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EMU Strategies: Lessons from Past Experience in View of EU Enlargement

Theodoros Papaspyrou

No 11, Working Papers from Bank of Greece

Abstract: This paper, after reviewing briefly the early steps of European monetary integration and key elements of the EMU project as reflected in the Treaty of Maastricht, analyses the monetary integration strategy and convergence experience of member states, in particular that of Greece, in the 1990s which led to the adoption of the euro. From this analysis, a number of lessons are drawn which may be useful, in the light of enlargement, to future candidates for euro area membership in designing their economic and monetary convergence strategies. The paper concludes that the existing Community institutions, rules and mechanisms provide a helpful framework to guide the convergence effort of accession countries towards EMU and ensure the implementation of sound economic policies thereafter.

Keywords: EMU strategies; monetary integration in Europe; Greece’s convergence effort; EU enlargement and euro membership; EMS; ERM; ERM II; capital movements (search for similar items in EconPapers)
JEL-codes: E42 E44 E52 E61 F32 F33 F41 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2004-03
References: View references in EconPapers View complete reference list from CitEc
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