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On 1 January 1999, the bilateral values of the national currencies of the majority of European member states will be irrevocably fixed as the next stage in the formation of a European single currency. The fact that the UK has chosen to use its ¡®opt out¡¯ and not take part in the first wave makes this no less of a crucial issue for the UK agricultural industry. If anything, our position among the minority of countries not taking part makes it even more important for the industry to understand what the implications are: both as an opt-out nation and as a potential late entrant to the EMU project. The advocate of the single currency believe that only its introduction will truly complete the single market and prevent currency turmoil, as seen many times in Europe in recent years, from wreaking havoc with member states¡¯ economies. Furthermore, a host of economic benefits will follow leaving Europe as a stronger, deeper economy better able to tackle competition from other areas of the world.