This Week

"This Week" Continued...

Issue: "38,000,000 Children Killed," Jan. 16, 1999

E-commerce

Call it Euroland, Eurozone, or the United States of Europe. It was said this EMU (or European Monetary Union) would never fly, but on Jan. 4 it took off, linking 11 western European nations into a monetary and economic union. With a single currency, the euro, and a central banking system, the confederation means a market to investors and producers that is 24 million people larger than the United States. While stocks and bonds began trading on Jan. 4 in the euro (worth $1.17 U.S.), euro coins and notes will not change hands until 2002. The historic consolidation is expected to unify the European market and make travel on the continent easier. It also ends the competitive edge of member countries, raising the question: How many euros will it take to buy a Coke? Before EMU, the soft drink cost 90 cents a can in Frankfurt, 53 cents in Madrid.

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