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BUSINESS
April 18, 1994 | From Associated Press
The European Union could introduce a single currency before 1999 even though member countries are currently experiencing economic problems like bulging public deficits, said European Commission Vice-President Henning Christophersen. "Our models show that with reasonable economic growth and some efforts by member states, a majority of member states will comply with the criteria concerning public finances in 1998," Christophersen said.
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OPINION
March 29, 2013 | By Timothy Garton Ash
"We have made Italy, now we must make Italians," goes the old saying. Today we have made the euro, and the crisis of the euro is unmaking Europeans. People who felt enthusiastically European 10 years ago are reverting to angry national stereotypes. "Hitler-Merkel" read a banner carried by young Cypriot protesters this week. Next to those words was an image of the European flag, its yellow stars on a blue background crossed out in red. Sweeping negative generalizations are heard about "North" and "South" Europeans.
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NEWS
June 26, 1989 | From Associated Press
Britain today rejected plans to create a single European currency and a central bank but pledged to accept some elements of a plan to form a united European market by late 1992. West Germany, however, urged the leaders of the 12-nation European Economic Community to endorse the single currency and central bank. Under a plan being considered at an EEC summit in Madrid, member states would gradually hand over economic policy-making power to the EEC. Surrendering aspects of national sovereignty is a key issue as the community heads toward dropping all trade barriers and creating the single market in 1992.
WORLD
March 24, 2013 | By Anthee Carassava
ATHENS -- Officials from Cyprus and international lenders were locked in long and tortuous talks Sunday, trying to strike a deal on a rescue plan that would keep the island's failing banks from collapsing while maintaining membership in Europe's single currency. Information seeping out of the talks was both confusing and conflicting. Still, as of late Sunday, officials from the island republic, the European Union and the International Monetary Fund showed no sign of a breakthrough, delaying an urgent meeting in Brussels of finance ministers of the 17 nations that use Europe's single currency.
BUSINESS
October 26, 2003 | Jeffrey Fleishman, Times Staff Writer
On the streets of this town, as a clarinet player strolls through falling leaves, an au revoir is as likely to be heard as an auf Wiedersehen. Beer and cognac flow in harmony, and the bratwurst doesn't bow to the foie gras. Saarlouis -- rising from the coal fields on the German-French border -- is a miniature of the European Union's plan for the continent.
BUSINESS
October 11, 1990 | JOEL HAVEMANN, TIMES STAFF WRITER
Skeptics notwithstanding, many European analysts believe that Britain's decision to link the pound to Europe's other currencies is probably a step on a road leading inevitably, if slowly, to a single European currency. Some observers say the government of Prime Minister Margaret Thatcher might find it easier to thwart the drive toward a common currency if the pound is part of today's collection of loosely linked monetary units.
BUSINESS
May 28, 1989 | TYLER MARSHALL, Times Staff Writer
He heads Europe's largest consumer electronics company, but Dutch industrialist Cornelis J. van der Klugt offers a lament that even a tourist to the Continent would understand. The chairman of the giant Philips electronics group calculates that he could leave the Netherlands with 1,000 Dutch guilders in his pocket, tour the other 11 European Community nations and spend a full 750 guilders on nothing but the cost of changing money. "It's an argument to convince the ordinary citizens of the need for one European currency," he told a gathering of businessmen here.
NEWS
August 9, 1994 | TYLER MARSHALL, TIMES STAFF WRITER
A year after it was pronounced all but dead, the European Monetary System has defied projections and embarked on a tentative but definite revival. The revival has rekindled hope among advocates of closer European integration that a single currency could become a reality throughout the European Union--if not by the end of the century, then in the early 2000s. The prospect was set out in the 1991 Maastricht Treaty, and its importance is rarely disputed.
BUSINESS
November 30, 1995
Germany Upholds Currency Stand: Finance Minister Theo Waigel insisted that the choice of states fit to join the European single currency should be made in early 1998, saying France's call for an earlier date entails too much risk. Waigel also received support from parliamentary deputies for his proposed "Euro" name for the new single currency. All European Union members except France supported Waigel's position at a meeting of EU finance ministers in Brussels.
BUSINESS
December 5, 1991 | JOEL HAVEMANN, TIMES STAFF WRITER
European finance ministers Wednesday cleared away most of the obstacles to adopting a single currency to replace the German mark, the French franc and as many as 10 other national monies by the end of the decade. Their agreement, which would give Great Britain and Denmark a chance to wriggle out, must still be approved at next week's summit meeting of 12 European Community nations. The deal could become unglued in horse-trading over other issues.
