Pessimism About Single European Currency Permeates 33rd ACI Congress In Madrid

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In common with the 'go-slow' sentiments circulating in the EC, the mood at the 33rd annual Congress of the Association Cambiste Internationale in Madrid was pessimistic about the prospects for a European single currency, and indeed about worldwide currency cooperation in general. A show of hands during one presentation showed that only a sprinkling of the 900 or so members of the trader audience thought European Monetary Union (EMU) would be achieved in 1994 as scheduled--and perhaps 200 bel