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Economic and Monetary Union: Implications for National Policy-Makers

Klaus Gretschmann (ed.)
ISBN 13 978-90-6779-068-0 EIPA Code #: 1993/01 Year: 1993 Pages: 281


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In December 1991, following the Maastricht European Council, the European Institute of Public Administration in Maastricht organized a high-level Round Table Conference on the implications of Economic and Monetary Union for national economic policy-making. The Heads of State and Government in Maastricht definitely decided to embark upon the creation of Economic and Monetary Union by, at the latest, the beginning of 1999 and in doing so opted for a relatively short but difficult journey that should bring the European Community all the benefits one could expect from such an undertaking. However, the question still remains of how Economic and Monetary Union will really affect the day-to-day policy-making of the national civil servants involved, particularlyin the areas of monetary and fiscal policies. Can national policy-makers suffice with a 'sit-and-wait' policy or does Economic and Monetary Union really entail a dangerous voyage between Scylla and Charybdis? Will Economic and Monetary Union undermine the sovereignty of national governments because the Maastricht Treaty will give the EC the competence to dictate its own will? Are the benefits of Economic and Monetary Union for the Member States really as great as expected? These and other issues will be assessed in this book which, after an assessment of the achievements of the Maastricht European Council, will cover the main implications of a European monetary policy and closer economic cooperation for the relevant policies of the Member States, the division of competences between Community and member countries and the forthcoming prospects for new EC policies (e.g. regional policy, the EC budget, fiscal union, etc.).