Word: euros
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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...
...French elections is that austerity measures are too hot to hold on to and that entry into the monetary union will be judged by other standards. In a final bid for votes last week, Juppe said when it comes time next spring to pick the members of the euro club, "the decision will be a political one." Translation: Paris will stop drastic budget cutting, and Italy is probably going to get in. Since the Socialists take similar positions, that is likely to be true whoever is running the government...
...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...