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The purpose of setting the criteria was to achieve price stability within the eurozone and ensure it wasn't negatively impacted when new member states accede. The framework of the five criteria was outlined by article 109j.1 of the Maastricht Treaty, and the attached Protocol on the Convergence Criteria and Protocol on the Excessive Deficit ...
The Treaty on European Union, commonly known as the Maastricht Treaty, is the foundation treaty of the European Union (EU). Concluded in 1992 between the then-twelve member states of the European Communities, it announced "a new stage in the process of European integration" [2] chiefly in provisions for a shared European citizenship, for the eventual introduction of a single currency, and ...
In addition to these self-imposed criteria the UK would also have had to have met the European Union's economic convergence criteria ("Maastricht criteria") before being allowed to adopt the euro. One criterion is two years' membership of ERM II, of which the UK was never a member. Under the Maastricht Treaty, the UK was not obliged to adopt ...
According to the Maastricht Treaty, each current member state and the European Parliament must agree to any enlargement. The process of enlargement is sometimes referred to as European integration. This term is also used to refer to the intensification of co-operation between EU member states as national governments allow for the gradual ...
Following a Report of the Delors Commission in 1988, [275] the Treaty of Maastricht made economic and monetary union an objective, first by completing the internal market, second by creating a European System of Central Banks to coordinate common monetary policy, and third by locking exchange rates and introducing a single currency, the euro.
The Delors Committee is widely viewed as having been the effective starting point of the process of European Economic and Monetary Union that led to the negotiation of the Treaty of Maastricht in December 1991 and adoption of the euro as the single currency of 11 of the 15 member states of the European Union on 1 January 1999.
On 1 January 2002, the euro notes and coins are introduced. On 1 January 2007, Slovenia joins the third stage of the EMU. On 1 January 2008, Cyprus and Malta join the third stage of the EMU. On 1 January 2009, Slovakia joins the third stage of the EMU. On 1 January 2011, Estonia joins the third stage of the EMU. On 1 January 2014, Latvia joins ...
Following the onset of the European sovereign debt crisis, there was a drive to reform the functioning of the eurozone in the event of a crisis. This led to the creation, amongst other things, of loan (pejoratively called "bailout" in the media) mechanisms: the European Financial Stability Facility (EFSF) for eurozone member states and the European Financial Stability Mechanism (EFSM) for all ...