Contemporary history of Europe

Completing Economic and Monetary Union: Challenges and Prospects

Such as introduced by the Maastricht Treaty (1992), Economic and Monetary Union (EMU) and the single currenti (euro) (implemened in 1999) aimed at securing stability and prosperity for EU citizens. However, the international financial and economic crisis (2008) uncovered systematic flaws in EMU’s design (absence of a common economic, fiscal and social policy, no common budget, etc). To achieve convergence, the Member States should to make profound economic adjustments.

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