Because the euro-11 account for about half of Britain's exports, they fear that this will put them at a disadvantage relative to the euro zone, where exchange-rate risk will have disappeared.
Look further ahead, and it is probable that there will be a disagreement between Britain and euro-zone countries over the exchange rate at which Britain joins the euro.
"A monetary zone must have an exchange rate policy or else it ends up subjected to an exchange rate that does not match the true state of its economy, " he said.
But he might not like a further corollary: under a target-zone system, responsibility for exchange-rate management, as well as for controlling inflation, has to be given to the same policymaker.
Offshore finance and information services are important foreign exchange earners and thrive from having the same time zone as eastern US financial centers and a relatively highly educated workforce.
Boldly moving out of its comfort zone, the 327-year-old exchange bought a controlling stake in the London-based Equiduct trading platform and entered a strategic relationship with the investment banks Citadel Securities and Knight Capital Group, to become a market to be reckoned with.
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"Zimbabwe has been a zone of silence with little access to platforms of exchange through which it can communicate, " Chikukwa said.
Cyprus will limit first-class travel for senior officials, make it easier for banks to seize a person's home and cut Easter bonuses to pensioners in exchange for a multibillion-euro bailout from its euro-zone peers and the International Monetary Fund.
South Korea is concentrating on issues which it hopes may be relatively easier for North Korea to accept, such as setting up a hot-line between commanders on both sides of the demilitarised zone, the mutual notification of military exercises, and exchange visits between officers from both sides.
It plans to create a "growth zone" in which companies would get business rate relief in exchange for helping people get training and jobs.
Governments outside the euro zone are also at risk of drawing flawed conclusions, especially on exchange rates and fiscal policy.
The fact that Mr. Sarkozy is now so clearly stressing the need to stimulate growth and have a more competitive exchange rate suggests that whoever wins the French election will try to reshape the debate within the euro zone.
Anyone serving the euro-zone from Britain must either live with sterling's variability against the euro or hedge against exchange-rate fluctuations as far as they can.
Euro-zone exports fell sharply in the fourth quarter, adding to concerns that rises in the euro's exchange rate are hurting chances of an economic recovery.
Lastly, the G7 commitment to prevent exchange rate misalignment following the prolonged financial crisis in emerging markets has prompted policy initiatives to create a loose target-zone regime among the dollar, yen and euro.
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