Under the Maastricht Treaty of 1992, a single currency called the "euro" was adopted, and economic criteria for membership in the European Monetary Union were established. The objectives of the Maastricht Treaty were to eliminate the costs connected with several European currencies, increase both currency and international stability, and stimulate economic growth and employment with a more efficient single market and European integration. The individual Member States and the European Union as a whole would benefit with free circulation of goods, services, people, and capital among the Member States ("What is," n.d., p. 2-3). On January 1, 1999, eleven of the fifteen existing European Union (EU) Member States joined the EMU: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Lux...
... discipline by meeting specific convergence criteria:. Inflation rate must be within 1.5 perce...
...As in 1998, the convergence criteria leave much room for discretion. Two types...
... which the risk of a breach of the EMU convergence criteria, resulting from a speculative "attack" on...
The new members of the European Union (EC8) in 2004 could not have imagined the possibility of joining the EU thirty years ago. The next goal of the EC8 is to achieve European Monetary Union (EMU) convergence in the foreseeable future. This paper looks at the progress achieved by the EC8 to accede to the European Union (EU) and the reforms, strategies and convergence goals necessary to achieve EMU membership. Using synthetic taxonomic analysis, this paper looks at which transition countries are on track to achieve EMU convergence now that EU membership is attained, and for other accession countries. Our empirical study finds that most of the EC8 countries are on track to achieve EMU membership but post-facto membership does not guarantee the maintenance of market restructuring.
... the EC8 are able to meet the Maastricht criteria of monetary and fiscal stability in budget managem...
...That is, fiscal convergence (in the form of persistently similar ratios of gov...The Maastricht "convergence criteria," used to determine eligibility for EMU, encourage...
Employment policies of the US and European countries have exhibited various differences in terms of perspective, goals and social priorities. The US employment policy has seen its beginnings during the Great Depression of the 1930s when the unemployment was very high and the federal government was pressured into responding to the problem. However, Europe's employment policy stemmed from a boom that member countries experienced prior to the second World War. European employment policies became lax by the early 1960s and were only revived by the early 1970s. By comparison, the European employment policy has been predicted to be more progressive than that of the US.
... 1990s, the process of conforming to the criteria required to join the European Economic and Monetar...These "convergence criteria," which include price and exchange rate s...
"Legal" Cost-Cutting. II. "Medical" Cost-Cutting. III. Waiting For The "Three Sisters".
... too ailing to meet these harsh "Euro convergence criteria" when the Euro was introduced; 64 the on...
..., together with a set of rather stringent criteria to smooth the convergence process and ease adjustm...
...The convergence criteria for the European Monetary Union (EMU) and...
Greece has come a long way since the fall of the country's military dictatorship in 1974. The country, despite its early problems, has achieved democratic consolidation through an extremely peaceful manner. This achievement, coupled with its membership into the European Union and its continuing good relations with the US, has been translated into economic prosperity that has won for Greece its current status as a mature economy.
... of compliance with the so-called convergence criteria set out in the Maastricht treaty, the adm...
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