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Why was the single currency introduced and how successful has it been so far
Member rating: No Rating | Words: | Submitted: Mon Feb 02 2004
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Why was the single currency introduced and how successful has it been so far? The final commitment to the European single currency was in Maastricht in 1992. It was Jacques Delors' final plan for Europe, as he recognised that there would have to be a monetary union if a single market was to be genuine and secondly it was (in his opinion) ridiculous to have a single market with fifteen different currencies so a single European currency was needed. There were problems however. The Exchange Rate Mechanism (ERM) was already in place, Delors understood that fixed exchange rates were vital for Europe's economies to work together. The European Central Bank (ECB) was made. This 'unelected' body was to fix borrowing and unemployment with a single interest rate for the whole of the European member states. Its job was and is to defend the European single currency against inflation. A strict borrowing limit...
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