ERIC ED388606: European Unification: A Conceptual Guide for Educators.

153 Pages·1995·5.4 MB·English

by  ERIC

DOCUMENT RESUME
SO 025 688
ED 388 606
Miller, Steven L., Ed.
AUTHOR
European Unification: A Conceptual Guide for
TITLE
Educators.
ERIC Clearinghouse for Social Studies/Social Science
INSTITUTION
Education, Bloomington, IN.; Ohio State Univ.,
Columbus. Mershon Center.
REPORT NO
ISBN-0-941339-22-X
PUB DATE
95
CONTRACT
RR93002014
NOTE
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Area Studies; Developed Nations; Developing Nations;
DESCRIPTORS
*Economic Change; *Economic Development; *Economics;
*European History; Higher Education; *International
Relations; *International Trade; Modern History;
Modernization; Western Civilization; World Affairs
European Community; European Unification
IDENTIFIERS
ABSTRACT
This book is intended to provide educators with the
means to observe and teach about the unification process in Europe.
The book contains a collection of essays about different aspects of
unification. The Preface, by Dagmar Kraemer and Manfred Stassen,
presents a brief historic overview of the development of the European
is the "History of European Integration" (Wayne C.
Union. Chapter 1
Thompson). Chapter 2 provides "Historical Perspectives on European
Unification" (Michael D. Gordon). Chapter 3 presents "The European
Union: Geographic Perspectives on Unification" (Howell C. Lloyd).
Chapter 4 describes "The Political Institutions of the European
'Economic Evolution of
Union" (Richard Gunther). Chapter 5 details
the European Union" (Moore McDowell). Chapter 6 depicts "European
Political Transformation and the Future of Europe" (Leon Hurwitz).
Chapter 7 provides "The Single European Market and Its Effect on the
Chapter 8 presents "Documents in ERIC
World" (George M. Vredeveld) .
9 provides
on European Unification" (Vickie J. Schlene). Chapter
"Journal Articles in ERIC on European Unification" (Vickie J.
Schlene). Appendices include a "European Unification Glossary";
"World Wide Web Sites of Information on European Unification"; and
information about the contributors. (EH)
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Countries of the European Union
European Union: 367.3; $18.6
Austria: 7.8; $20.1
Country: population in millions;
per capita income in $1000s
Belgium: 10.0; $19
Portugal: 9.9; $5.9
Denmark: 5.2; $23.7
taz:31
Greece: 10.3; $6.3
Spain: 39; $12.5
Ireland: 3.5; $11.1
Finland: 5.0; $24.0
Italy: 57.8; $18.5
0
Luxembourg: .4; $31.8
Sweden: 8.6; $25.1
France: 57.0; $20.4
Netherlands: 15.1; $18.8
Data 191)1
Source: World Bank
N1ap... by (*arteia Software in
isio 1.0 by Shapeware
United Kingdom: 57.6; $16.6
'data tor FRG before unification
Germany: 80.1; $23.7*
BEST COPY AVAILABLE
*
EUROPEAN UNIFICATION:
A Conceptual Guide for Educators
Steven L. Miller, editor
ERIC Clearinghouse for Social Studies/Social Science Education
and
The Mershon Center
ERIC
1995
MERSHON CENTER
1
Ordering Information
This publication is available from:
ERIC Ckaringhouse for Social Studies/Social Science Education
Indiana University
2805 East Tenth Street, Suite 120
Bloomington, Indiana 474O8-2698
812/855-3838
800/266-3815
812/855-0453
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ISBN: 0-94 I 339-22-X
Funding for the development ot this publication was provided by The Mershon ('enter of The Ohio State University and the Office of
Educational Research and hnprovement, U.S. I )epartment of Education, under contract RI:443002014. The opinions
e\ pressed do not nec-
essarily reflect the positions or policies ot The Mershon Center, OERI, or ED.
ERIC
ERIC, Educational Resources Information (enter, is an in'ormation system Tonsored by the Ottice ot Educational Research and
Improvement, within the U.S. I )eportment of 1-duka t
Contents
Foreword by Steven L. Miller
vii
Preface by Dagmar Kraemer and Manfred Stassen
3
History of European Integration by Wayne C. Thompson
Chapter 1
Historical Perspectives on European Unification by Michael D. Gordon
21
Chapter 2
by Howell C. Lloyd
29
Chapter 3 The European Union: Geographi`c Perspectives on Unification
. .
