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01/03/2002

European Integration Enters a New Stage - The Euro Cash Changeover and EU Enlargement to the East

Economic Research Department  Executive Director Sayuri Ito 

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1. Introduction

The integration process of the European Union originally began with the European Coal and SteelCommunity (ECSC) in 1952， and subsequently advanced through the stages of customs union， freetrade area， and economic and monetary union. At the same time， integration advanced in size as theEU expanded from six to fifteen countries.

In March 2002， when the euro becomes the single legal currency in the euro area， the process of economicand currency integration will be complete. The single currency area is a huge entity of twelvecountries and its population of 300 million exceeds that of the U.S.， while the economy is 60% as large(Figure 1).

With the successful introduction of the single currency， integration will enter a new stage in both depthand size. This paper outlines developments in European integration in recent years， identifies unresolvedissues， and considers the future prospects.

 

Economic Research Department    Executive Director

Sayuri Ito

Research field
European Economy, Regional Integration, international monetary and financial system

Repoprts lnquiry

03-3512-1832

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