11.  It will lead to devaluation of a number of European currencies.

12.  It also favoured hardening the existing European currency unit rather than creating a separate hard ecu, as proposed by the UK.

13.  As currently envisaged, stage three involved the transfer of powers to a European central bank and the creation of a single European currency.

14.  A single European currency is a necessary condition for the creation of a single European market.

15.  What are the expected benefits from the introduction of a single European currency?

16.  What are the policy implications for member states of a single European currency?

17.  The introduction of a single European currency was viewed as potentially having a psychological effect of some, but not decisive, usefulness.

18.  The Delors recommendation in favour of the creation of a European currency union is consistent with the objectives of the Single European Act.

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

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