At the start of Emu on January 1 1999, the exchange rates of the participating currencies will have to be fixed irrevocably in terms of the new currency, the euro. From then on, the national currencies will simply be particular denominations of the euro, until they are phased out at the start of 2002. How should the conversion rates be selected?
Politicians who signed the 1992 Maastricht Treaty (and who took decisions at the Madrid Summit meeting of 1995) have already given an answer to this question but, in doing so, they have created new problems.
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