61. APPENDIX 9: OUTLINE CHRONOLOGY OF EURO EVENTS qualify to participate in emu and adopt the single currency, the euro, between the euro and the currencies of the eleven Member States joining emu. http://www.irlgov.ie/ecbi-euro/4th_annreport/w_apnd_9.htm

APPENDIX 9: OUTLINE CHRONOLOGY OF EURO EVENTS 7 February 1992 Treaty on European Union signed at Maastrict. 18 June 1992 Maastricht Treaty endorsed referendum in Ireland. 31 May 1995 European Commission publishes Green Paper on Practical Arrangements for the Introduction of the Single Currency. Autumn 1995 Single Currency Officers Team (SCOT) established in Ireland by the Department of Finance. December 1995 European Council meeting in Madrid confirms 1 January 1999 as the starting date for stage three of Economic and Monetary Union (EMU), adopts a reference scenario for the changeover to the single currency and names the currency "euro". Spring 1996 Euro Changeover Group established to advise the Department of Finance on technical issues in the run-up to the 1998 Council decision on which Member States qualify for EMU and to help coordination of the changeover across the economy. December 1996 Forfás EMU Business Awareness Campaign launched. December 1996 European Council meeting in Dublin confirms that the Treaty procedure for deciding which Member States fulfil the necessary conditions for EMU will be applied as early as possible in 1998. May 1997 First edition of "EMU and the euro: Ireland's National Changeover Plan" published.

62. Euro Currency The new currency is called the euro. A euro will be made up of 100 cents. dot Can I use the euro in the UK? While the UK is outside emu the euro will be http://www.worldatlas.com/aatlas/infopage/euro.htm

var zflag_nid="355"; var zflag_cid="292/198"; var zflag_sid="15"; var zflag_width="468"; var zflag_height="60"; var zflag_sz="0"; Africa Antarctica Arctic Asia ... here Europe and the Euro What is this new currency and how does it work? On January 1, 1999, 12 European Union countries chose to form an economic and monetary union (EMU) and start using the euro. The 12 countries locked their exchange rates to the euro. On January 21, 2002, euro notes and coins became available. The 12 countries will also share a single interest rate, set by the European Central Bank (ECB), and a single foreign exchange rate policy. From this date, the ECB will be responsible for the monetary policy of these 'euro zone' countries. Which countries joined the euro zone on January 1, 1999? Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain. Since then, Andorra, Monaco, San Marino and the Vatican (the Holy See) have adopted the new currency. All other European countries, including Great Britain, Denmark, and Sweden have not switched. All still use their own currencies, but do accept the euro. What is the new money called?

63. Economic And Monetary Union (EMU) In order to be able to introduce a single currency, ie the euro, the countries had This is a stability programme for the emu countries and a convergence http://www.minfin.nl/default.asp?CMS_ITEM=6A969FBDAE754E89AFDD4527C09ABEB4X1X382

64. Enlargement And The Euro On that day, the exchange rates of all emu currencies were irrevocably fixed and the euro was officially introduced as legal currency. http://www.euractiv.com/Article?tcmuri=tcm:29-129586-16&type=LinksDossier

65. THE EURO RISK THE euro RISK. By Martin Feldstein. A unified currency in europe may spell more and The emu is ostensibly about substituting the euro for 11 national http://www.nber.org/feldstein/eurorisk.html

Originally published in TIME (Europe) Magazine January 25, 1999 THE EURO RISK By Martin Feldstein A unified currency in Europe may spell more and different problems for the Continent and the US The American public and officials in Washington are underestimating the risks to the U.S. of the new European Economic and Monetary Union, and its new currency, the euro. The reason for concern is not that the EMU will mean a stronger Europe that can challenge the U.S. economy. Quite the contrary, the EMU is likely to weaken European economies, leading to more trade friction and economic isolation. But the most important problems the EMU can cause are political, bringing increased conflict within Europe and with the U.S. The EMU is ostensibly about substituting the euro for 11 national currencies and transferring responsibility for monetary policy from individual national central banks to a new European Central Bank, but the EMU's real importance is political. The advocates of the EMU see it as an important step toward creating a strong political union. The idea of a United States of Europe was conceived at the end of World War II by politicians who believed that abolishing national governments would prevent a repetition of the major wars that had engulfed Europe during the previous 75 years. Although this argument seems far less persuasive after 50 years of European peace, the single currency is applauded by European federalists as an important step toward a federal government. Since there is no major country in the world that does not have its own currency, abolishing national currencies is a major move toward abolishing European national states. When Spaniards and Italians have euros in their pockets instead of pesetas or lire, they are bound to feel more like "Europeans."

