THE EURO, JUST ARRIVED
 
 
The risk of the European common currency
 
Readings specially prepared for the INSTITUTO DE ESTUDOS EUROPEUS,
Macao by Ramón Tamames and edited by Mónica Lopez
 
 
INDEX
 
 
PART I
FACING THE FUTURE: THE CONSEQUENCES OF MONETARY UNION
A Summing Up, by Ramón Tamames

1. On founding fathers
2. A culture of stability and growth
3. Flexibility, adjustments and reforms
4. Tax harmonization
5. Euro as a reserve and shelter currency
6. Integration process and enlargement of the Euro Zone
7. On sovereignty of foreign exchange and budgetary autonomy
8. EMU and the future: a mental, political and economic revolution
 
PART II
EUROPEAN MONETARY UNION AND EURO:
ORIGINS, IMPLEMENTATION AND PERFORMANCE
A brief handbook on Euro by Ramón Tamames
 
Chapter 1: The long march towards monetary Union

1. The beginning: the Single European Act
2. The Delors Repor and Maastricht
3. Convergence policy and the Europe an Monetary Institute

Chapter 2: Four days in May: the launching of the Euro

1. The final stretch to the single currency. Three stages

2. Four days in May Chapter 3: The Euro in action: coexistence of currencies, operations, contracts.

1. Basic effects of Euro
2. Coexistence of national currencies and Euro

3. Euro bank notes and coins 4. Operations of the ECH and the National Central Banks (NCBs)
5. Payments system 6. Continuity of contracts Chapter 4: Euro, markets and companies: from theory to practice
 
1. Financial operations 2. Impact of Euro on businesses and consumer spending 3. Accounting, taxation and human resources Chapter 5: The Euro and the international scene:
Revolution and declaration of independence

1. Facing a new world
2. Advantages of the Monetary Union

3. The possible drawbacks of Monetary Union
4. A favorable final balance
5. The EU's Political and economic future
6. The Monetary Union revolution: a premonition
7. Declaration of independence

PART IlI
THE MAIN EURO~SUMMIT DOCUMENTS

A. The single currency background brief
Hen Patterson for the European Parliament, Luxembotag, 3 April 1998

1. The Basic Facts
2. The Timetable
3. Some Issues
4. The position of the European Parliament
5. The case for a Single Currency

6. The opposition to a Single Currency B. Decision on the participating countries in the single currency
Presentation of the European Padiament opinion by the president of the European Parliament, Mr Gil Robles, 2nd May 1998

1.Belgium
2. Germany
3. Greece
4. Spain
5. France
6. Ireland
7 Italy
8. Luxembourg
9. The Netherlands
10. Austria
11. Portugal
12. Finland
13. Sweden
14. Last decision. Appointment of the members of the executive board of the European Central Bank
15. Statement of the Heads of State or Government on appointments to the Executive Hoard of the European Central Bank

C. Recommendation on the appointment of the members of the executive hoard or the European Central Bank (Council Ecofin), Brussels, 2 May 1998

1. Appointment of three members of the committee on terms and conditions of employment of the ECH executive board
2. Conclusions on the conunission recommendations on the practical aspects of the introduction of the euro
3. Regulation on technical harmonisation of euro corns
4. Regulation on the introduction of the Euro
5. Council statement on Greek convergence

D. Joint communique on the determinadon of the irrevocable conversionrates for the euro.

Meeting of the Ministers for Econoinic Affalrs and Finance, Governors of Central Banks, European Commission and European Monetary Institute,
Brussels, 3 May 1998

1. Determination of the irrevocable conversion rates for the Euro
1.1. Why can only bilateral rates be announced?
1.2. Bilateral rates which will be used in deternifflig the irrevocable conversion rates for the Euro
1.3. Calculation of the exchange rates of the official ECU on 31 December  998