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)

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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
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
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

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Project CodeAward NoProject NamePrincipal InvestigatorFunder's NameFunder RefLead Dept
173755EURECONEmmanuel Mourlon-DruolEuropean Research Council (ERC)Mourlon-Druol, Dr EmmanueBS - Management