Abstract
Monetary union requires that money in all its forms be able to move freely across frontiers between member states and that exchange rates changes between them be abolished. ‘Single market, single currency’ explains how the single market programme went far towards fulfilling the first requirement and the Exchange Rate Mechanism prepared the ground for the second. The legislative framework guarantees producers an extensive market and consumers a reasonable assurance of competitive behaviour between them. The euro was initially acclaimed as marking a new stage in European integration, but recent financial crises have exposed the flipside of this, with the euro as the crucible of political commitment to the EU.
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