A single currency in Europe: what it means for the additives industry

The paper challenges the view that only a European Monetary Union (EMU) composed of a small group of ‘core’ countries is desirable on economic grounds, and argues that both the recent experience of the ERM and new research suggest that a relatively wide EMU does not just seem appropriate on purely Optimum Currency Area grounds but also appears necessary to preserve the integrity of the Single Internal Market. This makes it all the more important to develop the appropriate transitional arrangements that will enable a sufficiently wide EMU to be established, if not in a single step, at least in a series of steps not too distant from each other. At stake is not only the chance to create a monetary union which is adequately representative of Europe, but also the preservation of the integrity of the Single Internal Market.