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Whether we like it or not, whether it arrives on time or not at all, the euro is already a factor in financial markets. Laws have been made about it, and adapted to it. Government, companies and banks are spending millions, to be prepared for the Big Bang on January 4 1999. That preparation requires rigorous practicality and fantasy, because none of this has been seen before, let alone road-tested. Euromoney here makes a leap of foresight and fantasy. We asked writers and experts from all areas of the market to explore the issues as they see them - the dangers, the unresolved snags, the legal wrangles and the risks that all institutions are being forced to take. The intention is to offer an unbiased collection of the very latest ideas, remembering that the euro is a moving target.

Intersec 250: Clash of the titans, once again

Banks are so desperate to hire high-calibre staff that in recent rounds of recruiting it was MBA students who were asking the questions before they decided on an employer. But the most fluid job market in more than a decade carries its own pitfalls for graduates - it's easier to land up in the wrong job and the wrong firm. Charles Piggott advises on how to stay on track

French prime minister Lionel Jospin wants to increase government spending. But the Bundesbank won't let France into Emu if its budget deficit rises. Unless one gives way, Emu is off. By David Roche.

The "irrevocably fixed" exchange rates that come into effect in January 1 1999 may not be quite as fixed as Emu proponents claim. Peter Garber explains how the set-up of Target will leave the system open to attack from speculators.

Nick Leeson, the man behind the Barings disaster, is still attracting controversy despite his sojourn at Tanah Merah jail, Singapore. Two rival films on the bank's downfall are set to hit the public some time in 1998, one a BBC drama, the other a feature film based on Leeson's book, Rogue Trader.

Members of the European Parliament, forced to run between Brussels, Strasbourg and their constituencies, are the unheeded conscience of Europe. With monetary union, their role may gain stature - they wish. David Shirreff reports.

JP Morgan's Emu calculator is a good way to track real-time the likelihood that Emu will happen on schedule. Avinash Persaud explains how it works

It's tempting for investment banks to promote themselves as "one-stop shops", offering every kind of financial expertise, including lending. It may be good for their client relationships, but it probably doesn't earn them any money. By Laura Covill.

Pfandbriefe leave their Mark

So much attention is being paid to reforming America's strict banking laws these days that few seem to spare a thought for the committees at the House of Representatives which have to decide on the issue.

Federal Reserve Bank of New York,