Bankers control the move to EMU
Article Abstract:
The move to EMU will in theory be automatic in 1999 if certain economic criteria are met. However, in practice political will is likely to exert more influence over EMU than economic circumstances. The economic context in which politicians, especially France's president Chirac, are operating is set by the central bankers of France and Germany. Central bankers believe that the French and German economies could produce enough growth in 1997 to allow budget deficits to fall below 3% of national income. If this does not happen, them EMU will have to be postponed or even abandoned.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1996
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Living with the euro: the user's guide to 1999
Article Abstract:
The present timetable for economic and monetary union sets down a launch date for the single currency of Jan 01, 1999. However, it is possible that the launch date could be delayed for up to a year. When the single currency is launched, the European Central Bank will assume responsibility for monetary and exchange rate policy, with exchange rates being completed fixed against the single currency within the EMU group. Some transactions will still be undertaken in national currencies, but they will no longer by truly independent currencies.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1996
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Why Britain should give Stability Pact muscle
Article Abstract:
German plans for a 'Stability Pact,' which would control budget deficits after the implementation of European monetary union, have been given little attention in the UK. This is surprising, given that countries which remain outside monetary union may well be forced by the financial markets to exercise the same fiscal discipline as those within monetary union. The arrangement would oblige countries to put their budgets forward for continuous assessment by the European Council of Ministers.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1996
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