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How much will it cost European banks to adapt to the single currency by 1999? A medium-sized fortune, they are beginning to realize. Banks in countries due to participate in European economic and monetary union (Emu) will have to convert every domestic account and every product they offer into the new currency. For three years they will have to operate in national currency and in euros, and finally they must make sure they have the systems and logistics to support the withdrawal of old national currency coins and notes. |
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