The Transition To Emu In The Maastricht Treaty

The Maastricht Treaty, signed in 1992 and ratified in the following year, is widely seen as a landmark in the evolution of the European Union. It introduced into the treaty framework revolutionary new elements such as the co-decision procedure between the Council and the European Parliament, cooperation in the area of Justice and Home Affairs, the Common Foreign and Security Policy and the "euro" as a single currency for the majority of the then member states. It also introduced the concept of European citizenship into the treaty, reflecting the rising expectations of both citizens and decision-makers in the European project, and upgraded the role of the European Council at the summit of the EU’s institutional structure. Twenty years later, each of these innovations remain of central importance for the process of European integration, while current developments provide a valuable opportunity to reflect on the historical decisions taken in Maastricht in order to assess their significance and examine the subsequent evolution of the Union. This volume brings together an international group of leading scholars in the field in order to provide such an assessment, with each article both looking back over the developments within each of these domains as well as looking ahead to the way in which the EU is positioned to address current challenges. This book was published as a special issue of the Journal of European Integration.

Economic and Monetary Union (EMU) has a number of institutional implications for the transition countries of Central and Eastern Europe and selected Mediterranean countries that aspire to join the European Union (EU). After describing the current institutional framework for their relations with the EU, the paper examines two basic categories of institutional effects: those stemming from the need to satisfy the Maastricht convergence criteria before joining the euro area, and those stemming from the need to adopt the EU’s institutional and legal provisions in the area of EMU.

1.The origins of EMU -- 2.The design of EMU -- 3.Monetary policy in Stage Three -- 4.Fiscal policy and EMU -- 5.EMU and the outside world -- 6.The transition to EMU -- 7.Reconsidering the transition -- 8.Getting on with EMU.

Economic and monetary union in the European Union represents a massive change for Europe and for the world. The Road to Maastricht identifies why the agreement was possible and how the agreement was made. 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. Drawing on a wide range of sources and unprecedented research and interviews, the book combines careful political analysis with new information about the way in which European Monetary Union was negotiated. It delves into the complex forces at work in Europe, including the cross-national political interactions, to produce an authoritative account of the boldest and riskiest venture in the history of European integration.

Written by a team of distinguished European academics, this report looks at the final stage of Europe's transition to a monetary union.