Abstract
Current discussions about the amendments and additions to the EMU part of the Maastricht Treaty focus on the institutional framework. The necessity and timeliness of this focus is suggested by the comparative ease with which agreement on some important issues was reached in late 1995 and early 1996. The large degree of approval won by Finance Minister Theo Waigel for his proposal of a stability pact is one case in point. Another is the swift adoption of the Verona agreement on the relation between the “ins” and the “outs”. A third, and perhaps the most important, is the apparent consensus in the currency and bond markets on the scenario of a flexible interpretation of the debt criteria of the Maastricht Treaty in early 1998 combined with a continued firm commitment of EMU members to these criteria after 1999.
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© 1997 Springer-Verlag Berlin Heidelberg
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Schmiegelow, M. (1997). Doctrinal Amendments for a Functional EMU ? A Few Reminiscences of Economic History. In: Welfens, P.J.J. (eds) European Monetary Union. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-59039-9_12
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DOI: https://doi.org/10.1007/978-3-642-59039-9_12
Publisher Name: Springer, Berlin, Heidelberg
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