Mises Daily
Author:
Hans F. Sennholz
Online Publish Date:
On January 1, some 300 million Europeans entered a new financial era. They surrendered their own currencies in coal-and-steel trading arrangement and expanded to a Common Market and the present European Community of fifteen countries. At a meeting in Maastricht, The Netherlands, in December 1991, the members decided to form a currency union with certain participation criteria--namely, national budget deficits of no