Europeans should not expect the single currency alone to generate jobs

Date: 12/06/1997

the outgoing president of the European Monetary Institute warned this week.

Presenting the EMI's annual report to the Parliament, Alexandre Lamfalussy said governments must take political steps to introduce flexibility into labour markets if they were to get the full benefit of the euro. He said the widely differing unemployment rates in Belgium, the Netherlands and Luxembourg - three countries with similar monetary policies and a stable exchange rate - graphically illustrated the need for a multi-track approach to job creation.