Economic and Monetary Union as an Example of Differentiated Integration
Economic and Monetary Union as an Example of Differentiated Integration

Summary/Abstract: Despite the over 60 years’ experience with European integration (since the Paris Treaty), it remains ermeated with certain distinctions and dissimilarities with respect to particular Member States. The economic and Monetary Union (EMU) isthe best example of differentiated integration, since as early as its initial construction itcontained signifi cant differences vis-à-vis Member States. The third stage of the EMU (in force since 1 January 1999), the introduction of the single European currency, did not encompass all 15 Member States, but only 11 of them. Greece joined it only in 2002, andthe United Kingdom and Denmark had negotiated an opt-out provision in the MaastrichtTreaty. This article explores differentiated integration in the EMU framework, andpresents as well the consequences for the countries outside the ‘hard core’ of currency integration, i.e. those states which are the subjects of temporary derogations and which areobliged, by their Accession Treaties, to accept the European currency in the future.

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