The American public and officials in Washington are underestimating the risks to the U.S. of the new European Economic and Monetary Union, and its new currency, the euro. The reason for concern is not that the EMU will mean a stronger Europe that can challenge the U.S. economy. Quite the contrary, the EMU is likely to weaken European economies, leading to more trade friction and economic isolation. But the most important problems the EMU can cause are political, bringing increased conflict within Europe and with the U.S.
The EMU is ostensibly about substituting the euro for 11 national currencies and transferring...
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