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Chamber Warns Small Firms to Gear up for Euro

19 October 2006

The Chamber of Commerce and Industry (GZS) has warned small companies to get serious about getting ready for the adoption of the euro, which is less than three months away.

Unlike the big companies, small companies are inadequately prepared or they have not started making preparations at all yet, GZS vice-president Cveto Stantič told the press. According to GZS adviser Nina Prešern, some of the smaller firms do not realise that the changeover to the euro is a complex and demanding project which affects all the functions of the company. Stantic added that there are some 35.000 limited-liability companies in Slovenia, so many bottlenecks can be expected.

Moreover, the switch to the euro entails strategic shifts: for example companies that have so far purchased in dollars might find it more prudent to switch purchasing to the eurozone to reduce foreign exchange risks, Stantic pointed out.

Source: Slovene press agency