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Over the long term, though, the United Kingdom faces the prospect of being a small open economy with a vulnerable currency and a persistent trade deficit.
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Smaller countries with vulnerable currencies need the euro more.
There is also the risk of financial repercussions in those emerging markets with vulnerable currencies and where there has been excessive borrowing in dollars.
Sony also makes many of its products in Japan, where production costs are high and vulnerable to currency swings.
The United States, because it has a smaller trading sector relative to its over-all size than many other countries, traditionally has been less vulnerable to currency movements.
BLOOMBERG NEWS Citigroup Seen as Vulnerable to Currency Movements | Charles Peabody, an analyst for Portales Partners, estimated on "Bloomberg Surveillance" that $3 billion to $5 billion of Citigroup's book value was vulnerable to changes in the value of the Mexican peso and the Brazilian real.
But it is possible that this would undermine the development of an agricultural commercial class, able to moderate government in the long term – agriculture is export-led, and so is vulnerable to currency appreciation.
It has a low unemployment rate of 5percentt, sends 66percentt of its exports to the other states of the Union, has no security concerns and would be less vulnerable to currency fluctuations and financial speculators inside Euroland than out.
Also, keep in mind that ADRs frequently aren't as liquid as U.S. stocks and are particularly vulnerable to currency fluctuations.
In February, the credit-rating agency Moody's Investors Service warned that Austria's banks were vulnerable as currencies collapsed and bad debts spiraled further to the east.
In February, the credit rating agency Moody's Investors Service warned that Austria's banks were vulnerable as currencies collapsed and bad debts spread farther to the east.
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