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The Maastricht Treaty, signed in December 1991, set a timetable for the European Community's economic and monetary union (EMU) and clearly defined the institutional policy changes necessary for its achievement. Subsequent developments have demonstrated, however, the importance of many key issues in the transition to EMU that were largely neglected at the time. This volume reports the proceedings of a joint CEPR conference with the Banco de Portugal, held in January 1992. In these papers, leading international experts address the instability of the transition to EMU, the long-run implications of monetary union and the single market for growth and convergence in Europe. They also consider the prospects for inflation and fiscal convergence, regional policy and the integration of financial markets and fiscal systems. Attention focuses on adjustment mechanisms with differentiated shocks, region-specific business cycles and excessive industrial concentration and the cases for a two-speed EMU and fiscal federalism.

339.732 --- 339.7 --- 336.74 --- Monetary unions --- -Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- 336.74 Geld. Geldwezen. Monetaire sector. --- Geld. Geldwezen. Monetaire sector. --- 339.7 Internationale financien. Buitenlands betalingsverkeer --(z.o {336}) --- Internationale financien. Buitenlands betalingsverkeer --(z.o {336}) --- 339.732 Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- 339.732 Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- Ida. Ibrd. Bird. Ifc. Imf. Speciale trekkingsrechten. Bank voor internationale betalingen. Internationaal monetair systeem --- Internationale banken. Wereldbank. Ontwikkelingsbank. Investeringsbank. Comecom, samenwerkingsbank. Europees monetair fonds. Europees ontwikkelingsfonds. Europese investeringsbank. Europese monetaire --- European Monetary System (Organization) --- -Système monétaire européen (Organization) --- Europäisches Währungssystem (Organization) --- Sistema Monetario Europeo (Organization) --- Europees Monetair System (Organization) --- Europæisk monetær system (Organization) --- Euroopan valuuttajärjestelmä --- EMS (European Monetary System) --- E.M.S. (European Monetary System) --- EWS (European Monetary System) --- E.W.S. (European Monetary System) --- SME (European Monetary System) --- S.M.E. (European Monetary System) --- Congresses --- -336.74 Geld. Geldwezen. Monetaire sector. --- Common currencies --- Monetary policy --- Geld. Geldwezen. Monetaire sector --- Système monétaire européen (Organization) --- Congresses. --- Private finance --- International finance --- European Union --- European Union countries --- 332.4566094 --- Economic and Monetary Union --- politique monetaire --- sme --- ume --- 334.151.1 --- 334.151.20 --- 338.8 --- AA / International- internationaal --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- monetair beleid --- ems --- emu --- EG : economisch en monetair beleid --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden --- Economische groei --- Monetary policy - European Economic Community countries - Congresses. --- Monetary unions - European Economic Community countries - Congresses. --- Business, Economy and Management --- Economics