UEFA's Financial Fair Play rules spell out how much a club is a able to lose and still comply with the FFP financial requirements.   The figures are all documented in Euros.  Clubs struggling to comply with the rules will have noticed that the falling Euro is making the task much more difficult.

The chart above shows how much the Euro has fallen since its July 2011 peak. The first and second Monitoring Period limits have fallen by almost £4.5m.

It remains to be seen whether UEFA will be lenient with English clubs who miss the targets because of exchange rate fluctuations.  Premier League clubs could argue that the goalposts have moved since they signed up to the rules.

UEFA might point out that any Premier League clubs buying players from the Eurozone will benefit from lower transfer fees as a result of the Euro's exchange rate slide.  There could however be a considerable benefit for any any club who has agreed wage-contracts that are denominated in Euros.