โ Scribed by Willy Claes
No coin nor oath required. For personal study only.
The final stage of the European Monetary Union (EMU) is approaching; the single currency goes into effect on January 1, 1999. The article discusses the far-reaching ramifications of the euro in the context of the international monetary system. Current challenges facing the implementation of the new currency are addressed such as unemployment, high budget deficits, and general skepticism both EU members and non-members have expressed. The argument is made that acceptance and widespread use of the single currency will provide a framework for a deeper economic and political integration across Europe. Q 1998 John Wiley & Sons, Inc.
"he European Union (EU) is presently experiencing a period of tremendous change. It faces a host of problems and challenges as it prepares the launch of the final stage of the European Monetary Union (EMU)-the single currency. Concurrently, the EU is confronted with a high level of unemployment. This phenomenon engenders serious loss of credibility among public opinion. In fact, 10 Central European states have sent clear signals of impatience and dissatisfaction with the EU as they struggle with the complex and difficult consequences of the fall of their communist regimes. They find themselves insufficiently prepared, from a budgetary and institutional point of view, for this new round of engagement, to which they officially and solemnly agreed at the Copenhagen Summit in June 1993.
Willy Claes is Minister of State for Belgium and former Secretary General of NATO.
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Up to now very little has been written about the legal and technological issues raised by European Monetary Union (EMU) -the arrival of EMU raises questions that extend far beyond the economic considerations. Heather Rowe explains why EMU is an important issue for the technology.