Conclusions.
The
physical replacement of domestic currencies with the Euro has been the last step
of a lengthy process started more than 20 years ago. This last phase has
probably been more spectacular than the previous ones but we must not forget the
macroeconomic significance of the earlier stages.
As of
February 11th, 2002, the only available figures on inflation for January 2002
are from Germany, they show a 0.9% rise in prices. The expected rise was 0.8%
but the difference is mostly due to the growing budget deficit. This “inflation
test” will be the last hurdle for the Euro and I, for one, will be looking for
the release of these figures for the EMU in the coming weeks.
Price
comparisons (in Euros) among European countries are now more poignant than ever:
