Horst Köhler, with whom you negotiated the Maastricht Treaty, describes the markets as “monsters”. Is he right? I would not necessarily go as far as Horst, for whom I have great respect, but I can see what he could have meant by that.
In twelve countries, the euro has replaced the national currency and rapidly become part of everyday life. For the business community, intra-euro area exchange rate volatility and the uncertainty it caused for trade and investment have been eliminated.