Abstract
The present state of the European monetary integration process can be characterised as a period of intensive preparations for the creation of European Economic and Monetary Union (EMU) and for the transition to a single currency. European Union (EU) member countries and EU institutions seem firm in their decision to proceed with the EMU according to the timetable agreed upon in Maastricht. EMU is almost certainly starting in 1999, at least for a group of best performing EU member countries. Presently, the efforts of the EU member countries are concentrated on achieving requested macroeconomic stability, as defined in the Maastricht convergence criteria.
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