EMU Inspires Trepidation
IN REVIEW 2002, PART 2
The EMU was launched by members of the European Commission in July 1990 and codified in the 1992 Treaty of Maastricht to be accomplished in three stages, which happened with great success. Stage One abolished exchange controls and capital could move freely. Economic convergence criteria was agreed and established. Stage Two launched the European Central Bank, which adopted a new Exchange Rate Mechanism (ERM) and established the conversion rate from national currency to euro for the first 11
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