By Francisco Torres, Francesco Giavazzi
This quantity analyzes the ecu Community's transition to financial and fiscal union (EMU) within the mild of the agreements reached at Maastricht final 12 months. It derives from a convention held by means of the CEPR and the financial institution of Portugal, and contains between its participants a couple of famous educational commentators on eu integration. the problems addressed within the quantity contain: the connection among a standard forex and inflation convergence; the consequences of economic unification on Europe's more and more built-in monetary markets and monetary platforms; and EMU's implications for the EC's long term development.
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Extra info for Adjustment and Growth in the European Monetary Union
1 It must be noted, however, that whether the individual national central banks have become independent or not, members of the EMI councils may not, in that capacity, 'seek or take any instructions from Community institutions or bodies or governments of member states' (EMI Statute, Article 8). This is a formulation similar to that in Article 107 or in the ESCB Statute dealing with the final stage. Collectively, at least, the members of the EMI council will begin to enjoy more independence from the beginning of Stage II.
Particular emphasis is given to the different approaches referred to in the Report of the Committee for the Study of Economic and Monetary Union (1989) the Delors Report - and in the collection of papers annexed to this report. A short concluding section in which the author speculates on a bolder strategy for reaching EMU than that implied by the Maastricht Treaty completes the chapter. 2 Stage II as agreed at Maastricht: commencement and content Three questions arise in relation to the transitional Stage II: (i) how and when does it start?
All of these four concerns were eased by the decisions of the European Council at the Maastricht meeting. These decisions made it a virtual certainty that full EMU will be adopted by at least some member states, although possibly only a minority, before the end of the present decade. The next two sections provide an examination of the provisions for the transition (Chapter 4 of the Maastricht Treaty). The discussion focuses on the duration of Stage II, the role of the EMI, the interpretation of the convergence criteria, and the prospect of variable speeds (or geometry) in the process.