The Birth Of The Euro

It was a major event by any standard when at the beginning of this year eleven member states of the European Union implemented the single European currency. One politician described it as 'the most important development in Europe since the fall of the Berlin Wall'.

The implications are certainly impressive. For the euro is now the world's second largest currency after the US dollar, and the financial transactions of some 300 million Europeans will be directly affected. For three years traditional currencies will circulate alongside the euro, but thereafter the deutschmark, franc, lira and other national currencies will disappear. There are obvious commercial advantages in a single currency which will ease the flow of goods, services and capital throughout a vast trading area. Expectations are high that this will stimulate business, promote prosperity and secure the euro's position as a strong reserve currency.

However, some member-states of the European Union are waiting to see how the single currency works out in practice before deciding whether it is in their best interests to participate. There are fears that the euro will only be successful if there is closer convergence between the economies of member states, including their levels of taxation and other fiscal policies. This may be difficult to achieve without some loss of national sovereignty in favour of European Union directives: an unpopular price to pay!

From the inception of the European Economic Union (or Common Market as it is often called), when in 1957 six European countries signed the Treaty of Rome, developments have been watched with interest by students of Bible prophecy. Is there scriptural significance in the growing integration of financial, economic and political affairs among European nations over the past forty years?

It has been suggested that the fourth beast of Daniel's vision in chapter seven of his book depicted the Roman Empire, verse seven describing typical characteristics of its ruthless power and verse twenty-three its extensive authority and oppressive conquests. Verse twenty-four states that 'out of this kingdom (i.e. the Roman Empire) ten kings shall arise'. They will be dominated by 'another', whose character, policies and duration of power each corresponds to the overall prophetic portrayal of the Antichrist at the time of the end. His destruction will be immediately followed by the everlasting kingdom of the Most High (verses 21,22).

The end-time supremo, seen in vision as the 'little horn', is to arise out of the kingdom represented by the fourth beast, which seems clearly to represent the Roman Empire. It is therefore anticipated by some Bible expositors that the end-time will see the emergence of a political entity of great wealth and power in the European/Middle Eastern area formerly controlled by the Roman Empire. What form that entity will take remains at the moment obscure. But may not the European Union be a preparatory stage towards it?

It will readily occur to those interested in the subject that the Roman Empire did not include some of the countries now members of the European Union. Applications for membership now pending from certain Eastern European countries may add to the number not under ancient Rome's dominion. Nor does Italy at the moment seem to be particularly influential within the Union.

Yet we suggest that the current situation should not cause us to rule out any link between the European Union and the ten-kingdom confederacy of the end-time. It may well be that the present removal of economic and financial barriers will provide a basis for future political control. Verses eight and twenty-four of Daniel chapter 7 show that there will be important political changes in quick succession when the Antichrist rises to power. Even before that critical period great changes could eventuate. The successful launching of the euro has been acclaimed by participating nations. Yet its longer-term stability depends greatly on each member country maintaining strict discipline over its economy. Failure to do so could undermine the euro's position. The present national alignments are not set in stone!

Landmark events in the development of the European Union have from time to time been featured in these pages since 1971, when Britain was about to join the Common Market. Attention was drawn to the crucial Maastricht Agreement (Dec. 1991) which established the European Union and firmly planned the setting up of a European Central Bank and a single currency by 1 January, 1999 at the latest. These objectives having been achieved it remains to be seen whether, as some predict, further political integration will follow. Many questions remain unanswered, but the counsel of 2 Peter 1:19 enjoins our continued attention to the prophetic Word:

And we have the word of prophecy made more sure; whereunto ye do well that ye take heed, as unto a lamp shining in a dark place, until the day dawn, and the daystar arise in your hearts.

unknown | Apr 1999
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