When we look back in 20 years, will the move to the single currency be considered a success？Optimists believe that a single currency will
(1) Eliminate the transactions costs associated with exchanging different currencies.
(2) Promote integration of the various European economics
(3) Enhance efficiency by inducing countries to institute reforms removing anti-competitive rigidities in labor markets and other areas. These reforms will move the nations further toward free-markets capitalism. European political clout in world affairs may increase, and the euro may come to raval dollar as premier currency in world markets.
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