In Eastern Europe, Skepticism Over the Euro

While the euro continues to grow in strength and prominence, the trans-national currency has failed to win the enthusiasm of the European Union's newest members. Countries like Hungary and Poland have hesitated in planning their integration into the "one-size-fits-all" economy of the euro. Critics suggest that adopting the euro now will severely hamper Hungary's fast growing export industry while driving inflation "up the roof" in Poland. Many of the new eastern European members believe that retaining their currencies in the short-term will keep labor costs comparatively low, fuelling greater growth. Yet it's not just the EU's poorer members who are wary of the euro. The UK, Denmark, and Sweden have all steered away from the currency, while the euro's great proponents - Germany and France - struggle with staggering budget deficits. – YaleGlobal

In Eastern Europe, Skepticism Over the Euro

Mark Landler
Monday, December 6, 2004

Click here for the original article on The New York Times website.

Copyright 2004 The New York Times Company

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