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For some time in this column, I have argued that European Monetary Union (emu) was unlikely to go ahead on schedule in 1999. There were two main reasons for my view. First, on the basis of the criteria set by the Maastricht Treaty, hardly any eu countries were likely to meet the convergence targets. Many would fail to meet either the budget deficit target of 3% of gdp by the end of 1997 or the debt-to-gdp target of 60%. |
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