The Eurofed cometh. (towards a European central bank) (Finance)
Economist (US), The, April, 1990
OUT of the fog of diplomatic waffle, the shape of a future European economic and monetary union (EMU) is emerging. While much remains to be settled, there is now consensus among 11 of the European Community's dozen members on the main features of a new central bank, already dubbed the "Eurofed". By the time of next December's intergovernmental conference, Emu will look like a bird ready for hatching.
The Twelve's finance ministers and central-bank governors met at Ashford Castle in the west of Ireland on March 31st. The points on which they agreed (save for 12th-man Britain) were:
* Independence. The Eurofed will conduct monetary policy free from political interference, though there is still room for argument over West Germany's demand that national...
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