Gunther
55
Chapter 4 The Political Institutions of the European Union by Richard
Economic Evolution of the European Union by Moore McDowell
71
Chapter 5
Hurwitz
93
European Political Transformation and the Future of Europe by Leon
Chapter 6
George M. Vredeveld
Chapter 7 The Single European Market and Its Effect on the World by
111
.
.
.
Schlene
127
Chapter 8 Documents in ERIC on European Unification by Vickie J.
139
Journal Articles in ERIC on European Unification by Vickie J. Schlene
Chapter 9
Appendices:
149
European Unification GInssary
151
World Wide Web Sites of Information on European Unification
152
About the Contributors
6
Foreword
Steven L. Miller
Perhaps curriculurn developers will be spurred to create some
A Grand Experiment. As Michael Gordon puts it in ch)sing
classroom lessons and school districts might include more on the
Chapter 2 of this book, -something very important is happening
developments in the European Union in their curricula.
in Europe." I3ut he isn't referring to the tragic and ongoing con-
It is crucial to understand that the essence of the book, as the
flict in Bosnia and I lercegovina. Nor does he mean the Russian
title indicates, is on guiding concepts. Events have been unfold-
attempt to stamp out revolt in Chechnva. Instead, in his chapter
ing rapidly in the European Union. Specific details and facts may
he has written of the -March Toward Europe," as Wayne
change on a daily basis. The composition of the European
Thompson calls it in Chapter 1the indication of nearly all of
Parliament will change; new policies will be adopted; new direc-
Western Europe encompassing fifteen nations (as listed on the
tives, regulations, and laws will be implemented. The aUthors of
inside cover). Fifteen nations that have voluntarily ceckd sub-
the book have tried to present ideas that will provide endu-ing
stantial portions of their respective sovereignties to form a single
perspectives by which to interpret the developing events. So, for
market, free ot restrictions on the flow of people, goods, services,
sets the geographic stage by
instance, I lowell Lloyd in Chapter
and capital. Fifteen nations that have committed to a monetary
reminding its of the importance of ideas like the core and peripii-
union, greater political union, and perhaps eventually common
ery that affect the development of the Unien. Likewise, Richar.i
defense and international policies. Fifteen nations that mac. grow
Gunther's Chapter 4 places the current political institutions o!'
to eighteen or twenty or twenty-five, as the European Union con-
the Union within the context of organi/ing ideas such as inter-
siders accession requests from nations as for flung and diverse as
governmental, supranational, and federal forms of government.
I.atvia and Malta. Truly, this is something very important.
Moreover, the book places the emphasis on European unifi-
The emergence ot the European single market in the (then)
cation as an ongoing process. Moore McDowell 's Chapter 5 is a
European Comimmitv, followed pell-mell by the creation of the
tour de force on the economic engine that has been used relent-
European Union by the Treaty on European Union and the acces-
lessly to overcome obstacles. Leon I lurwitt's Chapter 6 provides
sion of three more nations into the Union, is a story ot a grand
ideas such as "widening versus deepening" that can help us to
experiment, just as the U.S. experience is otten described. And
understand how issues like further accession into the Union will
vet it has been mostly overlooked be the American people,
be played out. In ('hapter 7, George Vredeveld focuses squarely
mediaind certainly social studies classes. Indeed, as described
on the economic mechanisms that connect unification to the rest
by Dagmar Kraemer and \lathed Stassen in the Preface, Europe
of the globe.
as a whole has paradoxically been neglected in classrooms even
l.ast, Vickie I. Schlene has provided a compendMm of
as American education has been accused ot Eurocentrism.
resources available to educators to learn and teach about the
This inattention is partly due to bad timing tor the unfolding
European Union and the proces!- of unification. Taken together,
events. When one examines the Chronology (inskle hack cover)
is hoped that the book represents a powerful tool to enhance
it is C,IsS' tO 'We that there always seemed to be stone more urgent
it
instruction about what historians might one day view as an his-
or dramatic event in Europe, as if our collective attention could
torical watershed.
