EURO - Before Yesterday, Yesterday, Today, Tomorrow

Sylwia Pangsy-Kania

Ekonomia journal, 2002, vol. 6

Abstract: The article was divided into four integrally connected parts concerning the EURO: before yesterday, yesterday, today and tomorrow. On the 1st January 2002 the common European currency became a fact. In eleven European countries there appeared jointly over 13 billion banknotes and 76 billion coins. The introduction of a common currency in the countries of the European Union is the greatest financial operation in world history with such a huge scale and degree of complication. Before yesterdayŠis the road to currency integration, ended with the rise of the European Currency System with a common unit ECU. Yesterday - lasted from the declaration of Delors' report through the treaty of Maastricht to the III stage of the Economic and Currency Union. Today is the arising and introduction of the EURO. In this part the effects of the creation of the Economic and Currency Union were presented. Unification of the currency and more effective payment mechanisms within the ECU favour further European integration. The rise of the EURO signifies a uniform European financial market with an equal for all currencies of the euro zone referential, short period interest rate. A serious competitor for the euro is the dollar. Tomorrow concerns the perspective introduction of the euro in Poland. A danger for Poland will be certainly the loss of independence in the conducting of monetary policy.

Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:eko:ekoeko:6_92

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