Notice the structure of this 'news' article. Om K
Euro Launches Hope for Europe BRUSSELS, Belgium (AP) -- The European Union launched more than a single currency Friday -- it launched hope. Hope for a more prosperous Europe. A stronger, united Europe. And, ultimately, a more peaceful Europe. Currency, as European Central Bank President Wim Duisenberg put it, goes beyond money. The franc is France. The mark is Germany. The lira is Italy. Now, he hopes, the euro will become Europe. ``A currency is part of the identity of a people,'' said Duisenberg, a Dutchman. ``It reflects what they have in common, now and in the future. May the euro become a unifying symbol for the people of Europe.'' All major markets except India's were closed on New Year's Day, so international euro trading really won't begin until Monday. However, the chief dealer at the ABN-AMRO Bank in Bombay, India, said his bank conducted two trades Friday between $1.1730 and $1.1740 per euro. An Indian government-owned bank bought 5 million euros and a corporate customer bought 100,000 euros from ABN-AMRO bank, said Ravi Kumar, who would not reveal the names of the buyers. Creation of a single currency by 11 of the European Union's 15 members -- Britain, Denmark, Sweden and Greece are not participating -- is considered by many to be critical for the future. That is because Europeans have never been entirely sure about what they want from the European Union, an economic association of 15 nations. They have wanted to end trade rivalries and squabbling and to forge a common market able to stand its ground against America and Asia. Less clear has been how much they have wanted to create true political and security union, an infinitely more difficult task because it would require each individual nation to give up significant sovereignty. By relinquishing monetary policy to the European Central Bank, the 11 participating nations surrendered a major tool for dealing with domestic economic problems, a tool many of them may sorely miss. That took great political will. The question now is how far Europe wants to travel down the unity road. ``Most people do not realize it's more difficult to make a common European foreign policy than to make a currency,'' said French Foreign Minister Hubert Vedrine. ``You can't say we are going to have three phases, and on July 1, 2004, we are all going to have the same reaction to the Middle East.'' Nonetheless, some kind of common foreign and security policy remains a goal for most EU members. This year, the European Union will name somebody to speak on its behalf on foreign and security issues. How much clout this appointee will have is yet to be determined. Some countries want a prominent figure appointed to provide a strong European voice in the world; others are not ready to surrender sovereignty of that magnitude. Most of western Europe already has a common defense policy through the North Atlantic Treaty Organization, but there the dominance of the United States frequently grates on European sensibilities. The EU represents 20 percent of the world's economic output and 18 percent of world trade. There is no doubt the euro zone will be a powerful new player in the world economic game, and it could rival the U.S. dollar as currency of choice for trade and reserves. Whether the single European currency is a major step on the road to a United States of Europe or a mere strengthening of the existing economic union remains to be seen. The groundwork, however, is laid. The precedent is set. Governments must decide if it is in their interest to surrender more sovereignty in exchange for political clout equal to their economic strength. And if it is, whether today's leaders have the political will to carry it out. ``Europe already has a long history,'' French President Jacques Chirac told his people in a New Year's Eve address. ``And it has a long road ahead. The euro will change Europe, and above all people's mentalities.''
