Europe's Bank: Dream vs. Reality
Brushing aside Britain's objections, leaders of the European Community decided this weekend to set up a common central bank in early 1994, and thus greatly advance the hope of creating a single European currency. But many economists questioned whether unforeseen obstacles would prevent the bank's establishment so soon. The idea of a single European currency has long been a dream. And with a date on setting up a central bank fixed at the European Community's summit meeting in Rome over the weekend, some European officials say a single currency could become a reality by the end of this decade. The resounding support of 11 of the 12 community members -- with only Britain opposed -- to form a central bank in 1994 could bode well for a decision three years later on a single currency.