By Peter B. Kenen
This booklet presents a finished account and research of the plan for eu financial union inside the Maastricht Treaty. The provisions of the treaty itself are tested, displaying how they developed, what needs to be performed to enforce them, and a few of the issues they are going to pose. Kenen is going a long way past the treaty, despite the fact that, to survey and adapt fresh examine through economists at the merits and prices of financial unions, the behavior of financial coverage, and the results of enormous public deficits and money owed.
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Additional info for Economic and Monetary Union in Europe: Moving beyond Maastricht
Furthermore, the conference adopted strict convergence criteria, not merely to decide if and when Stage Three should start, but also to decide which countries could participate. These decisions were embodied in a draft of the new treaty prepared by the Netherlands presidency of the intergovernmental conference, which also included a general opt-out clause of the sort favored by the United Kingdom. Although the draft was not fully acceptable to any EC government, it indicated the direction in which the conference was head ing six weeks before the Maastricht Summit.
The tasks of the ESCB are set out in Article 3 of the statute: - to define and implement the monetary policy of the Community; - to conduct foreign exchange operations consistent with the provi· sions of Article 109 of this Treaty; - to hold and manage the official foreign reserves States; - to promote the of the Member smooth operation of payment systems. " There are two important differences between this list and the list in the Governors' Draft - one half-hidden and the other all too clear. Exchange rate policy First, Article 109 of the treaty divides responsibility for exchange rate policy between the Council of Ministers and the ECB.
42 Economic and monetary union in Europe European Parliament. Furthermore, the president of the ECB. will pre sent the report to the Council and Parliament, which may then debate it. Finally, the president of the ECB and other members of the Executive Board may appear before the appropriate committees of the Parliament, at the request of the Parliament or on their own initiative . In one basic sense , however, the ESCB will be more independent than any existing central bank - even the Bundesbank - and thus less account able.