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EMU entry is an irreversible step. Once a currency enters, its identity is extinguished. The continued existence of legacy banknotes is an illusion. Think: Second Law of Thermodynamics. Redenomination into the legacy currency or a new one destroys the central bank and probably the financial system.

There are other reasons: they are explored in full in a paper submitted to the House of Commons Treasury Select Committee for its discussions on EMU . This contains much of the content of the paper referred to by Julian Wiseman from his paper How Germany Might Leave. However, the CSFB version referred to is a much later draft of the ideas and clients are recommended to that version. Contact Sandra Laushway-Smith on 020 7888 8888, giving reference to the author, or the author direct.

Table of links:

Date Link
May 2000

Paper: Evidence submitted by the author to the Treasury Select Commitee

July 2000 List of Appendices to Eighth Special Report of TSC, on EMU
July 2000 Eighth Special Report of TSC, on EMU
October 2000 'How Germany Might Leave' by Julian Wiseman

Main index William Porter