implications for agriculture on joining the sing e monetary union
ECONOMIC AND MONETARY UNION (EMU) Implementation of European procedures enabling the coordination of economic, monetary and exchange rate policies has been one of the European Communitys tasks from its inception. The Treaty on European Union finally gives comprehensive substance to this provision. ... The Treaty on European Union, known as the Maastricht Treaty, has set a clear goal, a method and a timetable for achieving Monetary Union and provided for procedures and institutions to ensure adherence to them. · the goal: to provide the European Union with a single currency due to replace national currencies; · the method: achievement of a specific level of convergence in the member states economic situations, with public deficits and debt limited, respectively, to 3% and 60% of GDP, inflation and medium and long-term interest rates, no more, respectively, than 1.5 and 2% higher than the average of the rates in the three countries with the lowest inflation and, finally, exchange-rate stability for at least two years in the framework of the European Monetary System (EMS); · the timetable: an initial review of progress will take place in 1996 to determine whether monetary union will come into force in 1997. ... The European Unions Council of Ministers is responsible for monitoring the economic policies of each country; · the institutions: the European Monetary Institute (EMI) is preparing the introduction of the single currency. ... to meet Europes goals The single currency is the natural next step for an economic and commercial Union that has made it possible for its - then - twelve member countries to carry out 60% of their foreign trade within its borders compared with 36% in 1957.