EUROPEAN ECONOMIC AND MONETARY UNION: ACHIEVEMENTS AND CHALLENGES
EUROPEAN ECONOMIC AND MONETARY UNION: ACHIEVEMENTS AND CHALLENGES

Author(s): GILLES GRIN
Subject(s): Social Sciences, Economy, Public Administration
Published by: Editura Universităţii »Alexandru Ioan Cuza« din Iaşi
Keywords: European Communities; European Union; history; monetary integration; economic integration
Summary/Abstract: This contribution, based on a historical perspective, aims to provide a synthesis of the achievements, limitations and challenges of European economic and monetary union (EMU). While monetary policy has been federalised between twenty of the twenty-seven EU member States, economic union remains an incomplete achievement. We shall concentrate on the latter. The initial focus will be on two fundamental reports, the 1970 Werner report and the 1989 Delors report. We shall then look at the design of the Maastricht Treaty regarding EMU: monetary union was placed on a solid footing while economic union was a weak construction. We shall then move on to the consequences of the 2008 crisis, with monetary union under attack and the creation of an economic union2.0. We will then question the possibility of moving towards an economic union 3.0 and investigate the resilience of national sovereignty. We shall conclude with the existence of major challenges for the future.

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