ECU Banking Association Claims EMU Means Huge Costs, Changes For Banks

The implementation of European Monetary Union will have cataclysmic effects on banks both within and without the European Union, according to a new report by the Ecu Banking Association. It will result in massive changes in the FX, money and bond markets, may radically change competitive positions among large European and U.S. players and result in change-over costs of up to Ecu225 million for each large European bank.

EMU will wipe out the FX market for the currencies concerned, creating instead