The political leaders of the European Union are close to being prisoners of the momentum towards European monetary and economic union that they have stimulated. Those who believe progress hinges on Emu aspirants achieving “three point zero” budget deficits may be unaware of the accelerating preparations that would be thrown into disarray – probably irretrievably – were there to be delay. The implications for capital markets are crystallizing since the preparations already being made will shape their final form.
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