Movement Toward EMU

Stephen Frank Overturf

Chapter Six in Money and European Union, 1997, pp 89-103 from Palgrave Macmillan

Abstract: Abstract The pace of movement toward EMU in Europe accelerated in the very early 1990s, between the Delors Report and the signing of the Maastricht Treaty, and proceeded at what seemed to many to be an unprecedented rate. Indeed, the pace of the discussions seemed to echo the speed at which other historical events were occurring in Europe. The analogy is appropriate, for it can easily be argued that the events in the USSR and Eastern Europe in many ways drove the union discussions, and provided a strong external impetus toward greater Western European integration. In other words, the constellation of interests that appears to be necessary for the next step toward integration was now present to at least some extent as the Western European states understood the power of the events in the east to influence their futures, and realized their need to act together. Coupled with this was a by now well-developed institutional framework as well as an intellectual consensus over most of the main issues surrounding EMU, a structure that may have been even more important in establishing the political will necessary to move toward Maastricht.

Keywords: Central Bank; Budget Deficit; Monetary Union; Price Stability; Single Market (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-62370-9_6

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DOI: 10.1007/978-1-349-62370-9_6

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