When would the EU announce which nations would participate in economic and monetary union?

May 2nd, 1998 More test answers on https://studyhippo.com/chapter-14-review-global-studies/

Three stages for the implementation of the economic and monetary union of the european union in the 1990s

Stage 1:The first stage, narrowing of exchange-rate fluctuations, was to be tried on an experimental basis without any commitment to the other stages. Unfortunately, the Werner strategy took for granted fixed exchange rates against the dollar. When the USA effectively floated the dollar from August 1971, the ensuing wave of market instability put upward pressure on the Deutschmark and squashed hopes of tying the Community’s currencies more closely together. Stage 1 (1990-1994) Complete the internal market and remove restrictions on further financial integration. Stage 2: 1994-1998: establishment of the european monetary instittute, convergence of economic and monetary policy. 5 criteria for convergence: low public budget deficit, low public debt, low inflation rate, low long term interest rate, stable exchange rate, adoption of the stability and growth pact, countries increase taxes and reduce spending. euro immediately unpopular in italy. you had to continue to meet convergence criteria after the fact. 1998: european council in brussels: 11 countries deemed ready to enter euro zone. greece doesn’t enter until 2001-2002. great britain, denmark, sweden, did not want to enter eurozone for political and economic reasons. sweden allowed to opt out even though not a founding member of the eurozone. third stage: 1998-99 – establishment of the european central bank – determination of irrevocable exchange rates – intro of euro as official currency objective of all this was to establish a european system of central banks, single currency, single monetary policy, single exchange rate More test answers on https://studyhippo.com/eu-pt-2/

Delors report (1989) pillars of the economic and monetary union

1989 – Delors report, pillars of the proposal Deutsche mark a symbol of the german people after WWII – establishment of an independent European central bank with the explicit goal of price stability – establishment of a monetary union restricted to countries meeting strict convergence criteria – establishment of a single currency More test answers on https://studyhippo.com/eu-pt-2/

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