Economic and Monetary Union: Critical Notes on the Maastricht Treaty Revisions

Niels Thygesen
Additional contact information
Niels Thygesen: Institute of Economics, University of Copenhagen

No 92-02, Discussion Papers from University of Copenhagen. Department of Economics

Abstract: The Maastricht European Council clarified above all two features of the so-called stage II. (1) the duration of the stage for those participants who meet the requirements of convergence to qualify for full economic and monetary union (EMU); and (2) the need to focus on these issues, including the likely implications for the stability of the EMS and for the evolution of the ecu in the transition. In a sense, since the transition now has an upper bound to its length - 3 to at most 5 years - its specific features may be less important than originally thought. A second part of the paper compares the Maastricht Treaty revisions with some ideas in the Delors report, along lines complementary to those in Andrew Crockett's paper; special attention is paid to the causes of the failure of the gradualist approach of transferring some elements of monetary authority to a European constitution already in stage II. In view of the absence of any real authority over current monetary management for the proposed EMI it is all the more important that the EMI be able to prepare in as definitive a way as possible the framework for the future monetary policy in EMU.

Keywords: theory of economic integration; monetary union; EEC (search for similar items in EconPapers)
JEL-codes: F36 (search for similar items in EconPapers)
Pages: 31 pages
Date: 1992-05
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Published in: Francisco Torres, G. Francesco, eds., Adjustment and growth in the European Monetary Union. Cambridge University Press, 1993, pp 9-28

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kud:kuiedp:9202

Access Statistics for this paper

More papers in Discussion Papers from University of Copenhagen. Department of Economics Oester Farimagsgade 5, Building 26, DK-1353 Copenhagen K., Denmark. Contact information at EDIRC.
Bibliographic data for series maintained by Thomas Hoffmann ().