When is the next currency aftershock. (includes related articles) (Cover Story) - Futures (Cedar Falls, IA) | HighBeam Research
There's little doubt the first target date for the final phase of monetary union -- 1997 -- is out; some question whether the second target date of 1999 will be met. The more skeptical don't see monetary union until well into the next century, if ever. Gerald Holtham, international economist with Lehman Brothers in London, says although the "spirit of the ERM lives on in France, Holland and Belgium, there (aren't) any early prospects to return to the narrow flotation bands." He says there has been a loss of enthusiasm in Germany "and Germany is the key to (monetary union)." German political developments have put a cloud over the ERM and monetary union. "Although the spirit (of monetary union) lives on, there is no move to formalize it," he says. COPYRIGHT 2009 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights or concerns about this content should be directed to Customer Service. For permission to reuse this article, contact Copyright Clearance Center.
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