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Economic and Monetary Union of the European Union

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5583:, towards eruption of local shocks (in particular when both the sovereign and its national banking sector is perceived by the market to be in a fragile situation). It would also carry less risk for needing injection of additional public money to service its payment of deposit guarantees in the event of severe crisis, as failing risks would be spread more widely across all member states while its private sector funds would be raised over a much larger pool of financial institutions. EDIS would just like the national deposit guarantee schemes be privately funded through ex ante risk-based fees paid by all the participating banks in the Member States, and be devised in a way that would prevent moral hazard. Establishment of a fully-fledged EDIS will take time. A possible option would be to devise the EDIS as a re-insurance system at the European level for the national deposit guarantee schemes. 135: 5501:
indicators could be monitored in the future as part of the annual European Semester: (A) Getting more people of all ages into work; (B) Striking the right balance between flexible and secure labour contracts; (C) Avoiding the divide between "labor market insiders" with high protection and wages and "labor market outsiders"; (D) Shifting taxes away from labour; (E) Delivering tailored support for the unemployed to re-enter the labour market; (F) Improving education and lifelong learning; (G) Ensure that every citizen has access to an adequate education; (H) Ensure that an effective social protection system and "
648: 3026: 2138: 3096: 4304: 3713: 3186: 2499: 4256: 3665: 3137: 2214: 2667: 1791: 287: 2706: 1843: 339: 696: 5345:"Establish a well-defined and limited fiscal capacity to improve the absorption of country-specific economic shocks, through an insurance system set up at the central level." Such fiscal capacity would reinforce the resilience of the eurozone, and is envisaged to be complementary to the "contractual arrangements" created in stage 2. The idea is to establish it as a built-in incentives-based system, so that eurozone Member States eligible for participation in this centralized asymmetrically working 4472: 3881: 3354: 2382: 5108:
effected centrally from the ECB. As a consequence, if member states do not manage their economy in a way that they can show a fiscal discipline (as they were obliged by the Maastricht treaty), the mechanism means a member state could effectively 'run out of money' to finance spending. This is characterized as a sovereign debt crisis where a country is without the possibility of refinancing itself with a sovereign currency. This is what happened to Greece, Ireland, Portugal, Cyprus, and Spain.
2151: 2875: 2025: 521: 3471: 3000: 684: 4448: 3857: 3330: 2358: 4436: 3845: 3318: 2346: 4400: 3809: 3282: 2460: 2310: 5514:(B) Periodic reporting on national reform implementation, regular peer reviews or a "comply-or-explain" approach should be used more systematically to hold the Member States accountable for the delivery of their National Reform Programme commitments. The Eurogroup could also play a coordinating role in cross-examining performance, with increased focus on benchmarking and pursuing best practices within the Macroeconomic Imbalance Procedure (MIP) framework. 2849: 1999: 495: 660: 5829:, is that its conditional shock absorbing transfers shall be triggered long before there is a need for ESM to offer the country a conditional macroeconomic crisis support programme, but that the mechanism at the same time never shall result in permanent annual transfers - or income equalizing transfers - between countries. A first building block of this "economic shock absorption mechanism", could perhaps be establishment of a permanent version of the 4532: 4268: 3941: 3677: 3414: 3149: 2487: 2418: 4520: 4496: 3929: 3905: 3402: 3378: 2406: 2394: 2836: 1986: 482: 7575: 7563: 7551: 4340: 3749: 3222: 2262: 4388: 4280: 3797: 3689: 3270: 3161: 2523: 2226: 1144: 720: 672: 4508: 4328: 4316: 4244: 3917: 3737: 3725: 3653: 3390: 3210: 3198: 3125: 2940: 2680: 2547: 2511: 2250: 2202: 2090: 1804: 636: 586: 300: 2927: 2901: 2077: 2051: 573: 547: 5136:, appeared unlikely to happen. Additionally, there were widespread fears that a process of strengthening the Union's power to intervene in eurozone member states and to impose flexible labour markets and flexible wages, might constitute a serious threat to Social Europe. In the negotiation process, member states advocated different solutions depending on their political and political characteristics, while the result was a broad compromise. 2745: 1882: 378: 4424: 4292: 3833: 3701: 3458: 3306: 3174: 3083: 2987: 2797: 2693: 2334: 2238: 1947: 1934: 1817: 742: 708: 443: 430: 313: 4376: 3785: 3258: 2914: 2732: 2719: 2654: 2298: 2064: 1869: 1856: 1778: 764: 560: 365: 352: 274: 4781: 25: 5213:, and should be based on the principle of "voluntary participation and non-binding outcome". Meaning the end result of an EAC should not be a final dictate, but instead just an early delivered politically approved non-binding "advisory note" put forward to the national parliament, which then can be taken into consideration, as part of their process on improving and finalizing the design of their major economic reform in the making. 