European Monetary Union

G. W. Galomiris, The impending collapse of the European Monetary Union, Cato Journal, 18 445 52 (Winter), 1999. 

EMU European Monetary Union ETER perfluoroethylene propylene ter-... 

The increasing relevance of shareholder value and the corresponding awareness of the problem of an optimized capital structure has led to the significant rise of corporate bond issuance since the start of the European Monetary Union. Investors are able to diversify more broadly, maximize returns and invest beyond formerly existing frontiers. Issuers can reduce financing costs and increase the company s valne, which benefits bondholders. Thus concentration on shareholder value also generates bondholder value. 

Since the establishment of European Monetary Union on 1 January 1999, the word Eurobond has taken on an additional meaning— that of a euro-denominated security. In this chapter we generally use Eurobond both for issues that are in Eurobond format, and that are euro-denominated. There are, of course, markets for noneuro denominated corporate issues, chiefly in dollars and sterling. Noncorporate borrowers, such as sovereigns, supranationals, and agencies, are also big issuers of Eurobonds in all the major currencies. 

The Eurobond market changed significantly with the launch of European Monetary Union, which added a new impetus to its development. 

EMU, the European Monetary Union, decided to use eight denominations of coins, varying in size, color and thickness according to their values 1, 2, 5, 10, 20 and 50 cent coins and 1 and 2 euro coins. (One euro is divided into 100 cents.) The 1-, 2- and 5-cent coins are minted from copper-covered steel, while the 10-, 20- and 50-cent ones are minted from an alloy called Nordic Gold (89% Cu, 5% Al, 5% Zn, 1% Sn). The one- and two-euro coins have inner and outer rings made of nickel-brass and copper alloys. 

On January 1, 2002, the euro became the single legal currency in 12 European countries since that date, several other nations have also joined the European monetary union and have adopted the euro as their official currency. Euro coins are minted in eight different denominations 1 and 2 euros, as well as 50, 20,10, 5, 2, and 1 euro cent. Each coin has a common design on one face the reverse face design is one of several chosen by the monetary union countries. Several of these coins are shown in Figure 11.7. 

The crop protection market is estimated to represent more than 6 billion of euros for the European Union. PPP sales considered in monetary terms were increased annually in the years preceding 1999. ... 

The Treaty of European Union 1991 (the Maastricht Treaty) re-emphasised these Community aims and added further goals of economic and monetary uixion, and these are developed in the Treaty of Amsterdam 1997 (ToA). The Treaty of Amsterdam consolidates the administration of the Commuixities and institutions of the Union and provides for the coherent renumbering of Treaty Articles. The ToA is also concerned with developing the concept of European citizenship, common strategies for employment and the co-ordination of national policies consolidation of enviroixmental... 

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