66. THE EURO RISK THE euro RISK. By Martin Feldstein. A unified currency in europe may spell more and The emu is ostensibly about substituting the euro for 11 national http://www.nber.org/feldstein/ti012599.html

Originally published in TIME magazine January 25, 1999 THE EURO RISK By Martin Feldstein "A unified currency in Europe may spell more and different problems for the Continent and the U.S." THE AMERICAN PUBLIC AND OFFICIALS in Washington are underestimating the risks to the U.S. of the new European Economic and Monetary Union, and its new currency, the euro. The reason for concern is not that the EMU will mean a stronger Europe that can challenge the U.S. economy. Quite the contrary, the EMU is likely to weaken European economies, leading to more trade friction and economic isolation. But the most important problems the EMU can cause are political, bringing increased conflict within Europe and with the U.S. The EMU is ostensibly about substituting the euro for 11 national currencies and transferring responsibility for monetary policy from individual national central banks to a new European Central Bank, but the EMUs real importance is political. The advocates of the EMU see it as an important step toward creating a strong political union. The idea of a United States of Europe was conceived at the end of World War II by politicians who believed that abolishing national governments would prevent a repetition of the major wars that had engulfed Europe during the previous 75 years. Although this argument seems far less persuasive after 50 years of European peace, the single currency is applauded by European federalists as an important step toward a federal government. Since there is no major country in the world that does not have its own currency, abolishing national currencies is a major move toward abolishing European national states. When Spaniards and Italians have euros in their pockets instead of pesetas or lire, they are bound to feel more like "Europeans."

67. Is The Euro Forever? - Mises Institute One particular object of derision and scrutiny is the euro, the currency The question remains, how will the euro fare? As emu is the creature of the http://www.mises.org/story/1857

About Us Mission Ludwig Who? Murray Who? ... Forum Tuesday, September 20, 2005 Is the Euro Forever? by Grant N¼lle [Posted on Tuesday, July 26, 2005] Leaders of European Union member states have been reeling from the double rejection of the proposed European Constitution by two of the six founding members, the Netherlands Saddled with slowing economic growth, chronic unemployment and threatened by competition from East Asia and Central and Eastern Europe, eurozone member states, particularly the core governments and economies of France, Germany and From Werner to EMU The euro was the successor of approximately two decades of a formal, though adjustable, system of mutually pegged exchange rates led by Western Europe throughout the 1980s paved the way for EU member states to embark upon economic and monetary union (EMU), as enshrined in the 1992 Maastricht Italy, and Greece) monetary union reduced government borrowing and debt-servicing costs and attenuated the threat of insolvency. [i] One currency, but one union? Financial Times The fiscal aspect For those reasons, EMU requires member states to abide by common fiscal rules and supranational monitoring mechanisms. The Stability and Growth Pact remains the chief surveillance and enforcement authority on government expenditures, augmenting and clarifying the

68. The Risk Of A Currency Crisis In EMU have raised the spectre of a currency crisis in emu the euro or a national currency might And the breakup of emu would not be a currency crisis, http://www.cepr.org/press/LM1406PR.htm

The Risk of a Currency Crisis in EMU Some British and American economists have raised the spectre of a currency crisis in EMU the euro or a national currency might come under speculative attack. At best, this supposed risk supports the ‘wait and see’ aspect of current British and Swedish policy; at worst, the doomsdayers anticipate that EMU will break up in tears. Richard Portes, President of CEPR and Professor of Economics at London Business School, will argue in a lunchtime meeting sponsored by The Royal Bank of Scotland on 28 April that these fears lack any economic foundation. He will say: In the transition period from 2 May 1998 to 4 January 1999, a speculative attack would not change conversion rates or policies, and so would not ‘succeed’, would not be profitable, and will not occur. From 4 January 1999 to 2002, ‘national currencies’ will be just units of the euro, the single currency, so there

