The Maastricht Treaty, signed in December 1991, set a timetable for
the European Community's economic and monetary union (EMU) and
clearly defined the institutional policy changes necessary for its
achievement. Subsequent developments have demonstrated, however,
the importance of many key issues in the transition to EMU that
were largely neglected at the time. This volume reports the
proceedings of a joint CEPR conference with the Banco de Portugal,
held in January 1992. In these papers, leading international
experts address the instability of the transition to EMU, the
long-run implications of monetary union and the single market for
growth and convergence in Europe. They also consider the prospects
for inflation and fiscal convergence, regional policy and the
integration of financial markets and fiscal systems. Attention
focuses on adjustment mechanisms with differentiated shocks,
region-specific business cycles and excessive industrial
concentration and the cases for a two-speed EMU and fiscal
federalism.
General
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