The Union That Never Was

The European Single Currency or “euro” has been in circulation in seventeen European countries for ten years and a few days now. Introduced on 01 January 2002 with national currency coins and notes phased out until 28 February 2002, the “euro” replaced all previously used currencies throughout EMU countries (European Monetary Union). To be found in people’s wallets doesn’t mean that something is a real currency though. Surprising as it was in 2002, that thing appearing to be a currency at first sight lacked a vital ingredient of a working currency: a correspondingly unified bond market. During the run-up to...

EFTA States Sign Free Trade Agreement with Chinese Hong Kong Zone

Ministers from the Member States of the European Free Trade Association (EFTA) and the Chinese Hong Kong special economic zone have signed a Free Trade Agreement (FTA) today. The Free Trade Agreement will further enhance the economic ties and promote trade and investment between the two sides. EFTA covers a wider area than the EEC and has largely become a separate organisation upon the introduction of the “European Union”. EFTA member states include Iceland, Liechtenstein, Norway and Switzerland. The EFTA-Hong Kong Zone FTA was signed by Aurelia Frick, Minister of Foreign Affairs of Liechtenstein; Össur Skarphéðinsson, Minister for Foreign Affairs...