31.   Be that as it may, what are the problems that need to be solved for a European currency union to be created?

32.   Therefore, the cost of the European currency union, in terms of loss of monetary autonomy by the member countries, is, at best, negligible.

33.   The second set of criticisms against the creation of a European currency union draws attention to the circumstances when an exchange rate change is the appropriate policy response.

34.   Note, however, that with the establishment of the European currency union, no member country will have a balance of payments problem.

35.   Therefore, it is suggested, membership of the European currency union and reducing inflation in preparation for such membership will have an undesirable impact on these coutries.

36.   It follows, therefore, that the cost associated with membership of the European currency union in terms of lost revenues for these countries is unlikely to be significant.

37.   In brief, the case for the European currency union is well-founded.

38.   The Delors Plan advocated a three-stage process towards the creation of the European currency union.

39.   In the absence of the latter, it is doubtful whether complete monetary integration, in the form of a currency union, will be achieved.

40.   If it were to do so, the very existence of the currency union would be placed in jeopardy.