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The Ins and Outs of EMU Only a small number of EU member states are likely to enter into an economic and monetary union (EMU) if it takes place in 1999. The rest will either fail to qualify for EMU under the Maastricht Treaty’s criteria for membership or may choose to stay out. The relationship between the Ins and Outs is of obvious importance to the operation of the monetary union and to the conduct of economic policy in Europe. Yet the Maastricht Treaty says little or nothing about how this relationship should be designed. Luigi Spaventa, Niels Thygesen, Charles Wyplosz, Torsten Persson and Guido Tabellini, all CEPR researchers have analysed this important issue, which was discussed at a workshop in Rome in February, hosted by the Banca Nazionale del Lavoro. The papers summarized were presented at the Rome workshop and subsequently revised in the light of the decisions at the Verona meeting of EU finance ministers. |