectors, we have most to lose unless we take some form of lead.

ECU mortgages and loans will soon become common place, cross European employees will be paid in the European currency rather than their own – well possibly…….

While there are many who claim that the above scenario will never happen, each year brings it closer.  The fight goes on but at some point it will become a case of the UK being left out unless the authorities go for full participation.  That time is not here yet, but it is not as far away as many think…….whether you like it or not.