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The EU-summit confirmed that EMU would start with 11 members and that central ERM parities would be used to determine the irrevocable conversion rates for the Euro on 1st January 1999.
The 11 countries are: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.
In true EU-summit form, it could have been a non-event, had it not been for the political compromise regarding the ECB's head, forcing Wim Duisenberg - the financial markets' and central bankers' favourite - to commit himself 'voluntarily' to stepping down half-term through, giving way to France's choice, Trichet.
Short-term concern regarding the stability of the euro should be offset, however, by the 'hawkish'-leaning majority within the ECB governing council (out of 17 voting members, 12 are 'hawks' when considering their respective country's stage on the business cycle, while 9 are 'hawks' disregarding cyclical considerations), and the fact that Duisenberg will head
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