s (Per Jacobson, 1999). The goal of European Union ascension has become the key driving force behind the massive adjustment and reform efforts in these countries. Should these LDC’s be successful with their EU endeavors, the prospects of subsequent currency integration seems high, ensuring that such economies may well achieve future economic stability and prosperity (IMF, 2000). It is essential to remember that entry into the EMU is an awesome task for most of these countries. Moreover it is questionable whether firms will truly benefit from the net gains of ascension, whether the strict convergence criteria is to ambitious and whether adhering to the Maastricht timetable is too greater pressure for the business community to bear (IMF, 2000). EMU members will also need to provide a strong commitment to upholding the inherent values of the monetary union, when negotiating ascension. That is, countries seeking membership within the EMU should makes guarantees of democracy, the rule of law, human rights and protection of minorities as minimum requirements to entry, which would exclude many prospective countries from joining ‘Euroland’.This essay has endeavored to demonstrate the fundamental economic gains likely to be experienced by the ‘Euroland’ business community with the development of the EMU. Improvements in domestic firm’s efficiency, increases international competitiveness, reduced foreign exchange risks, access to larger financial markets and the utilization of strategic alliances and joint ventures are likely to occur under the EMU framework and accrue considerable benefits to ‘Euroland’ firms. The cost of implementing the EMU to member states business communities are substantial, including the financial expenditures involved in making business communities ‘euro-ready’, contractual problems, loss of fiscal and monetary autonomy and excessive scrutiny of business practic...
