Time to change the rules (3)
Archived Articles 18 Dec 2008  EWR
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Edward Lucas

Most people who give the matter any thought agree: one of the main rules for countries wanting to join the euro is perverse. Yet adopting the common currency has gone from seeming a matter of national pride to national necessity, as the financial turmoil has highlighted the costs and risks that small countries face by keeping their national currencies. For places like the Baltic states and Bulgaria (which already peg their currencies to the euro) maintaining the current regime carries extra burdens and no benefits.

Europe.view column, Dec 18th 2008, from Economist.com

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