Honda F1 website

MAY 27, 2005

Something to consider

In recent years the Formula 1 circus has become increasingly Euro-centric, moving away from its traditional currency of the US dollar, which dominated in the 1980s and 1990s. The switch to the Euro has come about because of the fall in the value of the dollar, which has cost teams millions in exchange rate differences on contracts negotiated when the dollar was stronger. That trend may be about to reverse as Europe braces for the result of the French referendum on the EU constitution this weekend. The signs are that France will reject the constitution and the financial markets are already wavering with the Euro expected to take a huge hit if the French say no. President Jacques Chirac says that a no vote will be a serious blow to the EU and urged voters not to use the referendum as a way to attack his government.