Does the coming of the euro bring the world closer to a unified currency system?
Europe will have a monetary union with one currency, the euro. The European Central Bank will call the shots. That will put an end to each country pursuing an independent monetary policy. That’s not global unification, but it’s currency unification on a continental scale. The euro is going to have all kinds of problems at the start. It’s not going to be a smooth thing. The Italian communists are revolting against the tight budget required for Italy to join in. But monetary union will happen. The euro is also causing neighboring countries to get into the currency unification act. Europe will lock its currencies together on Jan. 1, 1999. This is starting to put pressure on the central and the eastern European countries to unify. One of the first outside countries to enter the European Union will be Estonia. Estonia helped pave the way by installing a currency board in June of 1992. Their anchor currency is the German mark. Now Bulgaria has a currency board that also uses the mark as an a
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