Interview with Jules
Stewart of Financial Director magazine for the February 2002 issue
The high
cost of Euro accounts is a major problem for SMEs
Let's look at the Euro and the position of U.K.
banks, their reluctance to adapt their systems to the euro, and the likelihood
that corporates with euro business will (or should) seek closer ties with
eurozone banks." Jules Stewart
"This is a major problem for SMEs. Large
companies have strong relationships with international banks and can easily
handle payments in a variety of currencies." says Warren Edwardes, ceo of
banking innovation consultancy Delphi Risk Management. "The high cost of
foreign currency current accounts for SMEs is a reflection of the lack of
competition in this market. But I doubt that European banks will rush in to
fill the gap. There may be a single currency in Europe but there is no
seamless payments system." Edwardes is a personal account holder at
Citibank. He is surprised that the bank does not expand its service
which offers current accounts in Euros and US Dollars to small businesses.