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Past Program

Dec 05 - Dec 12, 1998

The International Impact of the European Monetary Union

Session 363

Abstract

With the planned introduction of the European Monetary Union (EMU) on January 1, 1999, Europe will enter an era of unprecedented integration and cooperation. The establishment of a single currency for Europe—the euro—and the introduction of a common monetary and exchange rate policy for members of the monetary union will have profound implications not only for Europe internally, but for the international community as a whole.

 

This session will first explore the impact of the EMU on the continuing political and economic unification of Europe. Topics of discussion will include the social, cultural, and political ramifications of the euro; the establishment of the European Central Bank; and the implications of the EMU for the potential enlargement and consolidation of the European Union. The session will then turn its focus to the impact of the EMU outside of Europe. Discussions will consider the effect the EMU will have on international financial markets and currency exchange mechanisms; the impact of the EMU on global business, trade, and investment trends; and ways in which political and economic relations among the United States, Asia, Latin America, Africa, and Europe may change as a result of the EMU.