Re: [PEN-L] is the EU on a path towards monetary disintegration? [Dr. Doom]

Shane is entirely right on this one; I was a junior tick on one of the more than twenty Bank of England working groups on preparations for EMU and we were a central bank that knew full well that we weren't going to be in it (apologies to the Governor Company if I am breaking an official secret by

[PEN-L] is the EU on a path towards monetary disintegration?

http://www.guardian.co.uk/Columnists/Column/0,5673,1498334,00.html What do no votes mean for the union? Voters have clearly rejected closer union and Europe will start to unravel, says Larry Elliott ^^ CB: What Europe needs is an international union organized by the working class of Europe

Re: [PEN-L] is the EU on a path towards monetary disintegration?

in international finance, the really dramatic depreciations occur when exchange rates are rigid and are defended by the Central Banks to the death. whether or not the various currencies that make up the euro end up breaking up, however, depends on how close their values are to fundamentals and

Re: [PEN-L] is the EU on a path towards monetary disintegration?

Has anybody looked at the savings that come from the decline in uncertainty regarding the relative values of currencies within the EU, such as the elimination of the need to hedge against currency shifts? I assume that it would be small for some countries where the central banks tightness has

Re: [PEN-L] is the EU on a path towards monetary disintegration?

Jim Devine wrote: whether or not the various currencies that make up the euro end up breaking up, however, depends on how close their values are to fundamentals There are no constituent currencies anymore - they ceased to exist, allegedly forever. We're probably going to see some divergence

Re: [PEN-L] is the EU on a path towards monetary disintegration?

Larry Elliott comes from a long standing critical point of view about the European Union which differs from mine. In my opinion like Marx and Engels I believe in looking at the balance of power between the major states and making judgements about which sides are more progressive. That leads to

[PEN-L] is the EU on a path towards monetary disintegration? [Dr. Doom]

http://www.guardian.co.uk/Columnists/Column/0,5673,1498334,00.html What do no votes mean for the union? Voters have clearly rejected closer union and Europe will start to unravel, says Larry Elliott Larry Elliott Friday June 3, 2005 Guardian It was business as usual for the European Central