Vladimir Putin

Clementi, David

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The introduction of the Euro on January 1, 1999. The United Kingdom, not adopting the euro as its domestic currently from the start, and reasons for that. How banks and markets in London will help to forge links between the euro area and the rest of the world. A word about the U.K.'s approach to the European Monetary Union (EMU) and the impact of the euro on the financial landscape. Advantages and risks to the U.K. joining EMU. Economic tests set by the British Government to ensure that, before the U.K. joins EMU, there will be sustainable convergence between the U.K. economy and the euro area. Preparation for the introduction of the euro, especially in London. London's historically successful role as a centre of international finance. Not being complacent about London's position. Ensuring that the necessary financial infrastructure in London is in place. Promoting agreement between central banks and market practitioners across Europe on practical issues. Working with City firms to ensure preparation for changeover. Providing information to the London market so that firms are well informed about the technical side of the preparations. Three points to emphasize. [Additional remarks were made by Paul Richards, Special Advisor to the Governor, Bank of England.]
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