This paper argues that when EU member states joined EMU, this resulted in domestic institutional changes in the areas of fiscal policy-making and wage-setting. The paper argues that these changes were triggered by two facts: (i) in EMU, the monetary policy can no longer be used as an instrument...

Even before the EMU process is complete in 2002, there are already initiatives being suggested to further integrate the European Union, both from an economic and political perspective. Many of these initiatives focus on harmonization of, for example, indirect taxes or corporate taxes in the...

The argument in this chapter is that formation of EMU is about restructuring the financial architecture of Europe in order to enhance-rather than simply diminish-national autonomy. By implication, EMU functions-at least in part-to shore up and insulate Europe's member states during a period of...

The EU has set in place a series of mechanisms to try to co-ordinate fiscal, "structural" and monetary policies in order to achieve the objectives of EMU for the 12 members. All of these mechanisms are unique and untried. There is single monetary policy run by the combination of the national...

When preparing its accession strategy, candidate countries with currency board arrangements have to deal with two basic issues: on the exchange rate system and on entering the EMU. The national legal framework regarding monetary issues and the negotiation positions of individual countries are...

This paper considers two kinds of issues facing EMU. One concerns qualifications and membership: how qualifications are evaluated and which member states are likely to meet the criteria set for membership in the third stage of EMU in 1999. The other concerns the capacity of member states,...

...this paper...will limit itself to presenting a succinct description of the process of monetary union as is outlined in the Maastricht Treaty, formulating and evaluating two of many stylized explanations for its unexpected approval in 1991, and finally some significant findings relating to...

The Maastricht Treaty created legal precondition for establishing a monetary union. However, before the monetary union is realized, a certain time has to elapse, during which the competences over monetary policy will stay in national hands. Consequently in this transitional period, the monetary...

[From the Introduction]. Theories of international relations and comparative politics characterize the movement within Western Europe toward monetary integration primarily in regional terms. The global context within which European monetary integration is taking place is viewed in this...

...this paper...will limit itself to presenting a succinct description of the process of monetary union as is outlined in the Maastricht Treaty, formulating and evaluating two of many stylized explanations for its unexpected approval in 1991, and finally some significant findings relating to...