3070: 2823: 1973: 1830: 469: 326: 3484: 3013: 2784: 1921: 417: 4460: 4364: 3869: 3773: 3342: 3246: 2370: 2286: 249: 2862: 2012: 508: 4556: 3965: 3438: 2559: 2171: 4484: 3893: 3366: 2771: 2535: 1908: 404: 4352: 3761: 3234: 2274: 2630: 2966: 2116: 612: 4412: 3821: 3294: 2888: 2322: 2038: 534: 2758: 1895: 391: 4544: 3953: 3426: 2430: 2810: 1960: 456: 2953: 2103: 599: 5555:. The bridge financing mechanism is envisaged to be made available as a supplementing instrument, in order to make SRF capable straight from the first day it becomes operational (1 January 2016) to conduct potential large scale immediate transfers for resolution of financial institutions in critical need. The mechanism will only exist temporarily, until a certain level of funds have been collected by SRF. 5268:(ESM), for conducting "direct bank recapitalization" between the ESM rescue fund and a country-specific systemic bank in critical need, so that the general government of the country in which the beneficiary is situated won't be involved as a guaranteeing debtor on behalf of the bank. This proposed new instrument, would be contrary to the first framework made available by ESM for "bank recapitalizations" 3519: 5685:: (A) Simplification of prospectus requirements; (B) Reviving the EU market for high quality securitisation; (C) Greater harmonisation of accounting and auditing practices; (D) Addressing the most important bottlenecks preventing the integration of capital markets in areas like insolvency law, company law, property rights and the legal enforceability of cross-border claims. 5512:(A) The Country-Specific Recommendations which are already in place as part of the European Semester, need to focus more on "priority reforms", and shall be more concrete in regards of their expected outcome and time-frame for delivery (while still granting the Member State political maneuver room on how the exact measures shall be designed and implemented). 5505:" are in place to protect the most vulnerable in society; (I) Implementation of major reforms to ensure pension and health systems can continue functioning in a socially just way while coping with the rising economic expenditure pressures stemming from the rapidly ageing populations in Europe - in example by aligning the retirement age with life expectancy. 5107:
and essentially use of a 'foreign currency' for the respective states, they can no longer use an isolated national monetary policy as an economic tool within their central banks. Nor can they issue money to finance any required government deficits or pay interest on government bond sales. All this is
4903:, presented in October 1970 the first commonly agreed blueprint to create an economic and monetary union in three stages (Werner plan). The project experienced serious setbacks from the crises arising from the non-convertibility of the US dollar into gold in August 1971 (i.e., the collapse of the 5705:
This new independent advisory entity would coordinate and complement the work of the already established independent national fiscal advisory councils. The board would also provide a public and independent assessment, at European level, of how budgets – and their execution – perform against the
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There is no "one-size-fits-all" standard template to follow, meaning that no harmonized specific minimum standards are envisaged to be set up as compliance requirements in this field. But as the challenges often are similar across Member States, their performance and progress on the following
5762:), which mean Europeans speak with a fragmented voice, leading to the EU punching below its political and economic weight. Although the building of consolidated external representation is desirable, it is envisaged to be a gradual process, with only the first steps to be taken in stage 1. 5319:
Establish a new "mechanism for stronger coordination, convergence and enforcement of structural policies based on arrangements of a contractual nature between Member States and EU institutions on the policies countries commit to undertake and on their implementation". The envisaged
5821:– and a continued adherence to them once they are reached – would need to be verified by regular monitoring and would be among the conditions for each eurozone Member State to meet in order to become eligible for participation in a new fiscal capacity referred to as the 5836:
Another important pre-condition for the launch of the "economic shock absorption mechanism", is expected to be, that the eurozone first establish an increasing degree of "common decision-making on national budgets" and an "enhanced coordination of economic policies"
5457:. The proposed "Eurozone system of Competitiveness Authorities" would bring together these national bodies and the Commission, which on an annual basis would coordinate the "recommendation for actions" being issued by the national Competitiveness Authorities. 1591: 201:
member states. All new EU member states must commit to participate in the third stage in their treaties of accession and are obliged to enter the third stage once they comply with all convergence criteria. Twenty EU member states, including most recently
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An ultimate common backstop should also be established to the SRF, for the purpose of handling rare severe crisis events featuring a total amount of resolution costs beyond the capacity of the funds held by SRF. This could be done through the issue of an
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should be moved into becoming part of the EU treaty law applying automatically for all eurozone member states (something which is possible to do within existing paragraphs of the current EU treaty), in order to simplify and institutionalize its
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The EMU should be made more resilient by building on existing instruments and making the best possible use of the existing Treaties. In other words, "deepening by doing". This first stage comprise implementation of the following eleven working
