The euroskeptics contend that the risks of monetary union far outweigh any advantages it may bring. Since exchange rates can (1) be used to offset the strains of different economic conditions prevailing in various member countries, growth and employment problems are inevitable, they say. The resulting political pressures will (2) to demands for large intra-union (3) payments. And (4) political resistance to such payments is inevitable, skeptics regard the EMU as a (5) to further European integration.
The (6) of the EMU is groundless. The countries that will soon formally renounce the right to adjust their nominal exchange rates are not (7) up anything they have not already voluntarily surrendered as part of preparations for monetary union. In the past years not one of the 11 founding members of EMU has (8) in order to enhance its (9) . What better proof of the determination and (10) of the European coun
A. capability
B. capacity
C. ability
D. faculty
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