§ Lord Ezraasked Her Majesty's Government:
What problems they believe exist in making cross-border payments in a single currency such as the United States of America, as stated by Lord Henley (H.L. Deb., col. 703).
§ Lord HeskethA single currency only eliminates the cost of converting one currency to another, not the administrative costs of transferring funds between banks. Those costs will depend on the procedures used, but can be proportionately high for small transactions. That is true both in America and within any single currency area such as the United Kingdom.