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The European Monetary Union
Author(s) -
Claes Willy
Publication year - 1998
Publication title -
thunderbird international business review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.553
H-Index - 37
eISSN - 1520-6874
pISSN - 1096-4762
DOI - 10.1002/tie.4270400403
Subject(s) - single currency , currency , economics , skepticism , european monetary union , argument (complex analysis) , context (archaeology) , economic and monetary union , currency union , international economics , european union , unemployment , european monetary system , politics , common currency , keynesian economics , monetary economics , macroeconomics , monetary policy , political science , law , paleontology , philosophy , biochemistry , chemistry , epistemology , biology
Abstract 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. © 1998 John Wiley & Sons, Inc.