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.

Collins Dictionary of Law © W.J. Stewart, 2006

References in periodicals archive

1.3.8 Central African Economic and Monetary Community (CEMAC) and West African Economic and Monetary Union (WAEMU)

The Effects of Membership of Currency Unions on Foreign Direct Investment (FDI) Movement

LOOKING AHEAD: A MORE PERFECT ECONOMIC AND MONETARY UNION

A better EMU blueprint: the current system is "conceptually incomplete and functionally ineffective."

First established steps that must follow the Member States to participate in Economic and Monetary Union and the second specifies the criteria that must be fulfilled by participants.

PROSPECTS FOR EURO ADOPTION IN ROMANIA

The Economic and Monetary Union constitutes Europe's highest--and most visible-degree of integration.

Lessons from the European crisis

"As a follow-up, the president of the European Council is invited to develop, in close collaboration with the president of the Commission, the president of the Eurogroup and the president of the ECB, a specific and time-bound roadmap for the achievement of a genuine Economic and Monetary Union (EMU)," the draft said.

EU moves closer to deeper integration

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.

A single African currency in our time? The goal of a single market underpinned by a common African currency remains an ultimate objective of African unity. But wishing for a common African currency and achieving it are two very different things. Moin Siddiqi looks at the benefits and pitfalls of a common currency

(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.

Summary of papers presented at the second conference of the International Research Forum on Monetary Policy

The Social Construction of Economic and Monetary Union. Aalborg: Aalborg University Press, 2000

Ideas and Elites. The Social Construction of Economic and Monetary Union. (Book Reviews/Comptes Rendus)

Hein & Company (Buffalo, NY) has published Report on the Progress Toward Convergence and Recommendation with a View to the Transition to the Third Stage of Economic and Monetary Union. The report highlights the steps for final conversion to a single currency among EU members and reports of the progress made toward member obligations regarding the achievement of economic and monetary union.

Report on the Progress Toward Convergence and Recommendation with a View to the Transition to the Third Stage of Economic and Monetary Union

European economic and monetary union (EMU) is arguably the biggest economic experiment attempted in this century.

After the euro ... now what?

economic and monetary union (EMU) are realized, within

Decision time for European Monetary Union