One Money: EMU's first year

Europe's 'great gamble' is well and truly underway, and after a little over a year some of the benefits, but also some of the stresses and strains, are beginning to tell. In many ways EMU has been a remarkable success. The big surprise has been the external weakness of the new currency. This dents the pride of those member countries used to having a strong currency, but is proving a huge bonus for their exporters. Meanwhile, in the US and UK the trade deficits pile up. Just how does the future of EMU look after the first 12 months? This briefing looks at the realities beyond the day-to-day excitement of the currency markets.

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