By Chris Harris

Arsène Wenger believes that Arsenal are insulated from recent fluctuations in the money markets because they pay their players in pounds, not euros.

Before the current economic downturn, the pound was trading at 1.5 euros but the exchange rate has since slumped to just one euro per pound.

The sharp drop in the value of the pound means Premier League clubs must pay more to purchase players who ply their trade in the Eurozone. And according to Wenger, the structure of Premier League wage bills will have an even greater impact on the financial stability of English clubs.

"Every club is in a different situation individually," said the Frenchman. "Today on the international market England has lost 40 per cent of its financial potential just because the pound has collapsed completely and is down to the level of the euro.

"That means not only on the level of the transfer market and the transfer price but the wages too. I believe that some clubs are disadvantaged as well because their wage bill has increased 40 per cent if they had based their payment on euros.

"But we pay in pounds. Nobody is paid in Euros here because if the pound goes up or down it has no influence [on] us."

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9 Jan 2009