Word: euros
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Dates: during 1990-1999
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...ready to take control of monetary policy and interest rates away from their sovereign nations and turn it over to a European Central Bank, starting 19 months from now. Then in 2002 the familiar mark, franc, guilder and several other currencies will disappear and will be replaced by the euro, with a small e. The idea is to curb inflation, eliminate the risks of up-and-down exchange rates and harmonize the member states' fiscal behavior. But the idea behind that is more political than economic: that consultations on numbers will evolve into decision making in concert, first on domestic...
...usual, the European locomotive on this track is Germany and the engineer is Chancellor Helmut Kohl, who announced he will seek re-election yet again next year, mainly to shepherd monetary union and the euro into existence. For its own good, he believes, Germany must be anchored in a strong European Union and not left to throw its weight around between East and West. Chirac demonstrated his commitment to monetary union, if not his political smarts, when he called the snap election in hopes of securing control of his parliament for the next five years. The Benelux countries...
...plunged into a furious fight with the stick-to-the-rules Bundesbank by moving to revalue the country's gold reserves closer to a "market" price to add $10 billion to the federal coffers. The Bundesbank warns that such a trick could undermine "the credibility and stability" of the euro...
...reflects to himself that Rose Marie shouldn't have been spared. Perhaps this is too sunny-eyed a view of the world, but this critic firmly believes that if Michael Eisner wanted to separate a daughter from an unsuitable mate, he'd simply get the guy a job at Euro Disney...
...push through budget cuts needed to allow the country to join the European Union's single currency. More cuts are needed in light of a new Finance Ministry report that placed the 1997 budget deficit at 3.8 percent, short of the three percent needed to qualify for the euro. In a televised plea, Chirac, called on voters to reject increased taxes and public spending as the solution to rising unemployment. "If we want to affirm ourselves as a great economic and political power, equal to the dollar and the yen," the president said, "France must adopt the euro...