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p. 564. Single market, single currencylocked

  • Usherwood Pindar


A monetary union requires that money in all its forms can move freely across the frontiers between member states and that changes of exchange rates between them are abolished. ‘Single market, single currency’ explains how the single market programme went far to fulfil the first requirement and the Exchange Rate Mechanism prepared the ground for the second. Politically, the single market enjoyed a remarkable degree of approval across the spectrum from federalists to eurosceptics. The legislative framework has guaranteed producers a very large market and given the consumer a reasonable assurance of competitive behaviour among them.

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