A EUROMONEY SURVEY - MARCH 1996
Beyond the shadow of EMU
"If you look at German newspapers," says Tim von Halle, managing director of fixed-income sales and trading at West Merchant Bank (the investment banking arm of Westdeutsche Landesbank), "it is clear that at least 60% of Germans don't believe European economic and monetary union (EMU) will happen by 1999."
Analysts and investors increasingly appear to agree, galvanized by German finance minister Theo Waigel's recent admission that even Germany is behind schedule in meeting the Maastricht currency-convergence criteria. The admission prompted one German banker to remark - only half in jest - that aside from Luxembourg, the economies best equipped to meet the criteria by 1999 are Argentina and New Zealand.
Several banks are beginning to discount a delay in currency convergence. For example, Banque Paribas Capital Markets reported in January "we believe that some degree of flexibility is desirable in applying the...
You must be a trialist or subscriber to view this content
Please Subscribe or take a Free Trial below.
Already a subscriber? Log in here.
Subscribe online today
- Euromoney magazine in print
- Unlimited access to Euromoney.com
- Over a decade of archived content
- All the latest industry news, analysis and commentary
- Access to all our survey and award results
- More than 30 specialist supplements a year
- Personalised email news feeds
Subscribe
Free 48 hour access
- Online access to Euromoney.com
- Comment and in-depth analysis of the international capital markets
- The best of our editorial comment by email
- Complimentary digital magazine sample
Start Trial
Questions about your subscription status?
Email us or call: +44 (0) 20 7779 8888