25.01 As will be recalled, the creation of the euro was not a short-term project; many years of preparation were necessary before the single currency could come into being. As is almost invariably the case, a complete understanding of the present situation can only be achieved if the historical background is explained. Consequently, it is necessary to explain—it is hoped, not in excessive detail—some of the milestones on the road to European Monetary Union (EMU), and to examine some of its foundations.1 25.02 For these purposes, it is necessary to return to the...
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