only focus on a thing or two at a time. In I98:-1 when the
Editorial Notes. There are a few editorial remarks that
European Council endorsed the plan to create a single market,
might be helpful to the reader. Throughout the text, we have
Mikhail Corbachev was unveiling glasnost and perestroika. In
used European Community (or the Community or the EC) only
NS", as the Madrid European Council endorsed the plan to. (No-
when the use of the term is clearly an historical reference to the
mmiic and monetary union, the tall ot the BerlM wall ovei
institution predating the Treaty on European Union, which
()Wed all other European news and spawned the "velvet revolu-
entered force on November I,
I cP-)3. Otherwise, we have used the
tion" throughout Central and Eastarn Europe. The development
term European Union (or the Union or the EL'). For instance, "the
of the single market by the end ot ItP42 drew some attention in
Community" is used almost exclusively in the early part of
the business press, but was pushed aside in more general report-
wayne Thompson's chapter since it mostly provides the histori-
ing bv the continuing crisis in Bosnia and I lercegovina, a story
cal development of the Union, focusing on the period when it
reation 01 the
tnat, along xvith ec ents in Chechnva, eclipsed the
was the EC. As the preceding demonstrates, it is quite possible to
European Union and the addition ot Austria [inland, and
use both terms (IsC and EU) in the same sentence. We hope that,
Sweden.
given this note and the context, the meaning will be clear. This
It seems that in mom places in the \\ odd in the old Soviet
publi-
pattern ot usage is in keeping with most contemporary
Empire, in Africa, in Asia, even in South America --countries are
cations.
tailing apart under the press of ethnic groups for a national iden-
In order no) to create further contusion, we haVe, htilvec er,
tity, as it there were a global entropy at work. Niinetheless, this
elected to use l'U in some contemporary reterem es where EC is
grand European experiment in unification has been moving tor-
I his is because some institutions are still
still technically correct.
ward, even it cc t' haven't bel'n iv,itt lung.
I or instmice, what is «minionlY
legally «instituted as
Purpose of the Book. And it We Wert. io watch Mole c aretul-
reterred to as the European Commission (or simply the
I his clues-
iv, how would we make sense of this phenomenon:'
ommission) is still technically the C ommission of the European
lion brhigs us to the central purpose ot this hook it is intencled
(mummifies tor some legal purposes linclei existhig treaties.
and teach about
to pi ox id(' edm atm, iIth the nie,ms to obserc
k
all\ the
onininnit \
I ni orcon
Noir Ilia) Hu,
wort.
111,1f, ai Int'd With o
the linifitation
i.e. plural. A- ian be seen in the
mope,m i ommunities,
greater undo] stanching ot the relm mit concepts and
ommimities w ere tormed lw the
onologv, the
I ropcan
ers 1% Ill have more mteri,1 !n teaching about the Furope.ni I, mon
hi
I
iht
( (Immunity (IA
mei ger (II the I mopeon ( 001.1
to
and moil' rt'i on) intormation than ttwir
.1
vi
EUROPEAN UNIFICATION
Miller
European Economic Community (EEC) and European Atomic
when the Danes reversed themselves. Next the authors waited
Energy (Euroatom); hence Communities. But in common usage,
yhen it seemed that four new nations would join the Union.
it is simply the European Community, singular.
Three did. But, there was a further delay since the fourth,
Finally, readers will note that the same events have more
Norway, did not enter the Union when its citizens voted acces-
than one name. For instance, the Treaty on European Union is
!-ion down in November of 1994.
also commonly referred to as the Maastricht Treaty and the
My thanks to Richard Remy and the Citiienship Develop-
Union Treaty. The single market is known as SEM (single
ment in a Global Age program of The Ohio State University's
European market), the SEA (Single Europe Act), and Europe,
Mershon Center, which provided funding for this projcx-t, includ-
1992..1-his last is especially incongruous since the single market
ing support for an instructive author's meeting in Bru,,sels.
was to be completed by the end of 1992,
to some that makes
deeply appreciate the assistance of John Patrick, Director of the
am.. I
it Europe 1993, the first year when it was to have been fully in
ERIC Clearinghouse for Social Studies/Social Science Education
effect. We have provided a glossary at the end which might be
at Indiana University, for undertaking this project and keeping it
helpful in sorting some of this out.
in the queue while European events unfolded. 1 am especially
Acknowledgements. Exercising editorial privilege, I would
grateful to Vickie Schlene at ERIC/ChESS for very tho:ough edi-
like to thank several individuals. Firstmd toremost, I acknowl-
torial assistance and formatting under the rush to publ.cation.
edge the authors of this volume who waited patiently through
rewrites and revisions during successive %vaves of changes in the
Steven L. Miller
EU. There was the Maastricht Treatv which looked at first to be
Columbus
on, then off when the Danish voters rejected it, then on again
August, It-195
Preface
Dagmar Kraemer and Manfred Stassen
shall highlight the main themes and arguments presented by the
INTRODUCTION
authors ot the contributions to this book.
