nness. (Livinston, Euroland 3)Why does the ECB operation so much secrecy? Is does not want economic policy moved by political influence. In January of this year the Bank of Ireland became a regional branch of the ECB. Morris O’Connell, its governor, supports the ECB’s tight lips statingI don’t think it’s appropriate that you should be announcing how each person may have voted. I think you’re creating other pressures then, you’re creating pressure on individual members to reflect just the national viewpoint. Where we are required under this treaty to take a European perspective on things. (Livinson 5)This treaty O’Connell refers to is the Maastrich Treaty. It is the foundation for holding together the ECB and the fait of the Euro. It was constructed in such a way that is completely out of reach of the politicians. This way, national views of one country will not effect the entire economic view of the European Economic Monetary Union. One view is certain now, the Euro will happen and the ECB will be driving the train.What is good for the whole may not be good for the parts. This statement sums up the difficulty of bringing the Euro into reality. Topping the concern is the setting of interest rates through out the EMU. Interest rates normalize any economy and are the foundations of them as well. But does one interest rate in Ireland function the same in Germany? When one economic country is in economic crises how will the ECB react? These are just a few of the many economic problems that will have to be solved, as the day of the Euro becomes closer and closer. Both businesses within the European Economic Monetary Union and outside of it as well, will feel the impact of the Euro. Although currency has yet to be coined, today trade using the Euro has begun. The conversion rates have been set for the eleven nations that will partake. If business outside of the EMU thinks that they will be unaffected b...
