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The Economy in Perspective

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Where to, EMU? … Many European nations have been working hard over the past several years to lower their inflation rates and trim public sector deficits. The success of these moves, which are beneficial in their own right, will also qualify these nations for full admission into the European Monetary Union (EMU). In May 1998, participants will form a new European central bank and introduce a new currency, the euro. If plans go according to schedule, the European System of Central Banks will assume responsibility for monetary policy on January 1, 1999. What will make this institution unique is that it will be a central bank without a country.

Suggested citation: “The Economy in Perspective,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-10, pp. 01, 10.01.1997.

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