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1996•RePEc: Research Papers in EconomicsRequires access

MAASTRICHT: A BRIDGE TOO FAR

Howard M. Wachtel

Open publisher page 2 citations

Abstract

European monetary union and a single currency are at the heart of the 1991 Maastricht Treaty that transformed the European Community into a European Union. Were the financial plans too ambitious? What are the costs and benefits of a single currency and a uniform monetary policy? This article looks at the arguments for and against the Maastricht agreements and concludes that its reach exceeded both the realities of European economies and the political consensus within Europe for such a scheme of Euro-Federalism.

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What this paper is about

European monetary union and a single currency are at the heart of the 1991 Maastricht Treaty that transformed the European Community into a European Union. Were the financial plans too ambitious? What are the costs and benefits of a single currency and a uniform monetary policy? This article looks at the arguments for and against the Maastricht agreements and concludes that its reach exceeded both the realities of European economies and the political consensus within Europe for such a scheme of Euro-Federalism.

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Available abstract

European monetary union and a single currency are at the heart of the 1991 Maastricht Treaty that transformed the European Community into a European Union. Were the financial plans too ambitious? What are the costs and benefits of a single currency and a uniform monetary policy? This article looks at the arguments for and against the Maastricht agreements and concludes that its reach exceeded both the realities of European economies and the political consensus within Europe for such a scheme of Euro-Federalism.

Key concepts: Maastricht Treaty, European monetary union, Economic and monetary union, European union, Currency, Single currency, Fiscal federalism, International economics

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