Aspects of European Economic and Monetary Union

European economic and monetary union (EMU), due to start in 1999, is expected primarily to improve the effectiveness of the internal market because it should eliminate most of the uncertainties surrounding exchange rates and their costs. EMU will strengthen competition and put the risks of foreign trade and international investment on a more calculable basis. There are also grounds to assume that the single currency, being a viable alternative to the dollar, will provide more weight and influence for the European Union as a player in the global economy.