Crossing the Euro-Rubicon and Away From Eastward Expansion

LONDON: By formally opening the European Central Bank in the first week of June, the European Union crossed the Rubicon into Economic and Monetary Union. The single currency itself – the euro – will be launched on January 1, 1999. These are major events, since there is no precedent for 11 independent and sovereign countries combining to create a new international currency with a single monetary policy and single monetary authority.