German analysts have poured cold water on rumours that the European Monetary Union (EMU) might be broken up in the wake of the French and Dutch no votes, but the fears helped propel the euro toward an eight month low against the US dollar, hitting 1.22030 this morning.
"It [an EMU break up] is not a realistic scenario", Commerzbank economist Christoph Balz told EUobserver. "But in the current mood of the market, everybody jumped on the news. Even if it was later denied, the market stil...
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Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.