TITLE

Coin of the Realm

PUB. DATE
January 1999
SOURCE
National Review;1/25/1999, Vol. 51 Issue 1, p16
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article comments on the January 1, 1999 introduction of the euro, the European Union currency unit. The formal launching of the currency was celebrated by the leaders of the European Union on New Year 1999. On its first day the euro performed well against the U.S. dollar. Because of this leaders in the European Union proclaimed that the currency introduction was a success. But the success of the euro is not surprising given the fact that the leaders of the European Central Bank have all prepared well to ensure that the currency would not enter the market as a weak currency. The real test for the euro lies not on its performance in the foreign exchange market but on its impact on the economies of European Union member countries. The euro's introduction highlights a new economic regime in the European Union. The European Central Bank will now set a single interest rate for all countries in the euro zone.
ACCESSION #
1436498

 

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