Europe's single currency, the euro, was introduced in January 1999, replacing the cur- rencies of 11 European

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Europe's single currency, the euro, was introduced in January 1999, replacing the cur- rencies of 11 European Union members, including France, Germany, Italy, and Spain (but not Britain; see Chapter 20). Do you think that, immediately after the euro's intro- duction, the value of foreign exchange trading in euros was greater or less than the euro value of the pre-1999 trade in the 11 original national currencies? Explain your answer.

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