Abstract

Abstract The Economic Monetary Union (EMU)–the most visible, advanced, and sophisticated field of European integration–was designed to contribute to two major rudimentary goals of the integration process, which will be referred to throughout this chapter as ‘Level 1 objectives’. One of them is economic, the other political, but ultimately both comprise two sides of the same coin. The economic goal–to stimulate trade and economic cooperation, and hence to boost economic growth and well-being of Europeans–was clearly expressed in the preparatory documents published in the run-up to the Maastricht accord. This objective dovetails with the more general ambitions of the economic integration enshrined by Article 3(3) of the Treaty on European Union (TEU): of achieving ‘the sustainable development of Europe based on balanced economic growth and price stability, a highly competitive social market economy, aiming at full employment and social progress’, combating ‘social exclusion and discrimination’, promoting ‘social justice and protection, solidarity between generations’, and supporting ‘economic, social and territorial cohesion, and solidarity among Member States’.

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