Word: europeanize
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Dates: during 1990-1999
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Another big imponderable is the likely effect on European and world economies of the scheduled 1999 replacement of 10 to 12 European national currencies by a common unit of money, the euro. On the more parochial subject of the effect on U.S. business, Hormats thinks the switch to a common currency will reduce costs enough for European companies to make them more competitive with American firms. But Zimmerman believes the effects on balance will be favorable. Companies exporting to Europe from the U.S. or from plants in, say, Germany or Italy need not worry about how many lire a mark...
Hornik, TIME's European business editor, is a former Hong Kong bureau chief
...reason for disagreement is based almost entirely, and naturally enough, on self-interest. The European Union, for example, wants to see industrial nations--its own members included--bring emissions of CO2 and other heat-trapping gases down to 85% of what they were in 1990, and do it within the next 12 years...
...unanimously in August that it would never ratify a treaty that let developing countries avoid some sacrifices. At a pre-Kyoto workshop in Bonn in October, the so-called G77 group--77 developing nations--along with China, thumbed its collective nose at the U.S. by signing on to the European plan...
...soon replace their local money with one currency--the euro. This monetary union, which is to begin Jan. 1, 1999, will be the most important event to occur in the international financial system since the collapse of the fixed-exchange-rate system in the early 1970s. An independent Pan-European central bank will determine how much money to create and will set a single short-term interest rate for all member countries. But an interest rate that curbs inflation won't do much to create jobs during the highest European unemployment since World War II. If confidence in the single...