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European monetary union (EMU) now seems almost certain. But the politics of running the single currency are not straightforward. Germany wants to free the running of EMU from national political influence. Under the terms of a stability pact, EMU member states would be fined automatically if they broke fiscal targets. Similarly, Germany and the other core European states aim to ensure that monetary policy is smoothly controlled by an independent central bank, the European Central Bank (ECB), in the style of the Bundesbank. |
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