The euro is
A) the currency of all nations in Europe.
B) the rate at which the French central bank makes discount loans.
C) a common currency of many European countries.
D) the name of the European central bank.
Fixed exchange rate regimes
A) existed prior to the nineteenth century but were then superseded by the gold standard.
B) lower the transactions costs of buying and selling goods and assets.
C) result in higher world interest rates.
D) were first established by the GATT in 1971.
Members of the European Exchange Rate Mechanism (ERM)
A) agreed to buy and sell gold at a fixed rate.
B) promised to maintain the values of their currencies within a fixed range.
C) attempted to maintain a fixed exchange rate against the dollar.
D) all agreed to charge the same interest rate on central bank loans.
At the time the monetary union in Europe began in 1999,which of the following countries declined to participate?
B) United Kingdom