Economic and Monetary Union


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Economic and Monetary Union (EMU)

a three-stage process for establishing economic and monetary union in the EUROPEAN UNION, proposed by a committee of the European Council in 1989 (although a currency ‘snake’ was a clear precursor). The first stage simply involved the coordination of existing structures and preparation of consequential and necessary amendments to the Treaties. This stage began on 1 July 1990. The next two stages have not been unanimously taken forward: the establishment of the euro, the single European currency, and the establishment of a European central bank. Some Member States have not adopted the single currency. The United Kingdom and Denmark both had an opt-out clause. Sweden, at the time of writing had not met all of the criteria regarding the independence of its central bank. The ten new Member States who joined the Union on 1 May 2004 must adopt the euro as soon as they meet the CONVERGENCE CRITERIA and were not granted an opt-out clause.
References in periodicals archive ?
Lithuanian Finance Minister Vilius apoka, together with finance ministers from Denmark, Estonia, Finland, Ireland, Latvia, the Netherlands and Sweden, signed a joint statement on the future of the EU Economic and Monetary Union.
During today's meeting there was a certainty expressed in that the better utilization of the potential of the economic and monetary union is one of the most important aspects of the future of the EU," Toomas Toniste, the Minister for Finance of Estonia, whose country holds the current EU Presidency, told a news conference after the meeting.
This event aims at highlighting the reality of the Gulf States' economy, importance of economic diversification for sustainable development, European Union experience within the framework of the Economic and Monetary Union (EMU) and the impact of the monetary union on the economies of the GCC countries.
The experience of the Eurozone reinforces the point that successful economic and monetary union requires member states to relinquish sovereignty to a much greater degree than was, perhaps, initially thought.
Hence, economic reasoning and political reality jointly defined the blueprint for and the road map to the Economic and Monetary Union that was established in Europe in 1999.
These events have completed a paradigm shift in the European Economic and Monetary Union (EMU).
Studies on coordination have recovered a new interest having in mind the case of the Economic and Monetary Union (EMU).
The year in review was also marked by a renewed debate on the future of the Union, on the deepening of the Economic and Monetary Union and on how the EU might move towards a deeper political union.
Summary: European Union leaders will ask the bloc's top four officials to develop the building blocks they have identified so far into a detailed, time-bound roadmap to a genuine economic and monetary union, draft conclusions of the EU leaders' summit showed.
These regional trading communities, embracing both Anglophone, Francophone and Lusophone Africa, represent the first stage towards 'full-blown' economic and monetary union (EMU), similar to the creation of the EU's single market in 1992.
1) Among the topics examined were the Great Inflation of the 1970s in the United States and the influence of learning, or adjustment of expectations, on policy outcomes; the tradeoffs between rules-based and discretionary monetary policy; the 1999 formation of the European Economic and Monetary Union and whether it altered the degree of economic integration between the United States and the euro area; the potential benefits of greater competition in the euro area; and optimal monetary policy in an international setting.
In the Economic and Monetary Union (EMU) policy framework, the ECB formulates the single monetary policy to respond to any symmetric shocks.
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