Chapter 1 Economic and monetary union
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Chapter 1 contains an historical overview to set the scene: the initial attempts to create monetary cooperation in Europe at the end of the 1960s (the Barre memorandum and the Werner Report), the mechanisms put in place in the 1970s (the “snake in the tunnel” and the European Monetary System), the Single European Act and the Delors Report, and finally EMU’s establishment in 1999. Looking back at the old debates, one realises that some of the issues discussed but not dealt with along the original path towards EMU have come up again in more recent times – and continue to hamper effective economic and monetary union. The chapter ends with a brief description of the regulatory framework set out in the Maastricht Treaty (as subsequently amended) for both economic and monetary policy.

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