ECU-EMS information. 8/9 1990 Monthly


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ISSN 1011-0844 Theme 2 Economy and finance Series Β Short-term trends ECU-EMS information 8/9 D 1990 Monthly COMMISSION PROPOSAL TO INCREASE THE USE OF THE ECU, THE SINGLE EUROPEAN CURRENCY OF THE FUTURE In its communication of 21 August, the future single currency in the new Treaty which is Commission proposed that the start of the to be drawn up for economic and monetary second phase of economic and monetary union union. be scheduled for 1 January 1993. This second phase, which the Commission would like to be At the same time, after an exceptional first six short, should see the setting up of Eurofed, the months, the ecu Euro-market experienced a few European Central Bank System. The starting problems in August. date of the third phase and the introduction of the ecu as the single currency would During the first six months of 1990, ecu bonds subsequently be decided by the Council. were issued on the Euro-market for a total of ecu 9 100 million, a figure which represents over The Commission proposes that a start should 80% of issues in the whole of 1989, which itself already be made on increasing the use of the was a record year in this respect. ecu by removing all the remaining obstacles to its private use, by promoting ecu loan issues and In August, on the other hand, the ecu sector was particularly depressed. On the secondary market by extending the use of the ecu to the transactions of all the European institutions.



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