World News and Trends- Coming soon: a common European currency
If Jan. 1, 2000, promises to be one of the pivotal dates in history, Jan. 1, 1999, is probably no less important to the European Continent.
The latter is the date when 11 national forms of legal tender will be fused into one common currency, dubbed the euro. This transition will probably turn out to be one of the biggest steps ever taken in pursuit of European unity. It is difficult to see how political and military union will not follow if the change to the common currency is a success.
Among the countries of Western Europe, Britain, along with Sweden and Denmark, has chosen a more-independent economic course. The United Kingdom has a history of exercising caution toward European alliances. The British were slow to enter the present European Union (EU), and many of the island's inhabitants have felt a sense of discomfort ever since. Though Britain plans to adopt the new currency about three years after its introduction (about 2002), some observers doubt that she will ever take that step.
The British are not the only ones approaching the euro with caution. In the new currency the world will see a competitor to the U.S. dollar, which has dominated monetary exchanges for decades. What will be the impact of this new currency?
In the words of Rupert Wright in The European: "The dollar is the Coca-Cola currency, recognisable and tradeable throughout the world: almighty, all-conquering. Since it toppled sterling when the British devalued in 1931, it has been the only truly global currency for more than 60 years. It is used to settle more than 50 per cent of all trade. Want to buy a jumbo jet? It is priced in dollars. Oil? $16.20 a barrel will do nicely ...
"Now there will be soon be a new kid on the block: the euro. On 1 January 1999 the 11 members of Euroland will formally launch a new currency that will instantly be huge- second only to the dollar and with the prospect that it might one day even challenge it for supremacy" (May 4-10, 1998).
Likely the euro will quickly assume the role of a parallel currency in the opt-out countries of the European Union as well as Eastern Europe. The Mediterranean and North Africa will also see plenty of euros.
Many are making claims in advance. "The euro is the event of the century; the euro will make people forget the deutschmark," said Helmut Kohl, chancellor of Germany. Brian Reading, director of Lombard Street research, says the euro "will replace the dollar as top dog."
But other voices predict an accommodation. Writes Norbert Walter, chief economist for Deutsche Bank: "There is room in the ring for the dollar and the euro. It is a fight that probably neither can win outright, nor do they need to. The dollar and euro are each likely to wind up with about 40 per cent of world finance, with about 20 per cent remaining for the yen and a few smaller currencies such as the Swiss franc and [British pound] sterling. The euro will launch with a big bang and continue with a slow-burning fuse."
Some Europe watchers wonder if this common medium of exchange is not another major step towards the fulfillment of biblical prophecies about a dominant political, economic and military power yet to rise in the territory that once constituted the nucleus of the old Roman Empire. Prophecy tells us that this crucial occurrence will precipitate events leading to the second coming of Jesus Christ. (Sources: Newsweek; The Times [London]; Daniel 2, 7; Revelation 13, 17.) GN
Course Content
John Ross Schroeder
John died on March 8, 2014, in Oxford, England, four days after suffering cardiac arrest while returning home from a press event in London. John was 77 and still going strong.
Some of John's work for The Good News appeared under his byline, but much didn't. He wrote more than a thousand articles over the years, but also wrote the Questions and Answers section of the magazine, compiled our Letters From Our Readers, and wrote many of the items in the Current Events and Trends section. He also contributed greatly to a number of our study guides and Bible Study Course lessons. His writing has touched the lives of literally millions of people over the years.
John traveled widely over the years as an accredited journalist, especially in Europe. His knowledge of European and Middle East history added a great deal to his articles on history and Bible prophecy.
In his later years he also pastored congregations in Northern Ireland and East Sussex, and that experience added another dimension to his writing. He and his wife Jan were an effective team in our British Isles office near their home.
John was a humble servant who dedicated his life to sharing the gospel—the good news—of Jesus Christ and the Kingdom of God to all the world, and his work was known to readers in nearly every country of the world.
Scott Ashley
Scott Ashley was managing editor of Beyond Today magazine, United Church of God booklets and its printed Bible Study Course until his retirement in 2023. He also pastored three congregations in Colorado for 10 years from 2011-2021. He and his wife, Connie, live near Denver, Colorado.
Mr. Ashley attended Ambassador College in Big Sandy, Texas, graduating in 1976 with a theology major and minors in journalism and speech. It was there that he first became interested in publishing, an industry in which he worked for 50 years.
During his career, he has worked for several publishing companies in various capacities. He was employed by the United Church of God from 1995-2023, overseeing the planning, writing, editing, reviewing and production of Beyond Today magazine, several dozen booklets/study guides and a Bible study course covering major biblical teachings. His special interests are the Bible, archaeology, biblical culture, history and the Middle East.
