th its economies will it become the new currency standard of the globe. Many see the Euro as a positive development for Europe the United States and world economy. The European Economic Union will be the most ambitious economic projects undertaken in this century, but it does have its faults. These faults will have to be overcome or at least tamed in order for it to be a success. There are five major concerns that will have to be addressed. Sovereignty The Central Bank Transparency Who will be in control? Does one size fit all?Topping the list is the issue of sovereignty.4 Loosing ones national currency is equal to giving up its national sovereignty. The overall position is not whether or not which face will be printed on the currency but is this one step too far down the road leading to political unification?4 Will all of the nation states be engulfed into a European super-state? What could be happening are the beginning stages of the United States of Europe.4 The second issue that is of most concern is the Central Bank. The European Central Bank, which has been conducting most of its business thus far in secrecy, is not winning many points of its constituents. Its seventeen-member council rules the bank. Six of them represent the ECB leadership; the remaining eleven make up the governors and presidents of the national central banks of participating countries.4 Some economists would like to see a more centralized system and argue that the bank is keeping too much power. With a system such as is in place, it might be difficult to react quickly in time of a crisis. One other factor is the built in majority that the individual national banks have, eleven to six, enabling them to gang up on the leadership if the situation presented itself. Thirdly the lack of transparency is of major concern.4 By keeping its proceeding secret the council argues that the threat of political influence is reduced. If n...
