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. Last Updated: 07/27/2016

Debt Redenomination

BRUSSELS, Belgium () -- Euroclear, the world's largest clearance and settlement system for international securities, on Monday urged financial markets to adopt a common approach to redenominating national debt once a single currency is launched.

Most European Union governments are expected to convert their outstanding national debt into the euro, the new single currency, after economic and monetary union begins Jan. 1, 1999.

The debt redenomination, coupled with new debt issuance in the euro, is expected to create a deep and common bond market that could eventually rival the U.S. government securities market, market analysts say.