chapter  7
13 Pages

EUROPE—THE NEXT FIVE YEARS

ByIan Harnett

The advent of European economic and monetary union (EMU) in 1999 has already produced major changes in European economics and politics which will continue through the next five years. Not only will the members of EMU have a single currency with a single interest rate, but increasingly there will be closer ties in terms of fiscal policy as the European process moves inexorably towards political union.