With the dissolution of the Soviet Empire and the concomi-
THE DEVELOPMENT OF THE
tant collapse of its defense pillar and economic strut tureas
embodied in the Warsaw Pact and COMECONthere are only
MAASTRICHT TREATY AND POPULAR
two regional groupiegs remaining in Europe to exercise power:
REACTION
the European Union (EU) and the North Atlantic Treaty
Organization (NATO). Largely in response to the unanticipated
The Maastricht Treaty and Nationalism. The Maastricht
breakup of the Soviet Empire in Eastern Europe, the European
Treaty represents the culmination to date of Europe's monumen-
Community (EC) reacted swiftly with an ambitious blueprint for
tal effort to establish economic and political union through the
economic and political union, known as the Maastricht Treaty.
adoption of common foreign and security policies as well as the
Since it appears that economic strength will ultimately replace
creation of a single currency (by I997 and no later than 1999) and
military security as the prime measurement of power in the
a central European bank by 1999. Unlike the largely uncontrover-
international arena, the role if the EU as a global actor is likely to
sial Single European Act (SEA), the Maastricht Treaty faced
increase. The Maastricht Treats. stands as an expression of
widespread skepticism by experts and a spontaneous, almost
European resolve to act with a unified voice and establish the
visceral aversion by the general public, because it appeared to
economic basis for European power.
many European citizens that the measures it stipulates will result
After reaching a compromise agreement at Maastricht, the
in a standardized European super-state run by faceless bureau-
statesmen expected unopposed acceptance of the Treaty in sever-
crats.
al national reterenda and effortless confirmation by national par-
Since the Danish defeat of the' Maastricht Treaty in June
liaments. Instead, the Maastricht negotiators were confounded
1'492, public support for greater integration a la Maastricht
by the popular disaffection with greater regional integration and
wavered also in other member states. The narrow victory in the
confronted by skeptical parliaments. The vision of European
September 1992 French referendum, where a mere 51'; voted in
unity seemed again blurred by economic turbulence and political
favor of adoption, was also indicative of the treaty's lukewarm
uncertainty. At the end ot l(N2, the -year of Europe," in which
public support throughout Europe. The political reasons for this
the Single European Market was to be implemented, the
popular disaffection with the concept of federalism ,1:- the orga-
Community faced its greatest -domestic" challenge since the
nizing principle in the EU are rather complex.
defeat ot the ill-fated European Defense Community (FIX.) pro.
In the aftermath of the Cold War, and in the face of enor-
posal in Iq54.
mous economic difficulty, Eastern Europe has witnessed a
However, the initial Danish rejection of the Maastricht
revival of nationalist sentiment. Western Europe, in spite of the
was reversed and objections
Treats. (Treats. on European I.
undeniable success ot the EC, has not been immune to this resur-
in Great Britain overcome, and the treaty entered force on
gence of nationalism. A continued recession and an unprecedent-
November I, 1993. While the magnitude, the full implicatiLms,
ocl \vave of immigration fueled demanch for nationalist-inspired
and the outcome of the continuing process of integration are dit-
policies. The national economies of the EC member states were in
ficult to predict, it is nevertheless of vital importance tor the
poor condition, and, as the recent currency crisis has shown, the
future of transatlantic relations that the next generation of U.S.
national economies (and (he respective national policies) have
citizens be well informed about the complexity and the dynaimc
grown so disparate that the requirements ot Europe's Exchange
nature of European unification. This volume represents a signiti-
Rate \lechanism (ERMY could not be met lw Britain and Italy.
cant contribution toward this objective.
Fhe forced withdiawal ot Britain and Italy from the ERM system
The development of European cooperation, as the following
raised a number of interesting questions concerning Europe's
chapters will show, has often taken two steps forward and one
political and monetary future. Depending on the analyst's philos-
step back. Moreover, since its inception, the UMon has shown
ophy, ti.e currency turmoil either proved the necessity of speedy
great re,:lience in weathering crises. Thus, it was quite prema-
uhilication or the' non-viability ot economic union.
ture to consider the drive toward unity to be halted indefinitely
lhe European public witnessed these discussions with great
by the European peoples' initial adverse reaction to -Maastricht:
dismay. Unlike an\ other recent decision ot European politicians.
