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"In what areas has the EMU changed the business environment within the euro area?"
In what areas has the EMU changed the business environment within the euro area?
Kelly G Hess
In the 1970's, first proposals for a single currency evolved but it was not until the Treaty of Maastricht in 1992 that the plan was actually drafted and signed establishing the framework and timetable for the EMU . The road to the EMU has been one of the most ambitious, complicated and important events of the 20th century and found its completion on January 1st 2002 as 11 countries converted their national money into one currency – the euro. An economic powerhouse with 300 million inhabitants and a GDP of 6.6 billion $ was created on par with the United States. The goal of a single market was achieved by eliminating the last administrative barrier to ensure the four fundamental freedoms – mobility of capital, goods, people and services.

The introduction of a common monetary policy with the foundation of the ECB and a single currency had and "will have important consequences" for the business environment within the euro area. While only time will tell what the actual effects are, there have been alterations and benefits identified in the short time since the start of the EMU that indicate an economic revolution. Indeed, there are areas where the euro dramatically influenced and shaped the business environment, although the most significant of these are likely to take years to deploy as corporations, governments and markets adapt to EMU but "still, over time, the revolution will roll forward rapidly" .

Price stability has been anchored in the treaty of Maastricht as the main objective of the single monetary policy. Alongside the tight budgetary control for member states, the ECB followed the German Bundesbank's conservative politics to achieve a downward convergence of the inflation rate in the euro zone over the last years (see Figure 1) – 2.2 % in 2002. The benefits of price...

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