Europe's adventure begins

Article Abstract:

The new European currency, the euro, will be launched in Jan 1999, though national currencies will continue in use for three years. This is the first common currency of countries with the economic weight of the European participants. It involves the handing over of national rights to devalue and inflate to the European Central Bank (ECB). There are risks involved such a possible inflexibility in the ECB's policies, and political dangers arising from national fiscal constraints. Success could mean low inflation and support for closer links between European countries.

European Union, Editorial, Cover Story

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The merits of one money

Article Abstract:

European monetary union (Emu) should bring benefits in terms of currency stability, low inflation, and microeconomic factors such as a drop in transaction costs. The European capital market will also benefit. The extent to which there are similarities in terms of business cycles and economic structures will affect how well Emu works. Lack of labor market flexibility and differences in regional economies could create problems. Deregulation of labor and product markets would help Emu to succeed.

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The power of eleven

Article Abstract:

European monetary union (Emu) was developed in order to strengthen links between different European countries and there was a political element to the reasoning. France and Germany have promoted Emu, with other countries having to decide whether or not to join. Some candidates were seen as unlikely to succeed, including Italy. The benefits of Emu are seen as more valuable than the loss of national sovreignty in relation to economic policy.

Administration of General Economic Programs, Currency Stabilization Programs, Currency stabilization

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