For example, the European (Economic) Union, primarily on the
the Nlaastricht Treaty brought home to (he average' European
strength ot its many benefits tor most member states, continued
some of the possible consequences ot econonne union-- not thei
to proceed. Furthermore, one pillar of European CoOperation
least of which is tht fear of an hegemonically domineering
remained unaffected by the divisive debate on European mone-
(;ermany. In particular, the anticipation ot Turopean emilormi-
tary union: the creation ot a single European market with 17i)
ty- and a conownitant lo.,s of national identities Ruled resistance
million consumers, without barriers lo the free flow of goods,
to the terms of the Treaty. The notion ol Turopean uniformity-
investment, and people by 1943. Even the issue ot monetary
1 as coupled with the tear that smaller ...tate,. mav be over-
union seems now to be have been re,olced by the commitment
whelmed by a tedeloted European leviathan, in whieh either
ii tlu. '1,1a,r.fricht .1 real y to a ,angle current y
bureaut rat-, in distant Brus,ek or an e«moniii ally dominant
first part, we shall
'if three parts: m
pretat
it.: many will deternnne the course ot their doine.she al lairs.
Turo-pessinnsin;
suggest some possible eauses tor the present
Waning popular support tor Furopean integration and the
in the second part, we shall discuss briefly the perceived -kiniwl-
return to nationalist thinking ako stemmed, as some obserers
edgo-delieit- in the I...S. regarding the R.; and in the third. it
111
viii
EUROPEAN UNIFICATION
Kraemer and Stnssen
suggested, from an often less recognized tear of the unknown
Obs.nwers identified another equally serious, but perhaps
and, most importantly, are caused by the absence ot a convincing
less manageable, problem concerning the significant e.-onomic
rationale for deeper European integration. On a theoretical and
different es among the EC states. Persistent currency crises
factual level, the concept of regional cooperation is a distinctive
underscore the enormous task of synchronizing the budget
form of policy in the international systemdistinct from, for
deficits of member states, their government spending programs,
extunple, the traditional balance of power concept and, in
and rates of inflation. In anticipation of this difficult endeavor
Europe, was closely linked to the existence of a major security
and, in large part, due to the two different philosophies in the
threat on the ideological and the military levels. lf, indeed, one of
the emergence of a "two-speed" Europe has become a dis-
the functions ot regional integration Ivas the creation of a -but-
tinct possibility. This "two-(or muiti-)speed" approach foresees a
Nvark" against Communism, then the disappearance of this threat
few core states proceeding toward monetary, political, and social
seemed to deprive the Union of its erstwhile raison d'etre.
union at a faster pace. Other states with weak economies would
Moreover, during the Cold War, the European Comn unity
be floating on the periphery until they gain enough strength to
was "undisturbed" by the historically backward East, and tli
tra-
join the inner "core." In this scenario, the inner "core" would con-
ditional East-West economic disparity did not interfere xyitl the
sist of France, Germany, and the Benelux countries, while
rebuilding of Western European power. Instead, the West, with
Rritam, Italy, and Denmark would remain at the gates, and the
tlw financial help of the United States and under her ideological
other four member states Nvould occupy the periphery.
prodding, was allowed to flourish and became an increasingly
The essential flaw of this approach would be the two-class
successful economic trading bloc. With the fall of the Wall and
or three-class EU membership that it creates. In addition, the
the Velvet Revolutions in the East in 1989, Europe witnessed a
-two-tor multi-/speed" Europe would rely to() heavily on Bonn-
period of elation: the old dream of a free and democratic Europe,
Paris relations to shoulder the responsibility for the entire EU.
stretching from the Atlantic to the Urals, or even from lisbon to
Furthermore, this scenario significantly diminishes the political
\'Iadivostok, seemed within reach. Instead, old ethnic c.onflicts,
stature and influence of the smaller nations.
long bottled-up by the Cold War, erupted, leading to the parti-
Overcoming these problems and the further development of
tion of the "Eastern" European states and violent strife in the for-
the European Union in the second half of this century thus repre-
mer Yugoslavia. The desire of these newly created states to join
sent a fascinating ca:-.e study for students of international rela-
the European Union, seemingly a contradiction, is inotiyated less
tions. Moreover, the economic and political importance of the
by supranational yearnings than by the desire "to catch up" with
Union make it imperative that more, and more accessible, expert
the economically prosperous West.
