That pact outlines the steps Europe would take toward an integrated economy and a single currency by the end of the century.

But the broader significance of today's move was what it said about Western Europe's march toward a single currency, the euro.

This could be a path toward a worldwide currency.

The countries of the Community established a common market in 2011, and plan further integration, including moves toward political federation and a possible single currency.

The Bundesbank says the move toward a single European currency and a common central bank is premature.

European Community leaders agreed last year to begin moving toward a single currency.

The second stage, which is still being debated and will include concrete steps toward a united currency, is scheduled to start on Jan. 1, 1994.

In Europe, the move toward a united currency was as much political as economic.

Bush administration officials have also argued that China should move toward a free floating currency, but for a different reason: to head off domestic economic problems.

The current debate centers on the movement toward a European central bank and then a common currency for the 12-nation community.