On January 1, 1999, eleven European countries introduced a new European currency, the euro, which by mid-2002 will lead to the complete withdrawal of their existing national currencies. This change is a bold monetary experiment of unprecedented magnitude. It will require substantial changes both in the execution of day-to-day economic transactions and in the overall functioning of European economies. An enormous amount of effort has been devoted to making the change as smooth as possible and to understanding the consequences of the change within Europe.


Exchange Rate European Union Network Externality National Currency Monetary Authority 
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© Springer Science+Business Media New York 2000

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  • Richard N. Cooper

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