The introduction of euro notes and coins on January 1 marks the point of no return for the bold European single currency project. There’s no way to untangle the monetary knot once the old currencies have been destroyed. That alone means the event will be of huge symbolic importance. China has recently bought euros for its vast reserves. And the prevailing view is that the euro’s external value may about to undergo a modest rise, reversing the gentle downward drift prompted by a concern that something serious is bound to go wrong when Deutschmarks, francs and other national currencies are finally scrapped.
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