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The Transition to EMU in the Maastricht Treaty Lorenzo Bini-Smaghi, Tommaso Padoa-Schioppa, and Francesco Papadia Essays in International Finance No. 194
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| This essay discusses the background of the EMU negotiations and the main events leading up to the Maastricht Treaty. It reviews the emergence of the key issues, the passage to the second and third phases of EMU, the definition and assessment of convergence, and the monetary institution in the transition. It notes, in particular, that economic analytical concepts are not always easily translated into the complex form of legal contract represented by an international treaty between twelve states. The essay contains the transitional provisions of the Treaty, a chronology of events, as well as pertinent extracts from the Maastricht Treaty. |
