European Monetary Union

Recently a European banker complained that U.S. bankers and the public know more about EMU, the Australian ostrich-like bird, than about EMU the European Monetary Union. On this side of the Atlantic, EMU is almost a non-event. In contrast, Monetary Union is a major event for Europe's bankers and political classes. There are frequent meetings to work out the technical details and resolve the remaining political ambiguities. There is endless talk about which countries will be in, which will be out, how the ins will maintain relations with the outs, and a host of other issues.