The Euro

The euro is the national currency of eleven European countries from 1 January 1999. The change is truly a revolution. But it will not be until 2002 that euro cash - notes and coin - comes into circulation. This three-year 'transition' period raises many fascinating issues regarding the operation of financial markets, economies, companies, governments and the consumer. The second edition of The euro takes an expert look at the issues involved. Written by an internationally renowned team of expert contributors from the worlds of banking, finance, economics, regulation, accountancy and business consultancy, the second edition of The Euro addresses all the key issues involved in the final implementation of Europe's new currency. Amongst the issues of crucial importance addressed in the book are: * Will the euro be a strong or a weak currency - will it rival the US dollar? * Can Europe's economies really work properly with the 'one size fits all' approach to interest rates? * Will the long-term benefits of the euro outweigh the short-term pain which has been endured as a result of higher taxes and government spending cuts? * Are companies ready to cope with the euro? * Will the consumer benefit? * To what extent will a 'United States of Europe' be created? * How can Europe's citizens cope with the dramatic changes brought about by the combination of the euro plus the IT revolution and Europe's ageing population? The Investor described the first edition as "a work of reference - although an unusually readable one" and this approach ahs been continued in this fully revised and updated new edition. The skill of the team of expert contributors ("Europe's most highly-regarded analysts" according to City Life) is in their ability to present the complicated issues that arise out of the single European currency in a style that is both highly informative and accessible, making this new edition once again required reading for all readers who need or want to know what will happen to Europe's economies in the future. The euro, second edition, is published under the auspices of the European Bond Commission of EFFAS (the European federation of Financial Analysts' Societies). EFFAS was established in 1962 and is a pan-European representative group of investment analysts from some seventeen different countries. The European Bond Commission is a standing committee of EFFAS responsible for matters relating to fixed income securities. Reviews of the first edition: ".. what has been sadly lacking in the thousand of column inches that have been written about monetary union over recent weeks and months is a detailed analysis of what it will actually mean in practice. This is what The euro provides... for the reader who is keen to find out more about the issues that lie behind the development of the single currency. The euro will make matters considerably easier to understand." The Investor "Written to appeal to finance and business readers, it is a comprehensive, readable guide to the likely consequences of this momentous and radical change." Lavoisier Management "The EFFAS-European Bond Commission has obtained the views of Europe's most highly-regarded analysts. The results are startling." City Life "...the roll call of experience is longer and more illustrious than a Cruft's winner's pedigree... Anyone searching for the meat-and-potatoes lowdown on the single currency should look no further than The euro." Chartered Banker "Tim Congdon argues coolly that the euro plan simply will not work. He likens the euro programme to building a house with different sized bricks (dual pricing, parallel currencies), without a roof (no clear redenomination of currencies) and on a bog (planning documents are incoherent about money as a means of exchange). More rethinking for Chancellor Brown?" Evening Standard

Table of Contents:
Foreword to the second edition John C. Corrigan Chairman, EFFAS-European Bond Commission, National treasury Agency, Dublin Preface Paul Temperton (Editor) The Independent Economic Research Company (TIER) I: The Background To The Euro 1. Introduction Paul Temperton The Independent Economic Research Company (TIER) 2. Why is the euro being introduced? Paul Temperton The Independent Economic Research Company (TIER) 3. A picture of Euroland Paul Temperton The Independent Economic Research Company (TIER) 4. How the euro is being created Pat McArdle Ulster Bank, Dublin II: The Economics Of The Euro 5. The costs and benefits of the euro: a case study for Germany Nikolaus Keis Hypovereinsbank, Munich 6. Fundamental economic implications of EMU Professor David Miles Merrill Lynch & Imperial College London 7. Can Euroland work with one interest rate? Paul Mortimer-Lee Paribas 8. The options for the UK Professor David Miles Merrill Lynch & Imperial College London 9. The Nordic countries and the euro Ake Gustafsson Swedbank, Stockholm III: The Institutions Of The Euro 10. The European Central Bank Darren Williams and Richard Reid UBS Limited 11. Euro-X Paul Temperton The Independent Economic Research Company (TIER) IV: Legal Issues 12. The euro: eliminating legal uncertainty Cliff Dammers Secretary General, International Primary Market Association V: Problems Ahead? 13. Could EMU break up? Paul Mortimer-Lee Paribas 14. Could EMU be Europe's 'Maoist leap forward? Professor Tim Congdon Lombard Street Research VI: The Foreign Exchange Market 15. The international role of the euro Avinash Persaud J.P. Morgan Europe 16. The euro and central European currencies David Abramson Bank Credit Analyst Forexcast VII: Financial Markets 17. The euro and the money market Paul Temperton The Independent Economic Research Company (TIER) 18. The euro and government bond markets Mike Young Goldman Sachs 19. The euro and equity markets Mike Young Goldman Sachs 20. Pension funds and EMU Peter Oppenheimer HSBC Securities VIII: The Impact On Companies & Consumers 21. The euro and accounting practices John Hegarty Secretary General, Federation des Experts Comptables Europeens 22. The impact on financial services Graham Bishop Salomon Smith Barney 23. The impact on retailers and the consumer Paul Temperton The Independent Economic Research Company (TIER) VIII: Regulations & Provisions Appendix 1 Article 235 Regulation Appendix 2 Article 1091(4) Regulation Appendix 3 Continuity of contract: New York legislation Appendix 4 Continuity of contract: ISDA Provision Index

About the Author :
Paul Temperton runs TIER (The Independent Economic Research Company). He has previously worked as an economist for the Bank of England and was Director of Merrill Lynch's European Economic and Fixed Income Research Department. Paul edited the first edition of The euro and travels extensively running seminars and financial training courses on the impact of the single European currency.