On January 1 1999, the European Union will adopt a single currency. The euro will be substituted for national currencies. After a transitional period ending on January 1 2002, the old currency notes and coins will be withdrawn. This raises important legal issues that will be felt most keenly in London the EU’s most important financial market and one where most international financial transactions are written under English law.
To get a flavour of what this aspect of economic and monetary union (Emu) means, consider a Deutschmark/yen currency swap.
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