The European Monetary Union (EMU). The road to EMU. EMU is the latest step on the road towards greater integration in Europe. Monetary union in the European Community (EC) was proposed as long ago as 1970 in the Werner Report , which envisaged it being in place by 1980. The road to EMU.
1. The breakdown of the Bretton Woods system of fixed exchange rates in August 1971, and
2. The 1973 oil crisis.
Governor of the Bank of England, 2000
1. It set out a timetable for the establishment of monetary union.
2. It laid down the criteria by which the fitness of countries to join in monetary union would be determined.
3. It established the institutional framework for the conduct of monetary policy under EMU.
Stage One: July 1, 1990.
Stage Two: January 1, 1994.
Stage Three: January 1, 1999.
Stage Three A:
Stage Three B:
you to a brochure which
explains the operations
of the ECB.
(C) The ECB
The euro means big changes for business both within these countries and throughout Europe:
Increased cross-border competition:
Cross-border mergers and other joint ventures:
Distribution and purchasing: