Haulage companies may or may not have feelings about the political and economic effects of joining or staying out of the Euro. That's a matter of personal opinion. What can't be overlooked, though, is just how the Euro has changed things for long-distance international hauliers - and not always for the better.
The really bad old times
Not that long ago, drivers crossing various European borders needed to have supplies of local cash. Exchange rates fluctuated, and this was a nuisance for both them and the poor old office types that had to try and make sense of it all when they submitted their expense claims.
Of course, a few drivers see opportunity in just about anything, and it wasn't unknown for some to see themselves as "FX" experts - keeping various pots of currency stashed away and playing their guess of exchange rate fluctuations in the period ahead. OK, maybe not quite the levels of the film "Wall Street" but it did happen! On the whole though, it was something most drivers and haulage companies could have done without.
The Euro arrives
In what now seems like a lifetime ago, a lot of people got together in Europe and decided (for many different reasons) that they were all going to use a single currency. Many in the UK predicted chaos and calamity on Day One, but in the event, everything went smoothly.
Those drivers that had previously seen themselves as FX players suddenly had some extra time on their hands, but most welcomed the now open European financial borders. Apart from anything else, trying to persuade "him or her in the office" to let them have multiple and various piles of foreign currency petty cash prior to departure, was now a thing of the past. What was even better was that initially the Euro was 'all over the place' in exchange rate terms against Sterling, and was close at one time to about £1 = €1.70. That was good news because many drivers and haulage companies found that things were relatively 'cheap' in the Eurozone compared to the UK. If only if it had lasted!
Today's position
A lot of haulage companies that transit the Eurozone are finding it tough. For a long time now, Sterling has hovered around €1.13 and costs of things such as food, fuel and Autoroute fees have rocketed - both in real terms and when converted to Sterling.
Some haulage companies admit to being baffled as to how the Euro is apparently in a permanent crisis with daily predictions now of its demise, while Sterling continues to deteriorate against it. Does that mean that a currency, which some experts argue is in its death throes, is still in better shape than Sterling? What does that say about Sterling? Maybe we should ask those old-time driver-FX experts!
So, what's the future for the UK and the Euro and how might it affect haulage companies?
Only someone brave - bordering foolhardy - would even try to predict this.
Many haulage companies would probably welcome the chance to eliminate the large amount of Sterling/Euro exchange rate hassles that plague their daily business, but others fear getting into bed with a currency perceived to be in crisis. Maybe Sterling and the Euro should merge to form an entirely new currency called 'The Zero' - which is what it would probably be worth!
The really bad old times
Not that long ago, drivers crossing various European borders needed to have supplies of local cash. Exchange rates fluctuated, and this was a nuisance for both them and the poor old office types that had to try and make sense of it all when they submitted their expense claims.
Of course, a few drivers see opportunity in just about anything, and it wasn't unknown for some to see themselves as "FX" experts - keeping various pots of currency stashed away and playing their guess of exchange rate fluctuations in the period ahead. OK, maybe not quite the levels of the film "Wall Street" but it did happen! On the whole though, it was something most drivers and haulage companies could have done without.
The Euro arrives
In what now seems like a lifetime ago, a lot of people got together in Europe and decided (for many different reasons) that they were all going to use a single currency. Many in the UK predicted chaos and calamity on Day One, but in the event, everything went smoothly.
Those drivers that had previously seen themselves as FX players suddenly had some extra time on their hands, but most welcomed the now open European financial borders. Apart from anything else, trying to persuade "him or her in the office" to let them have multiple and various piles of foreign currency petty cash prior to departure, was now a thing of the past. What was even better was that initially the Euro was 'all over the place' in exchange rate terms against Sterling, and was close at one time to about £1 = €1.70. That was good news because many drivers and haulage companies found that things were relatively 'cheap' in the Eurozone compared to the UK. If only if it had lasted!
Today's position
A lot of haulage companies that transit the Eurozone are finding it tough. For a long time now, Sterling has hovered around €1.13 and costs of things such as food, fuel and Autoroute fees have rocketed - both in real terms and when converted to Sterling.
Some haulage companies admit to being baffled as to how the Euro is apparently in a permanent crisis with daily predictions now of its demise, while Sterling continues to deteriorate against it. Does that mean that a currency, which some experts argue is in its death throes, is still in better shape than Sterling? What does that say about Sterling? Maybe we should ask those old-time driver-FX experts!
So, what's the future for the UK and the Euro and how might it affect haulage companies?
Only someone brave - bordering foolhardy - would even try to predict this.
Many haulage companies would probably welcome the chance to eliminate the large amount of Sterling/Euro exchange rate hassles that plague their daily business, but others fear getting into bed with a currency perceived to be in crisis. Maybe Sterling and the Euro should merge to form an entirely new currency called 'The Zero' - which is what it would probably be worth!
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