On the Eve of Maastricht

Tommaso Padoa‐Schioppa

in The Road to Monetary Union in Europe

Published in print December 2000 | ISBN: 9780199241767
Published online November 2003 | e-ISBN: 9780191596742 | DOI:
On the Eve of Maastricht

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The state of play in the stages towards European economic and monetary union is analysed as at 1991. The issues that had already been settled by negotiation in this year are briefly discussed, and then those that were still open at the time (which concerned the transition to the final stage of union) are examined in more detail. These are essentially three issues: the tasks and powers of the monetary institution in stage two (the European Monetary Institute); the conditions (convergence criteria) that must be satisfied before passing from stage two to the final (third) stage; and the procedures for deciding the date on which the third stage is to start—the issue of the ‘opting‐out’ clause.

Keywords: EMU; European economic integration; European Monetary Institute; European Monetary Union; opting‐out; Treaty of Maastricht

Chapter.  4845 words. 

Subjects: Macroeconomics and Monetary Economics

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