69. AskNCVO - The Euro And The Voluntary Sector currency fluctuations The euro may help organisations which work in a number of Should the UK enter emu then these will have to be changed to euro, http://www.askncvo.org.uk/Asp/search/docViewer.aspx?siteID=2&sID=23&documentID=5

70. Europe: No To Bosses Euro/EMU The struggle against the euro/emu needs to be put on the top of the agenda Up to then the euro will be a parallel currency within the countries but will http://www.socialistworld.net/eng/1999/0114.html

socialistworld.net home 14 January, 1999 Europe Fight for a democratic socialist Europe The launch of the euro has been presented as a new era for Europe ; or in the words of the finance minister of Portugal, the euro is here to stay, it is now impossible to turn back. The euro-triumphalism will be shattered by the approaching economic downturn. It was only possible for eleven EU countries to introduce the euro because the world downturn has not yet hit Europe and the US with full force. In a contradictory way, the flight of capital from Asia, Latin America and other so-called emerging markets prolonged the share bubble on the stock exchanges of the advanced capitalist world, disguising the recession that have already begun in the US and Europe. From euro-phoria to euro-gloom and euro-sclerosis That launch of the euro, as a common currency used in trade, in finance, savings and accounting is now a fact. According to the timetable, national currencies will be taken out of circulation in the first half of the year 2002. Up to then the euro will be a parallel currency within the countries but will act as a single currency in all international transactions. The euro-zone is the second biggest capitalist bloc in the world and the zone's government debt market is the world=92s biggest. It is likely that the euro will become a 'strong currency' in the coming months as the value of US dollar continues to fall. But the question is not so much how strong the new currency will be or to what degree the euro will challenge the dollar as a world reserve currency, but more, in the words of Nobel-prize winning economist Franco Modigliani, "Its ability to cure the plague of unemployment, currently 10 per cent and higher in member countries."

71. Untitled The Single european currency. emu = european Monetary Unit, the euro . 15 european countries to use a single monetary unit, if they decide http://www.nku.edu/~issues/euro/TheEuro.html

The Single European Currency EMU = European Monetary Unit, the "Euro" 15 European countries to use a single monetary unit, if they decide European Union: Austria, Germany, Netherlands, Belgium, Ireland, Portugal, Finland, Italy, Spain, France, and Luxembourg United Kingdon, Denmark, and Sweeden decided not to convert Greece must reapply due to not meeting the economic requirements The Euro - The "Euro" is the official name for the new European Monetary Unit. This will replace 15 separate currencies (assuming all countries eventually join the alliance). It will also eliminate cumbersome exchanging processes between countries, increasing trade between countries since they all have the same currency. If the Euro is successful, it could become one of the leading currencies. The first link below contains all of the official information provided by the Euro alliance. The other sites give useful information concerning how it began and what it means for the participating countries. The Official EURO Page - The official page offered in 11 different languages Europe's Single Common Currency - Official EU links and other sources with many viewpoints The European Single Currency Information Center - General information EURO Resources on the WEB The Euro - Background information on the Euro Questions - There are many questions to answer about the Euro. Some of these include where did it come from, what countries are involoved, and when does it go into effect. The two links below will take you to a world where most of your questions will be answered. These links include all the facts you need to be an expert on the Euro. Have fun and navigately safely.

72. EMU And The Euro: Ensuring A Successful Launch A common currency will lower transaction costs, reduce exchange risk, Indeed, those initially outside emu may benefit most from a solid euro zone, http://www.imf.org/external/np/speeches/1997/mds9704.htm

