单项选择题

Passage Two

Europe’s Monetary Union (EMU) is a huge economic experiment. Nobody really knows what is going to happen. The fans of EMU say that it will cut trading costs and create a true single market. This could unleash a new economic dynamism that will strengthen companies, create jobs and ensure stocks. They predict that prices in many EMU countries will come down and boost the spending power of consumers, which in turn will help the economy. The critics of the single market currency say that it is the first step towards a closer political union, creating a European super state. They warn that a centrally set interest rate will not suit all regions of the euro-zone and could actually increase the economic tensions in Europe. Whatever the outcome, no move towards integrating Europe has ever been so bold. The governor of the French national bank likens it to launching a rocket, others say they are thrilled that a project talked about since the 1960s and long doubted is now happening. The euro and its guardian, the European Central Bank, will now have to prove themselves in the world economy and the world’s financial system. On 1 January 1999, the euro became the official currency. From then on, the value of the euro against the dollar and all other currencies, including those of the four Member States staying out of the euro zone, will fluctuate according to market conditions. Although euro notes and coins will not appear until 1 January 2002, the new currency can be used by consumers, retailers, companies of all kinds and public administrations from 1 January 1999 in the form of "written money" -- that is, by means of checks, traveler’s checks, bank transfers, credit cards and electronic purses.

According to the passage, which of the following is NOT true