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The start of monetary union in Europe is an exciting event. There is little doubt that it can unleash a new dynamic of enterprise and growth benefiting all of us. 41)______
Euro-land faces these risks because it is still an incomplete and unfinished project. It is incomplete because, while monetary policies will now be conducted at the European level, the other tools of macroeconomic management remain firmly in the hands of national authorities. It is unfinished because the European Central Bank (ECB) itself has been left handicapped in the event of major financial crises
42)______ These conflicts will be raised when economic conditions diverge within Euro-land. Inevitably, the difficulties in coordinating different national policies with the monetary policy of the ECB will create tensions and disagreement. Of course, the same thing happens within a nation between the national central bank and the government. But the intensity of the conflict is likely to be great