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The final announcement is only two months away:Which member countries of the European Union (EU) willformally adopt the new, singular currency system known as theeuro? At press time, all countries had confirmed except Denmark andthe United Kingdom.
The familiar attitudes behind this monumentaltransformation range from pro (it will bring monetary stability andsimplify taxes between the nations) to con (it will result inreal-wage reductions and inhibit a smoothly functioning labormarket). Despite that, the changeover is set to go. Next up? OnJanuary 1, 1999, all participating countries will officially adoptthe euro and jointly embrace the European Central Bank as theirsole monetary authority. Of course, full integration is notexpected for a few years.
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