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EMU: Here it comes, but will it work?

A panel of supporters and sceptics agree that Emu will get off to a flying start. They also agree that it represents a significant sacrifice of sovereignty. But what about its longer-term prospects? And is Britain's choice one between staying out and becoming a Canada or joining and becoming a California?

By Charles Goodhart   December 1997

CHARLES GOODHART: What kind of Emu will be born in 1999, and how well or badly do each of you expect it to perform-economically and politically-over the next five to ten years?

BERNARD CONNOLLY: I think there will be a “wide” 11-country Emu. The Bundesbank will have one last go at trying to keep Italy out, but it will be a half-hearted one. How will it work? For the first couple of years it is going to look great. To the peripheral countries, such as Spain or Portugal, it will seem as if they have died and gone to heaven.…

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