Speeches for Free Notification Receive emails when we post new items of interest to you. Subscribe or Modify your profile EMU and the Euro: Ensuring a Successful Launch Address by Michel Camdessus Managing Director, International Monetary Fund at the IMF conference on EMU and the International Monetary System Washington, D.C., March 18, 1997 EMU, and the economic convergence it has inspired, is certainly one of the most important and promising developments in the international monetary system in recent decades. For prospective members, the drive toward EMU has provided strong incentives to strengthen domestic economic policies and to begin addressing deep-rooted structural problems. For the European Union as a whole, EMU will help reinforce monetary stability and cement economic integration. And for the world, EMU holds out the promise of a strong new pillar for the international monetary system. For all of these reasons, EMU is a momentous and, indeed, historic enterprise. It is hardly surprising, then, that EMU is also the object of intense public scrutiny and that, as the date for starting Stage 3 approaches, the inevitable questions concerning the final transition are attracting greater attention. Will Stage 3 begin on time? How many countries will ride the first wave of monetary union? And what about the other countries that aspire to joining EMU but are not among the initial participants? As interest in these and other questions mounts, each new statistic, government action, and barometric reading of market sentiment is scrutinized all the more closely for what it may portend for EMU.

73. The IMF & The European Economic And Monetary Union - Factsheet Since the launch of emu, the euro has replaced the currency amounts of the deutsche mark and the French franc in the SDR valuation basket. http://www.imf.org/external/np/exr/facts/emu.htm

Skip Site Navigation Publications on EMU Staff Report on Euro-Area CountriesMarch 2000 Factsheets List A Factsheet - March 1999 On January 1, 1999, the third and final stage of European Economic and Monetary Union (EMU) began. On that date, countries participating in EMU locked their bilateral exchange rates and adopted the euro as their common currency, with monetary and exchange rate policy determined by area-wide institutions. Chronology of Events Convergence Criteria for Participation in EMU (According to the Maastricht Treaty) Price stability . the average rate of consumer price inflation over the previous 12 months must not exceed by more than 1.5 percentage points that of, at most, the three best performing member states and this performance should be sustainable. Public finance . The financial position of the member country's government must be sustainable, as evidenced by the country not being subject to an excessive deficit. In particular, (I) the general government deficit should not exceed the treaty's reference value of 3 percent of GDP, or it should have declined substantially and continuously and have reached a level close to the reference value, or the excess over the reference value should be temporary and exceptional; and (ii) the gross debt total of the general government should not exceed the reference value of 60 percent of GDP or, if it does, it should be sufficiently diminishing and approaching the reference value at a satisfactory pace. Interest rates

74. BRITAIN EUROPE EURO ERM EMU BNP Sovereignty Reasons Against BRITAIN Joining EURO ERM emu BNP Sovereignty Case Against BRITAIN Joining euroPE euro. Britain did not join the european single currency along with the other 12 members of http://www.seanbryson.com/articles/britain_europe_euro/britain_europe_euro_page.

Britain Europe Euro ERM EMU BNP Sovereignty Habeas Corpus - Corpus Juris European Superstate Nationalism = D I V E R S I T Y Multiculturalism = Melting Pot = NO D I V E R S I T Y Some Of The MANY Reasons AGAINST Britain Joining Europe And The Euro - ERM - EMU Search with FreeFind Powered by FreeFind FreeFind updates it's index of this site at 23.00 every Monday Pages in the "Chapters" section The Writing On The Wall ! Fight Political Correctness IMPORTANT No opposition to Euro Superstate allowed On April 21st a Belgian court issued a verdict which has to all intents and purposes banned an opposition political party. The party is the Flemish speaking Vlaams Blok (Flemish Bloc/Group), which is campaigning on the similar pro-sovereignty platform of the BNP. This is a deliberate attempt to silence the patriots of Europe who are opposed to enhanced powers for the centralised European Superstate. What happens in Belgium today could happen in the UK in the near future, effectively silencing any dissident voice to the European Project. This is the real fascist face of the European Superstate, it will not tolerate opposition. Banned by the politically appointed undemocratic Belgian legal system IMPORTANT

75. EMU Now Germany has begun to voice doubts about the single currency. German academics criticise weak euro Electronic Telegraph, 25 March 1999 http://www.nejtillemu.com/tyskakademikermars99.htm