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Governor Marius Holtrop argued that a common central-bank policy was necessary in a unified Europe, but his subsequent advocacy of a coordinated initiative by the European Community's central banks was met with skepticism from the heads of the
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to SRF, with any potential draws from this extra standby arrangement being conditioned on simultaneous implementation of extra ex-post levies on the financial industry, to ensure full repayment of the drawn funds to ESM over a medium-term
5480:, so that the Commission more forcefully within this legal framework can require implementation of structural reforms - followed by a period of extended reform implementation surveillance in which continued incompliance can be sanctioned. 5012:, designed to ensure budgetary discipline after creation of the euro, and a new exchange rate mechanism (ERM II) is set up to provide stability above the euro and the national currencies of countries that haven't yet entered the eurozone. 5124:. The intensification of work on plans to complete the existing EMU in order to correct its economic errors and social upheavals soon introduced the keyword "genuine" EMU. At the beginning of 2012, a proposed correction of the defective 5084:
There has also been significant doubt if all eurozone states really fulfilled a "high degree of sustainable convergence" as demanded by the Maastricht treaty as condition to join the Euro without getting into financial trouble later on.
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from investors in the EU and all over the world, so that companies (including SMEs) in addition to the already available bank credit lending also can tap capital markets through alternative funding sources that better suits
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in Spring 2017, which will conduct an assessment of progress made in Stage 1, and outline in more details the next steps and measures needed for completion of the EMU in Stage 2. This second stage is currently envisaged to
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was issued by the four presidents of the Council, European Commission, ECB and Eurogroup. The report outlined the following roadmap for implementing actions being required to ensure the stability and integrity of the EMU:
5833:, in which the tap by a country into the identified pool of financing sources and future strategic investment projects could be timed to occur upon the periodic eruption of downturns/shocks in its economic business cycle. 5434:. The report outlined a roadmap for further deepening of the EMU, meant to ensure a smooth functioning of the currency union and to allow the member states to be better prepared for adjusting to global challenges: 5208:
A pilot project was conducted in June 2014, which recommended the design of the yet to be developed Ex Ante Coordination (EAC) framework, should be complementary to the instruments already in use as part of the
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by pooling cross-border private risk-sharing through a deepening integration of bond and equity markets, hereby also protecting it better against the risk for systemic shocks in the national financial sector.
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are the set of requirements that needs to be fulfilled in order for a country to be approved to participate in the third stage. An important element of this is participation for a minimum of two years in the
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in 1969, which set out the need for "greater co-ordination of economic policies and monetary cooperation," which was followed by the decision of the Heads of State or Government at their summit meeting in
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From the start of 1999, the euro is now a real currency, and a single monetary policy is introduced under the authority of the ECB. A three-year transition period begins before the introduction of actual
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is established as the forerunner of the European Central Bank, with the task of strengthening monetary cooperation between the member states and their national banks, as well as supervising ECU banknotes.
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economic objectives and recommendations set out in the EU fiscal framework. Its issued opinions and advice should feed into the decisions taken by the Commission in the context of the European Semester.
5472:) is currently only triggered if excessive imbalances are identified while the state subsequently also fails to deliver a National Reform Programme sufficiently addressing the found imbalances, and the 5349:
are encouraged to continue implementing sound fiscal policy and structural reforms in accordance with their "contractual obligations", making these two new instruments intrinsically linked and mutually
5681:, could also play an important role in terms of providing a neutral treatment for different but comparable activities and investments across jurisdictions. A genuine CMU is envisaged also to require 5635:(CMU), and will publish a more concrete action plan for how to achieve it in September 2015. The CMU is envisaged to include all 28 EU Members and to be fully build by 2019. Its construction will: 4203: 5238:
Agreement on the harmonisation of national resolution and deposit guarantee frameworks, so that the financial industry across all countries contribute appropriately under the same set of rules.