WORLD
March 24, 2013 | By Anthee Carassava
ATHENS - After hours of tortuous threats and talks, Cyprus reached a draft deal with its international lenders Monday to keep the island's failing banks from collapsing and its economy anchored to Europe's single currency. Information seeping out of the talks was both confusing and conflicting. But after 10 hours of intense negotiations in Brussels, officials from the island republic, the European Union and the International Monetary Fund said they had agreed to shut down the island's second-biggest bank, lock down deposits of more than $130,000 and slap hefty levies on large bank deposits.
BUSINESS
March 1, 2013 | By Don Lee, Los Angeles Times
The toll from the Eurozone debt crisis mounted in January. The Eurozone's jobless rate climbed to a record 11.9%, from 11.8% in December, as the 17-member single-currency bloc continues to grapple with recession and the effects of stringent government cutbacks, according to figures reported Friday. By comparison, the U.S. unemployment rate was 7.9% in January, and its highest since the Great Depression was 10.8% during the 1982-83 recession. The Eurozone's population is about 317 million, similar to the U.S. The U.S. jobless rate for February will be released March 8. Within the Eurozone, jobless rates varied widely.
WORLD
December 8, 2011 | By Henry Chu, Los Angeles Times
On New Year's Day almost a decade ago, cash registers and ATMs across Europe started spitting out the shiny coins and crisp notes of the world's newest currency, the euro. They were the most radical, tangible symbol of the long march toward reconciliation and harmony on a continent still haunted by the memories of two world wars. A single currency, proponents said, would set the seal on an era of European unity that already boasted free markets and free movement. Now, officials are working feverishly to ensure that the currency survives a raging debt crisis that threatens its 10th birthday.
WORLD
March 25, 2011 | By Henry Chu, Los Angeles Times
European leaders agreed Friday to set up a permanent $700-billion rescue fund to try to contain the continent's debt crisis as fear mounted that Portugal will soon be forced to seek a bailout. Wrapping up a two-day summit in Brussels, the European Union hoped the announcement of the permanent safety net after weeks of haggling would boost investor confidence and demonstrate the bloc's commitment to ensuring the survival and stability of the euro. But the meeting was overshadowed by political turmoil in Portugal, where lawmakers' rejection of new austerity measures caused the government to collapse Wednesday and pushed Lisbon closer to asking for emergency aid. Many economists now feel it's only a matter of time before underperforming, debt-ridden Portugal becomes the third EU nation to require an embarrassing financial bailout.
BUSINESS
October 26, 2003 | Jeffrey Fleishman, Times Staff Writer
On the streets of this town, as a clarinet player strolls through falling leaves, an au revoir is as likely to be heard as an auf Wiedersehen. Beer and cognac flow in harmony, and the bratwurst doesn't bow to the foie gras. Saarlouis -- rising from the coal fields on the German-French border -- is a miniature of the European Union's plan for the continent.
NEWS
January 8, 2002 | From Times Wire Reports
The euro may be causing headaches for cashiers across Europe, but the single currency has been a windfall for one group: beggars. "The euro conversion has been a blessing for me," said Emil Osmetzki, 58, a homeless man in Berlin. "The people seem eager to toss away their leftover [German] marks. The old mark change is burning a hole in their pockets." Britain is not part of the euro, introduced in 12 European nations Jan. 1, but beggars there are being flexible.
NEWS
June 12, 1997 | From Times Wire Reports
In a bid to save Europe's plan for a single currency, the German government agreed in principle to French demands for a new pact on fighting soaring unemployment. Germany's concession--after years of resisting a European Union employment pact--could be decisive in keeping France's new Socialist-led government among those who support the single currency when EU leaders meet in Amsterdam next week. France has said it wants to go ahead with the currency, to be launched Jan.
NEWS
June 9, 1991 | SALLY JACOBSEN, ASSOCIATED PRESS
Foreign guests at the Berkenhof luxury inn needn't worry about having enough Belgian francs or translating from francs to their own money. In Jean-Pierre Koch's elegant hotel-restaurant, surrounded by towering pines and blooming spring flowers, prices are figured in the Ecu, which may be Europe's currency of the future.
BUSINESS
July 23, 1999 | JOHN-THOR DAHLBURG, TIMES STAFF WRITER
Among top European companies, relations long seemed as genteel as a London gentleman's club. This year, they seem about as chummy as a shark tank. Propelled by Europe's single currency and market, increasingly diverse and demanding shareholders and the availability of funding in capital markets, the era of the hostile takeover has dawned in Europe. The groundbreaking success was a $34.
NEWS
September 13, 1998 | RICHARD BOUDREAUX, TIMES STAFF WRITER
This dour, sleepy corner of Europe is staying up late for a change as it celebrates its coming-out party--a $3-billion, summer-long binge known as Expo '98. The daily show at the world's fair goes on until 3 a.m., featuring 10,000 sea creatures in a giant oceanarium, polyglot performances on 10 stages and midnight fireworks over a 150-acre global village in Lisbon's new riverfront park.
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