From The ECU, Illegitimate Child, To The Euro, Sole Heir

Abstract

‘The second major aim of the Treaty on European Union is to promote balanced, sustainable social and economic progress, principally through the establishment of an area without internal frontiers, the strengthening of social and economic cohesion and the setting-up of an economic and monetary union which in due course will require a single currency. The ultimate objective is, therefore, to achieve a single currency which will henceforth be known as the ECU’ (Article 3A).

‘Más valen en cualquier tierra (¡mirad si es harto sagaz!) sus escudos en la paz que rodelas en la guerra. Y pues al pobre le entierra y hace propio al forastero poderoso caballero es don Dinero.’ [Of greater worth in any land (On his dumbfounding prowess gaze!) Are his ecus in time of peace Than round shields in war. No poor man can against him stand He soothes all foreign hostility — A puissant knight at arms is he Sir Currency!]

Quevedo