Kuni 1997. aasta sügiseni valitses finantsturgudel üleüldine optimism. Selle põhjuseks oli: maailma majanduse märgatav edenemine viimaste aastate jooksul. Oldi arvamusel, et kiire areng jätkub veel üsna pikka aega; paljude arenguriikide valuutade vahetuskursside stabiilsus, mis tähendas investoritele vahetuskursi kõikumisest tuleneva riski vähenemist ja soodustas eriti lühiajalisi investeeringuid üle riigipiiride.
The basis for projected expenditure and income figures on such items as fuel, fares and rates, salaries, maintenance, depreciation, exchange rate fluctuations, airport charges, insurance, etc.
Concurrently with the foregoing, and as provided in this Treaty and in accordance with the timetable and the procedures set out therein, these activities shall include the irrevocable fixing of exchange rates leading to the introduction of a single currency, the ECU, and the definition and conduct of a single monetary policy and exchange rate policy the primary objective of both of which shall be to maintain price stability and, without prejudice to this objective, to support the general economic policies in the Community, in accordance with the principle of an open market economy with free competition.
At the starting date of the third stage, the Council shall, acting with the unanimity of the Member States without a derogation, on a proposal from the Commission and after consulting the ECB, adopt the conversion rates at which their currencies shall be irrevocably fixed and at which irrevocably fixed rate the ECU shall be substituted for these currencies, and the ECU will become a currency in its own right.
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