Demertzis, Maria; Hughes Hallett, Andrew - C.E.P.R. Discussion Papers - 1996
The Treaty of Maastricht requires that by 1 January 1999, at the latest, there shall be a nucleus of a monetary union. The issue of monetary union must therefore rest on the presumption that a small ‘credible’ group of countries that fulfils the convergence criteria will be able to adopt a...