Word: emu
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Dates: during 1990-1999
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...with a fax machine and satellite telephones. The journey began on March 1, Piccard's birthday, in the snowcapped mountains of Chateau-d'Oex, Switzerland. Piccard and Jones cruised toward Italy at an altitude of 21,000 ft., crossed over the Mediterranean at night and enjoyed a meal of emu. On a satellite phone, Jones chatted with his wife, who spent most of her time at mission control at Geneva's Cointrin Airport, which was manned around the clock by a meteorologist and an air-traffic controller. Piccard's wife Michele preferred to stay at home with their three daughters...
...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 the motivation for the move to a single currency is political, it will have important economic effects. European countries will have higher unemployment because a single currency and a one-size-fits-all monetary policy will not be able to accommodate national differences in cyclical conditions. Outside the EMU, when growth slows and unemployment rises, a fall in a country's interest rates can provide an offsetting stimulus to demand. But with a single currency for all Europe, there can be only one set of interest rates. The European Central Bank will make decisions based on the overall economic...
...EMU is also likely to put Europe on a path of rising inflation. The decline in European inflation over the past 20 years has been the result of the dominant leadership of Germany's fiercely anti-inflationary central bank. Other European countries had to follow Germany's low-inflation policy or accept the destabilizing consequences and political embarrassment of currency devaluations in relation to the deutsche mark. With a single European Central Bank, Germany can no longer be the standard setter for Europe. The end of that leadership in monetary policy, and the associated rise of political influence over monetary...
...EMU means "economic" as well as "monetary" union. There is official talk about harmonizing taxes, employment rules and other policies that are currently made by national governments in order to reduce the competitive advantage enjoyed by European countries with lower tax rates and more flexible labor markets...