A common currency requires unified and centrally agreedmonetary and fiscal policies.

Currency unions require a mechanism for permanent transfersto poorer regions.

The Secretariat has developed and implemented a new financial system to deal with the dual currency requirements.

Maintaining a competitive currency requires a rise indomestic saving relative to investment, or a reduction in nationalexpenditure relative to income.

Introduction of a currency transactions tax requires wide agreement.

(i) The currencies are required to meet expenses to be settled in those selfsame currencies;

The change in the assessment currency would not require costly changes to the existing accounting systems;

The change in the assessment currency would not require costly changes to the existing accounting systems. ;

To take into account the introduction of the euro in January 2002, these national currency amounts require conversion to euro amounts.

The panellists had no doubt that better and increased coordination of intervention in the markets of Group-of-Three currencies was required to ensure greater international financial stability.