The Choices to be Made

As the twentieth century moves to its close, the choices confronting Europe are as important as any which its leaders have ever had to make. It is still quite possible that decisions will be taken during the first half of 1998, which will establish the first stage of the Single Currency on 1 January 1999, leading to the phasing out of national currencies and their substitution by the euro from the beginning of 2002. Many politicians in Europe, not least Helmut Kohl, have invested vast amounts of political capital in the project. Some countries, especially France, have gone through years of economic trauma to keep the parity of their currencies in line with the Deutsche Mark. Their leaders also are not going to give up lightly a venture to which so much has already been committed. As the date when the Single Currency is due to start approaches, banks and other commercial organisations have had to spend increasingly large sums of money preparing for an eventuality which they certainly cannot afford to ignore. The EU institutions — the Commission, the Parliament, the European Court of Justice, even the Council of Ministers — each has a major immediate interest in the success of integrationist policies, leading to a federal goal. They are all in a powerful position to push the Single Currency project ahead.