1. Brittan said it was too soon to question who would be in and who would be out of the money merger. 2. However, EU nations have struggled to hit the Maastricht economic targets needed to qualify for the money merger. 3. Leaders are also likely to put off a decision on how to phase in single currency coins and notes into economies of nations participating in the money merger. 4. Secondly, leaders are likely to postpone a decision on how to prevent EU nations excluded from the money merger from devaluing their currencies. 5. That, in turn, could cause the money merger to fall apart. 6. The same summit also must resolve how the single currency would be introduced to national economies that qualify for the money merger. 7. Still, Lamfalussy said technical preparations for the money merger will be completed on schedule and a capable European Central Bank will exist. 8. The money merger is aimed at helping Europe compete in markets now dominated by a strong yen and U.S. dollar. |