The real-time story

JP Morgan's Emu calculator is a good way to track real-time the likelihood that Emu will happen on schedule. Avinash Persaud explains how it works

Life under the euro

The financial markets are more optimistic than ever about the prospect of a broad Emu arriving on schedule. That is the verdict of the JP Morgan Emu calculator. The calculator is an analytical tool that reveals the market’s view of the probability of individual countries joining Germany in a monetary union.

It has become very popular, gracing the desks of central bankers, investors and corporates. Its principal innovation is that it estimates expectations in real time.

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