information on the new Europe is made available to every social
The European Community, in turn, was not unaffected by
studies teacher and student in the United States.
the events in the East, racist notably bv the unification of
Germcmv. French acceptanc..! and support of German unification
THE IMPLICATIONS OF EUROPEAN
was closely linked to the notion of "deepening" within the EC, to
INTEGRATION FOR THE U.S.:
anchor a united Germany firmly in the Vest via greater econom-
ic and political unity. The move towards "deepening" the
THE "EUROCENTRIC" CHALLENGE
Community before new members would be admitted led to the
December 1941 conference in Maastricht. The ensuing multi'ater-
U.S. Economic Involvement. The degree of the U.S. involve-
al contract, the Nlaastricht Treats' on European Union, while
ment in the development of Eucopean unitv--an expression of
prompted by German unification and the dissolution of the East,
the U.S. stake in this experience of regional cooperationis often
was also the outcome of a long process of European reconcilia-
underrated. Early on after 1,VW 11, che U.S. played an important
tion and unification which developed over nearly five decades.
part in European integration. Without Secretary of State George
The Maastricht Treaty, in effect, represents a compact which ful-
Nlarshall's European Recovery Program of 1,47, which stipulat-
fills the mandate of the original Treaty of Rome of 19;7, which
ed that American aid was to be administeied jointly by the bene-
d upon its signatories to "lay the foundations ot an ever clos-
ficiary states, European integration would have lacked impetus
er ..nion among the peoples ot Europe."
and institutional foundation. 1)ue to American financial assis-
Problems Were Seen with the Maastricht Treaty. rhe nego-
tance, the first postwar multilateral I" uropea n Agency, the
tiatoN at Maastricht, however, failed to intorm their constituen-
Organization for European Economic Cooperation (OFEC),
cies on the merits of the Nlaastricht ireatv and disregarded the
which evolved int() the more tamiliar Organization for Economic
need to dispel the tear that its terms may pose a threat to nation-
Cooperation and Dcyclopment (ORD), was created.
al sovereignty and identity. .1-he resulting crisis of confidence in
Ever since planting this first crucial -seed,- the U.S. has been
the Community leaders, its institutions, and its future Was not
an interested and engaged -out of area" player in the artairs of
merely based on "bad perceptions.' by the public. Rather,
Europe.] he influence, both supportive and at times highly criti-
Community institutions and the Maastricht Treaty, in particular,
cal, of burope's transatlantic partner is by an,1 large insufficiently
displayed some serious flaws which needed to be remedied
understood on both sides of the ocean. Nonetheless, bound by
before ratification by the national governments could effectively
history, heritage, and a shared commitment to Western values
be sought. The first major flaw concerned the Nlaastricht
1 reaty's
and democratic reforni, 010 United States and the E.0 strength-
exacerbation (i1 the already existing "democratic deficit- in
ened cooperation (wer the decades and e tended it to new areas,
Community institutions by taking more powers away from
let, if the premise of economics replacing military might as the
national and local elective bodies. Secondly, the Freoty was
nieasure of power is accepted, the transatlantic relationship alld
silent cm agricultural policy, traditionally the .backbone 01 1C
d ist ribu t ion of power within this relationship will change.
policy, which is of great concern to Europe's powerful lobby of
From a purely economic perspective, the stakes of the U.S. in
farmers. Thirdly, the principle ot "subsidiarity'," a potential sav-
the 1.'nited Furope- are indeed significant. With the completion
ing grace of the Treaty, was ambiguous and required claritit d-
ot the internal market by I
the latest
s.ng.e currency
a
OLin
tion. Fourthly. the Treaty did not spell out specific measures to
will be adopted, the so-called ECU I Furupean ( urrency Unit),
ensure -openness oi the political processind killed 1(1 define
whit ii w ill de\ clop into a global reserve current v, nit tinkke the
the limits of the bin eauc rat:\
in Brussels.
I it Influence Ow next
dollar or the yen
. kVlule a single huropean currency it ill tranu.late
round ot the debate, and to create a more favorable climate tor
into more financial clout globally tor the Ft!, it can also benefit
the acceptance of the I roofy k the public, political leaders need
American business, because it allows LH, firms to more reliably
ecl iii (lelme how greater iiiiifv k (Mid
1\ predict the tutu re costs oi doing business i n the I L
k
k entra
twelve hild bureaucracy.
noting
Ft.' to the
of
OW
I 111'