EMU will force businesses to become more efficient

Article Abstract:

It is possible to argue that the main impact of European monetary union on the European economy will be felt at a micro level, rather than a macro level. The most significant change will be in company behaviour, rather than interest rates or government policy. Governments have little room for manoeuvre in setting monetary or fiscal policy, so monetary policy imposed by the European Central Bank will be largely very conventional. For businesses, monetary union may force a rapid harmonisation in prices, followed by a shift in production to the lowest-cost production centres.

Economic aspects, Monetary unions

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The changing art of government

Article Abstract:

Governments are judged on their competence, rather than on the country's economic performance. New benchmarks, including the quality of public services, are emerging. In the future, politicians will be increasingly judged by international standards.

Politicians, Public opinion

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