Home Senaste nytt Tysk debatt Daily Telgraph leader 2000-04-25 Now Germany has begun to voice doubts about the single currency. Jurgen Donges, the senior economic adviser to the government, has spoken of a collapse in public confidence. In Bombay, the only exchange to be trading on that day, the euro firmed slightly. Buoyed by this apparent success, British federalists rushed to tell us that we had made a terrible mistake by staying out. The pound, they claimed, would soon be bobbing around like a cork in the wake of an ocean liner. To put it as neutrally as possible, the euro has failed to live up to this billing. Not only has it lost a fifth of its value against sterling; as the shadow foreign secretary, Francis Maude, wryly points out, it has also fallen against such mighty currencies as the Cuban peso and the North Korean won. Last week, it touched another record low. What is going wrong? The countries that made a special effort to meet the convergence criteria two years ago have since relaxed. It is as though they had sucked in their bellies to fasten their belts, and are now breathing out.

76. EMU & Euro Risk Management euro emu europe european Monetary Union currency Exchange Project Program On July 1, 2002, the euro will be the sole currency for anyone wanting to do http://www.risktrak.com/rst/solutions/emu.htm

RiskTrak Addressing EMU/Euro Transition Risk has added an EMU/Euro Interview Expert The RiskTrak EMU/Euro Interview Expert will identify many of the risks associated with doing business within Europe and internationally under EMU/Euro. Once you have answered the questions, the Interview Expert can pre-populate a project database for you. You may then add your own additional risks and begin a process of Continuous Risk Management. Using RiskTrak you will be able to identify, estimate, analyze, communicate and report on EMU/Euro risks in all your business processes. The Effect of European Monetary Union on Your Business On January 1, 1999, as part of the European Monetary Union (EMU), a single European currency, the Euro, was introduced in eleven European nations. These countries are; Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain. They now make up what is being called, the Eurozone.

77. Outlook For The Euro By Jonathan Davidson The fiscal discipline in preparation for emu (the “convergence criteria” by which It s a fair bet that the euro, like any currency, will face tests, http://www.unc.edu/depts/eucenter/disc_fora98-9/davidsondisc9901.html

78. Sveriges Riksbank/Riksbanken - EMU The euro as a single currency. The cooperation within the european Union (EU) includes The euro floats against the other major international currencies, http://www.riksbank.com/templates/Page.aspx?id=10455

79. Bank Of England|Publications|Speeches|By Date|1997|Speech By Ian Plenderleith, E So in looking at the impact of emu on the London markets, This is that the new singlecurrency, euro, markets develop trading practices and standards of http://www.bankofengland.co.uk/publications/speeches/1997/speech10.htm

Calendar News Speeches by date ... Speeches > Speech by Ian Plenderleith, Executive Director, Bank of England Speech by Ian Plenderleith, Executive Director, Bank of England At a conference organised by the International Center for Monetary and Banking Studies on The International Monetary System after the Decision on EMU in Geneva on Friday 7 November 1997 London as a Financial Centre After EMU I am very grateful for the invitation to speak at this distinguished conference. I am asked to address my remarks to the outlook for financial centres after EMU, and I shall speak principally about the London financial centre. But in doing so, I want to make clear that I focus mainly on London not out of any sense of any chauvinism, nor because the British are in some way incurably Anglo-centric, but because London is the principal financial centre for the European time zone as a whole and, as importantly, is par excellence an international financial centre - the location for market participants and financial institutions from all round the world. So in looking at the impact of EMU on the London markets, I hope to be able to illuminate ways in which EMU will affect the development of the international financial system as a whole. It is precisely because London is an international financial centre that we have for some time recognised that EMU, and the birth of the euro, would have a significant impact on the wholesale financial markets in London, whether or not the UK was in EMU at the start. And until very recently, that proviso - "whether or not the UK was in EMU at the start" - had to govern our planning and preparations for the euro. But in the UK Government's statement on EMU last week, we now have a very clear account of UK policy in relation to the monetary union, and I would like to begin by reminding you of the main conclusions of that statement.

80. The World Wide Web Virtual Library: EuroInternet: Euro-EMU to the euro currency and emu issues Your launchpad to the euro currency. 603 The euro Changeover – new book; The euro currency changeover for IT http://eiop.or.at/cgi-bin/eurolink.pl?cmd=get&cat=44

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