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THE EUROPEAN UNION A major economic player on the world stage. Its single currency, the euro, came into on 1 January 1999

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Guiding principles Key words In all, 64 % of EU total trade takes place between its Member States. Sound public finances Coordination Introducing the euro has improved the single market by removing THE EUROPEAN UNION high transaction costs linked to currency exchange and exchange rate Sound monetary conditions Peer pressure instability. Stable prices Consensus Other benefits for the euro area Euro area countries share a single currency, with: More efficient, liquid and integrated financial markets, favouring • one monetary authority (European Central Bank); lower cost of capital and boosting investments. • oney policy; Its single currency, • The euro-denominated interbank market Is now fully Integrated, but maintain: with interest rates throughout the euro area convergent on Euribor; the euro, • separate budgetary authorities (euro area countries' governments); •e economic policies. • EU equity markets witness a consolidation of trading exchanges and came into being on 1 January 1999 a trend toward sectoral rather than country-based investment in Because economic policies in one country have spill-over effects shares; in others and affect the single monetary policy, there is a need for • In the private bond market In euro, issuance volumes have quadru­fiscal discipline and economic policy coordination. This is achieved 'The Union shall set itself the following pled since 1998. through: objectives: economic and social progress ...

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Nombre de lectures 12
Langue English