The European Monetary Union


The advent of the new European Monetary Union (EMU) is quite fascinating. The history that has led up to the events that are occurring today is intriguing as well. History is in the making! The are many details involved in this process. There has never formally been anything like the system that is ready to be put in place. To put it in the words of one of the foremost economists of our time, Paul Krugman of the Massachusetts Institute of Technology, "The role of money itself remains ill understood in the neo-classical paradigm. How could one hope for theoretical guidance on the complexities of monetary integration if there is no useful independent role for currency in standard ...

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System of Central Banks); the various qualifications for joining the Union; the differing opinions about the currency integration; and to top it all off, included is an outline of the draft designs for the new Euro banknotes.
To begin our journey on the road to the EMU, we begin with a brief review of the history leading up to its establishment. In June 1998, the European Council (EC) established a mission of realizing an economic union and commissioned a committee chaired by Jacques Delors, the then President of the European Commission, to study and propose a specific plan leading to this union. The committee was formed by the governors of the EC National Central Banks. The end result was the "Delors Report," a plan of action that economic and monetary union should be realized in three stages.
The European Council decided in June 1989 that the first stage of (EMU) should begin on July 1, 1990. The first stage was to create a work program until the end of 1993 and define ...

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that this step toward the EMU would take place on January 1, 1999. In the following year, the European Council and the public were presented the selected design series for the Euro banknotes. These banknotes will be put into circulation January 1, 2002. On May 2, 1998, the Council of the European Union, decided unanimously that the 13 Member States must fulfill the necessary conditions for the adoption of the single currency on January 1, 1999. On May 25, 1998, the governments of the thirteen Member States commissioned a President, a vice-president, and four other members to the Executive Board of the European Central Bank. Their first day on the job took place on January 1, 1998, ...

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PAPER DETAILS
Added: 9/22/2004 08:22:43 AM
Category: Economics
Type: Free Paper
Words: 2751
Pages: 11

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