Negotiating economic and monetary union by dyson, kenneth, featherstone, kevin isbn. Economic and monetary union emu in june 1988 the european council confirmed the objective of the progressive realisation of economic and monetary union emu. The policies cover the 19 eurozone states, as well as noneuro european union states. Do we understand what we see, bofit working paper no. The maastricht economic and monetary union emu negotiations and. Negotiating economic and monetary union, oxford, oxford university press, 1999. Maastricht negotiations with some critical selfreflection on the account. The maastricht treaty officially the treaty on european union was a treaty signed on 7 february 1992 by the members of the european communities in maastricht, netherlands, to further european integration. The crisis and slowdown that followed had an impact on their relative competitiveness. Why do we need an economic and monetary union and the euro. The treaty founded the european union and established its pillar structure which stayed in place. Although a major element of the blueprint that paved the way for the. This book tells the story of the negotiation of economic and monetary union emu in the period from around 1988 to agreement on the maastricht treaty in. Union and the treaty on the functioning of the european union.
The maastricht criteria also known as the convergence criteria are the criteria for european union member states to enter the third stage of european economic and monetary union emu and adopt the euro as their currency. Economic and monetary union emu by the end of the 1990s. Financial and economic turbulences of recent years shed new light on the scale and scope of interdependences in the world economy. However, as the negotiation of economic and monetary union shows, policy leadership has been critical in launching, shaping, and sustaining this process. The process of economic and monetary union in europe london. It examines the motives that inspired ec political leaders, the strategies that they pursued, and the institutions of the ec which were used. This thesis criticises the current project of european monetary union, based on the maastricht convergence criteria. A common policy for a common currency almost 340 million eu citizens use the euro in their daily lives.
The evolution of the eu economic governance since the. This book identifies why the historical agreement at maastricht in december 1991 was possible and how the agreement was made. Ecb 2005b, ecb opinions of june 3 amendments to council regulations 146697 and 146797, ecb, frankfurt. Negotiating economic and monetary union dyson, kenneth, featherstone, kevin on.
The four criteria are defined in article 121 of the treaty establishing the european community. We use cookies to offer you a better experience, personalize content, tailor advertising, provide social media features, and better understand the use of our services. Structuralist explanations have dominated attempts to explain the process of european integration. George ross the maastricht economic and monetary union emu negotiations and european union eu responses to todays eurozone crisis have one thing in common. A critique of the maastricht road to european monetary. The political theory of and economic background to economic and monetary union 25 years after the signature of the maastricht treaty wednesday 31 may 2017 09. The road to economic and monetary union the road to economic and monetary union bovenberg, a. The european union explained how the european union. Negotiating economic and monetary union article pdf available in foreign affairs council on foreign relations 795 january 2000 with 1,016 reads how we measure reads. Main document treaty on european union oj c 191, 29.
The road to maastricht negotiating economic and monetary union kenneth dyson and kevin featherstone oxford. The european union explained economic and monetary. Negotiating economic and monetary union, oxford university press, oxford. Emu was a prestructured negotiating process, shaped by a historical inheritance of received ideas about vital interests, by institutional structures and policy style, by the hegemony of german monetary ideas, by globalization and deregulation of. Economic and monetary union emu is one of the most important policy areas of the european union eu. However, at the time of writing july 1996, it seems uncertain whether monetary union will be implemented within the deadlines set by the maastricht treaty i. Economic and monetary union of the european union wikipedia. Taking a structural approach, i examine the sociopolitical sustainability of emu. The road to maastricht identifies why the agreement was possible and how the agreement was made. The treaty on stability, coordination and governance tscg in the economic and monetary union is an intergovernmental treaty which was signed by all eu member states except the czech republic and the united kingdom in 2012 and entered into force on 1 january 20. Economic and monetary union takes the eu one step further in its process of economic integration, which started in 1957 when it. Why and how it might happen, journal of economic perspectives 114, 1997, pp.
Economic and monetary union in the european union represents a massive change for europe and for the world. Towards economic union convergence, prosperity and social cohesion 6 3. Ecb, 2005a, statement of the governing council of march 21, ecb, frankfurt. Everyday low prices and free delivery on eligible orders. Officially known as the treaty on european union, the maastricht treaty marked the beginning of a new stage in the process of creating an evercloser union among the peoples of europe by giving the previous communities a political dimension. There are three main waves of research on emu, which have mostly proceeded in a chronological order. Only once a state participates in the third stage it is. The book examines the motives that inspired european political leaders, the strategies that they pursued, and the institutions that were used to achieve monetary union. The maastricht treaty, economic and monetary union and the neorealist research programme volume 21 issue 1 joseph m. Towards financial union integrated finance for an integrated economy 10 4.
