Reports of EMU's still-birth are exaggerated

Article Abstract:

The UK government is now secretly very keen for plans for European monetary union in 1999 to grind to a halt, and some observers even believe that it is attempting to unsettle financial markets in order to put pressure on France to abandon the 1999 start date. If a financial crisis takes place in 1996, or if political will for monetary union declines in Germany or it becomes widely accepted that the Maastricht convergence criteria will not be met by 1997, then there is a strong possibility that changes will have to be made to the timetable for monetary union.

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Putting a price on euro's head presents poser

Article Abstract:

Valuing the future European currency, the euro, presents a number of problems, especially as the currency does not actually exist yet. It is not yet known what internal cross-rates will be used to create the euro, and other important information is also unavailable. It does not seem likely that the euro will sink in the markets on a long-term basis, but its performance will be determined by trends in real long-term interest rates.

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Misplaced fears over competitive devaluations

Article Abstract:

The creation of economic and monetary union (EMU) could have serious consequences for the political unity of the European Union. There is particular concern about plans by those countries which would be within EMU to impose a regime on those countries which would be outside this system. Most observers feel that such an approach would be extremely unfair, especially if punishments were imposed on countries which failed to comply.

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