Abstract
The transition to the single currency is the final step which completes the process of European economic and monetary union, prefigured by the 1989 Delors Report, and then defined by the Treaty on European Union signed at Maastricht on 7 February 1992, which came into force on 1 November 1993. Previously, the 1957 Treaty of Rome had established the European Common Market, but without tackling the question of the monetary order. The Maastricht Treaty was specifically intended to set out the three-stage process which would achieve complete European Monetary Union (EMU) with the adoption of the single currency, the creation of a European Central Bank and the unification of monetary policy within the Community. This will result in an overall financial market including the markets of the 15 EU member states, similar in size to the markets of the US and Japan (Table 12.1).
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