Abstract
As Europe progresses toward Monetary Union the debate about the introduction and consequences of Monetary Union intensifies. In recent months the debate has focused on issues including the impact of the various convergence criteria, the possible dominance of one country's view during monetary union, and the naming of the proposed single currency.
To date the politicians and bankers who are debating Monetary Union have focused mainly on the business and financial implications. So far they have failed adequately to address issues relating to trade union and employment concerns in the banking sector itself. Both the European Commission and the European Monetary Institute (EMI) need to fully consult union organisations on the practical implications of a single currency. This reflects the huge impact these developments will have on workers, particularly those in Central Banks, and in the commercial banking sector. This article summarises the main areas we see the need for urgent consultation on.
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