The Transition to EMU

C A E Goodhart

Scottish Journal of Political Economy, 1996, vol. 43, issue 3, 241-57

Abstract: This paper examines the problems of the transition to EMU, on the assumption that stage 3 of the EMU process begins in 1999. A number of issues are addressed, ranging from the attachment to national countries to problems of fiscal adjustment in the final path to EMU, and the authors suggest that the Maastricht fiscal criteria may turn out to be more flexible than many commentators suggest. Other problems relate to the possibility of a final parity realignment between the participants of EMU, and the relationship between those countries joining EMU, and the excluded countries. Finally, the paper concludes that there is no need to rush quickly from stage 3A to stage 3B of the EMU process until public and political support for the introduction of the Euro is built up. Copyright 1996 by Scottish Economic Society.

Date: 1996
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