by International Finance Section, Dept. of Economics, Princeton University in Princeton, N.J .
Written in English
Includes bibliographical references (p. 69-70).
|Statement||Lorenzo Bini-Smaghi, Tommaso Padoa-Schioppa, and Francesco Papadia.|
|Series||Essays in international finance,, no. 194|
|Contributions||Padoa-Schioppa, Tommaso., Papadia, F.|
|LC Classifications||HG136 .P7 no. 194, HG930.5 .P7 no. 194|
|The Physical Object|
|Pagination||74 p. ;|
|Number of Pages||74|
|LC Control Number||94023847|
The transition to EMU in the Maastricht Treaty by Lorenzo Bini Smaghi Lorenzo Bini Smaghi argues in this book that the crisis reflects the inability of western democracies to solve problems that have been building for over two decades. He finds that democratically elected officials are loathe to take unpopular decisions that could. Bibi-Smaghi, L. & Padoa-Schioppa, T. & Papadia, F., "The Transition to EMU in the Maastricht Treaty," Princeton Studies in International Economics The virtual abandonment of the ERM of the EMS makes "the transition strategy to monetary union devised in the Maastricht Treaty impracticable" (De Grauwe, ). Maastricht intended to replace the current arrangements in the EU with a monetary union and a weak federalist structure, albeit with restrictions on regional fiscal autonomy. The long period of doubts, uncertainty and speculation regarding the introduction of the Economic and Monetary Union (EMU) in Europe is now over. The Brussels European Summit of May confirmed that the EMU will be launched according to the time schedule laid by the Maastricht Treaty .
The Maastricht Treaty, signed in December , set a timetable for the European Community's economic and monetary union (EMU) and clearly defined . As a result, the Delors Report recommended a three-stage approach to European Monetary Union (EMU), and this recommendation was adopted when the Treaty on European Union was signed. It is instructive to note that the Treaty thus provided an accelerating momentum towards the ultimate goal of a single currency. The Maastricht Treaty, which created the European Union (EU), was signed in Maastricht on February 7, , and it entered into force on November 1, , after being ratified by the then 12 member states of the European Communities. The Intergovernmental Conferences (IGCs) on Political Union (PU) and Economic and Monetary Union (EMU) where the. With the Treaty on European Union, or the Maastricht Treaty, into force in November , the member-states of the European Community (EC) appeared to be embarking on a far-reaching enterprise to enhance the authority of Community institutions. Continuing a process that had begun with the Single European Act (SEA), into force in , Maastricht.
This book provides a comprehensive account and analysis of the plan for European monetary union contained in the Maastricht Treaty. The provisions of the treaty itself are examined, showing how they evolved, what must be done to implement them, and some of the problems they will pose. Kenen goes far beyond the treaty, however, to survey and adapt recent research by economists on the benefits. This book provides the first examination of how the EU entrusted the credibility of these critical budgetary figures to a relatively minor European Commission agency, and what effect the surveillance procedure has on the making of the EMU and the enforcement of Maastricht. Three things follow from this. First, the debt and deficit criteria laid out in the Maastricht Treaty bear no intrinsic relation to fiscal prudence. Second, one can satisfy the Maastricht criteria simply by using the appropriate accounting terminology -- something that observers of Italian entry into EMU may already have guessed. The present paper first takes a step backwards with an attempt to situate the adoption of this Treaty in discussion of the SGP and the “Maastricht criteria” (the criteria for EMU membership fixed in the Maastricht Treaty) in a longer perspective of the sharing of competences for macroeconomic policy making within the EU from the initial Treaty to the Maastricht Treaty and the Stability and.