An Elysian Harmony

Abstract

The convergence criteria are at the heart of economic and monetary union in Europe. In the absence of reform of the Maastricht Treaty, they provide the clearest set of economic targets which countries must meet on their road to EMU. Yet, the process of economic and monetary union is, as we have seen during the course of this analysis, not only an economic process but also a political one. Thus, for a full explanation of the motives for such targets to take place, what is required is an examination of the convergence criteria both in terms of economic rationale and political expediency.

The money changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of the restoration lies in the extent to which we apply social values more noble than mere monetary profit.

F. D. Roosevelt, 4 March 1933.