Germany submitted its stability programme to the European Commission according to EU sources on January 5. The programme aims to reduce the public deficit to 1% of GDP in 2002. Luxembourg must now quickly submit its stability programme. The remaining EU Member States presented their respective programmes - of stability (for the countries taking part in the Euro) or convergence (for countries staying outside) - before the end of last year. The European Commission must moreover adopt on January 12 its Recommendation on Austria's and Ireland's stability programmes.

Elsewhere, one week after the launch of the Euro, a spectacular reversal in public opinion in favour of the Euro has come about in Denmark. According to an opinion poll published on January 7 by the economic daily Boersen, 52% of Danes would vote in favour of the Euro in the event of a referendum on the subject, 32%...

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