History of an incomplete EMU

Mourlon-Druol, E. (2020) History of an incomplete EMU. In: Amtenbrink, F. and Herrmann, C. (eds.) EU Law of Economic and Monetary Union. Oxford University Press: Oxford ; New York, NY, pp. 13-36. ISBN 9780198793748 (doi: 10.1093/oso/9780198793748.001.0001)

Abstract

The Economic and Monetary Union (EMU) created in 1992 by the Maastricht Treaty was famously incomplete. The decision to create a European single currency was taken without agreeing at the same time on the introduction of traditional accompanying features of some other monetary unions, namely: substantial financial transfers from richer to less developed regions, a credible framework for macroeconomic policy coordination, and European-wide provisions for banking regulation and supervision, to name but a few. The 1992 Maastricht Treaty set out an unfinished, or ‘lopsided union’, with the predominance of monetary union over economic union. The titles of the multiple reports published since 1992, such as the Van Rompuy report of 2012, ‘Towards a Genuine Economic and Monetary Union’, the Five Presidents’ Report of 2015, ‘Completing Europe’s Economic and Monetary Union’, and the Commission’s ‘Reflection Paper on the Deepening of the Economic and Monetary Union’ of 2017 highlight this lopsidedness very well.

• Item Type: Book Sections
• Status: Published
• Glasgow Author(s) Enlighten ID: Mourlon-Druol, Professor Emmanuel
• Authors: Mourlon-Druol, E.
• College/School: College of Social Sciences > Adam Smith Business School > Management
• Publisher: Oxford University Press
• ISBN: 9780198793748
• Copyright Holders: Copyright © 2020 The Contributor
• First Published: First published in EU Law of Economic and Monetary Union: 13-36
• Publisher Policy: Reproduced in accordance with the publisher copyright policy

Project Code	Award No	Project Name	Principal Investigator	Funder's Name	Funder Ref	Lead Dept
173755		EURECON	Emmanuel Mourlon-Druol	European Research Council (ERC)	Mourlon-Druol, Dr Emmanue	BS - Management