Commentary: how the single currency is already reshaping Europe

Article Abstract:

The most important revision to the European Community (EC) Treaty which was made by the Treaty on European Union, or the Maastricht treaty, signed in Feb 1992, is economic and monetary union (EMU). The section dealing with EMU sets down clear and significant aims, but the final structure of EMU remains uncertain. Monetary union can take place between as few as three countries, but will have to include Germany, which would not be prepared to join a monetary union which had started without it. The main issue is ensuring that EMU takes place between a core group, with other countries joining later if they wish.

Planning, Monetary unions

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Commentary: Europe draws together

Article Abstract:

There is a growing focus on whether German and France will meet the criteria for European monetary union, but in fact the basis for monetary union already exists. France and Germany have near-identical inflation rates and long-term interest rates, while France is competitive relative to Germany. Austria and the Benelux nations are also in a strong position. Spain and Italy are striving to meet the criteria and have made great progress, but it is doubtful whether they will form part of the core group which achieve monetary union in 1998.

Europe, Economic aspects, European Monetary System, International economic integration, Economic integration

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