The negotiations for economic and monetary union in the european union represented a massive change for europe and for the world. Journal of economic perspectives volume 6, number 4 fall 1992 pages 3152 economic and monetary union in europe charles r. The first wave of scholarly work has focused on the road to emu, from the. The global financial and economic crisis revealed institutional weaknesses and structural problems of particular economic and monetary union emu countries. Delors report on economic and monetary union move towards single currency in three stages, vague on economic union 1990 european commission report one market, one money december 1991 treaty on european union negotiated in maastricht december 6 timetable stage one. The maastricht treaty set four criteria for measuring that convergence, in terms of inflation, public finances, exchange rates and longterm interest rates. The emu negotiations are identified as a core executive activity and analysed in terms of their structural, strategic, and cognitive dimensions.
Bean o n january 1, 1993, the european community is set to become a single integrated market as most of the remaining national barriers to the free flow of goods, capital and labor are swept away. The road to maastricht negotiating economic and monetary union. Kenneth dyson and kevin featherstone 1999 the road to maastricht. Pipkorn, legal arrangements in the reaty of maastricht for the effectiveness of the t economic and monetary union, 31 cmlrev. Pdf economic and monetary union in the european union represents a massive change for europe and for the world. Eu socioeconomic governance central european university. Expectations about the european community were high at the outset of the 1990s. This treaty signed on 7 february 1992 and entered into force on 1 november 1993 intended to facilitate the development of the european community into an economic and monetary union emu by 1999 at the latest, and a political union including a common foreign and security policy at a later stage. It mandated a committee chaired by jacques delors, the then president of the european commission, to study and propose concrete stages leading to this union. Clarify the notions of path dependency and lockin to be applied here.
This leadership goes beyond policy entrepreneurship in setting the agenda to include the management of institutional venues in the pursuit of. Eu history roundtable the political theory of and economic. The decision to form an economic and monetary union was taken by the european council in the dutch city of maastricht in december 1991, and was later enshrined in the treaty on european union the maastricht treaty. It attempts to reinterpret the issue of economic convergence by looking into structural aspects from a political economic point of view. Grieco skip to main content accessibility help we use cookies to distinguish you from other users and to provide you with a better experience on our websites.
Introduction the economic and monetary union emu is a project without precedent. Political union, and the domestic political context 204 the bureaucratic politics of emu in. Completing europes economic and monetary union march 2017. Making sense of the emu negotiations oxford scholarship. Monetary institute, the nucleus of a future european central bank ecb. Economic and monetary union in the european union represents a massive change for europe and for the. Rebalancing power in the international monetary system. On 910 december 1991, the same city hosted the european council which drafted the treaty. Pdf the road to maastricht negotiating economic and. Yet the achievement of that goal may have the effect of producing greater exchange rate instability at the global level.
The unions structures by instituting a european union, the maastricht treaty marked a new step in the process of creating an evercloser union among the peoples of europe. However, as the negotiation of economic and monetary. Featherstone, kevin and dyson, kenneth 1999 the road to maastricht. The policies cover the 19 eurozone states, as well as noneuro european union states each stage of the emu consists of progressively closer economic integration. Unlike the internal market, emu will impact eu citizens on a daily basis. Szasz, the road to european monetary union basingstoke.
Kevin featherstone providing a comprehensive and definitive account of the negotiations that led up to the agreement on economic and monetary union at maastricht in december 1991, this book examines the dynamics of the. Each stage of the emu consists of progressively closer economic integration. The economic and monetary union emu is an umbrella term for the group of policies aimed at converging the economies of member states of the european union at three stages. Kenneth dyson and kevin featherstone, the road to maastricht. The nature of a deep, genuine and fair economic and monetary union 3 2. The evolution of the eu economic governance since the treaty. Negotiating economic and monetary union oxford university press, oxford 1999. A critique of the maastricht road to european monetary union. Economic and monetary union twenty years after maastricht. Structuralist explanations have dominated attempts to explain the p. The union was based on the european communities and supported by policies and forms of cooperation provided for in the treaty on european union. Academic research on emu in political science is wellestablished and everevolving, like emu itself. Negotiating economic and monetary union, oup catalogue, oxford university press, number 9780198296386. This paper first takes a step backwards with an attempt to situate the recent adoption of the treaty on stability, coordination and governance in the economic and monetary union in the context of discussions on the stability and growth pact sgp and the maastricht criteria, as fixed in the maastricht treaty for membership in the economic and monetary union emu in a longer perspective.
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