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in their recovery/resolution phase, if such banks will be found in need to receive additional recapitalization funds after conducted bail-in by private creditors and regulated payment by the
5324:"could be supported with temporary, targeted and flexible financial support", although if such support is granted it "should be treated separately from the multiannual financial framework". 5606:
of countries unable to function as alternative backstop themselves without endangering their fiscal stability), while there should be made no change to the current requirement for a prior
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As the Eurogroup will step up its involvement and steering role in the revamped European Semester, a reinforcement of its presidency and provided means at its disposal, may be required.
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There are three stages of the EMU, each of which consists of progressively closer economic integration. Only once a state participates in the third stage it is permitted to adopt the
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to ensure their solidity and that they have sufficient risk management structures in place (ultimately leading to the launch of a new single European capital markets supervisor).
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Verdun A., The role of the Delors Committee in the creation of EMU: an epistemic community?, Journal of European Public Policy, Volume 6, Number 2, 1 June 1999 , pp. 308–328(21)
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which established a common harmonized framework for the recovery and resolution of credit institutions and investment firms found to be in danger of failing, and through the
6438:"Completing Europe's Economic and Monetary Union: Report by Jean-Claude Juncker in close cooperation with Donald Tusk, Jeroen Dijsselbloem, Mario Draghi and Martin Schulz" 5551:
Building up SRF with sufficient funds, is an ongoing process to be conducted through eight years of annual contributions made by the financial sector, as regulated by the
4668: 4939:, was asked to propose a new timetable with clear, practical and realistic steps for creating an economic and monetary union. This way of working was derived from the 1284: 652: 4818: 1239: 6286: 5272:, which required the general government to step in as a guaranteeing debtor on behalf of its beneficiary banks – with the adverse impact of burdening their gross 4856:
asked in 1929 for a European currency against the background of an increased economic division due to a number of new nation states in Europe after World War I.
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Harold James (2020). "The BIS and the European Monetary Experiment". In Claudio Borio; Stijn Claessens; Piet Clement; Robert McCauley; Hyun Song Shin (eds.).
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was launched in December 2014, but should soon be reviewed for the purpose of loosening its restrictive eligibility criteria (currently it only applies for
6452:"Economic governance review: Report on the application of Regulations (EU) n° 1173/2011, 1174/2011, 1175/2011, 1176/2011, 1177/2011, 472/2013 and 473/2013" 194:("ERM II"), in which candidate currencies demonstrate economic convergence by maintaining limited deviation from their target rate against the euro. 6218: 4031: 1355: 68: 5410: 5279:
ESM made the proposed "direct bank recapitalization" framework operational starting from December 2014, as a new novel ultimate backstop instrument for
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On 3 May 1998, at the European Council in Brussels, the 11 initial countries that will participate in the third stage from 1 January 1999 are selected.
1453: 700: 5815:(focusing primarily on labour markets, competitiveness, business environment, public administrations, and certain aspects of tax policy like i.e. the 5516:(C) The annual cycle of the European Semester should be supplemented by a stronger multi-annual approach in line with the renewed convergence process. 5810:, could also be agreed to complete the EMU's economic and institutional architecture, for the purpose of making the convergence process more binding. 5233:
This point was fully achieved, when CRD‑IV/CRR entered into force in July 2013 and European Banking Supervision became operational in November 2014.
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More systematic consultation by governments of national Parliaments and social partners before submitting National Reform and Stability Programmes.
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Târlea, Silvana; Bailer, Stephanie; Degner, Hanno; Dellmuth, Lisa; Leuffen, Dirk; Lundgren, Magnus; Tallberg, Jonas; Wasserfallen, Fabio (2019).
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published the minutes, reports and transcripts of the Committee for the Study of Economic and Monetary Union ('Delors Committee') in March 2020.
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The achievements of the first stage would be consolidated. On basis of consultation with an expert group, the European Commission will publish a
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Hacker, Björn (2013): On the Way to a Fiscal or a Stability Union? The Plans for a »Genuine« Economic and Monetary Union, FES, online at:
5022:(ECB) is created, and on 31 December 1998, the conversion rates between the 11 participating national currencies and the euro are established. 57: 1002: 688: 5447:
Deepening the Economic Union by ensuring a new boost to convergence, jobs and growth across the entire eurozone. This shall be achieved by:
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Point fully achieved through entry into force of the Six‑Pack in December 2011, Fiscal Compact in January 2013 and Two‑Pack in May 2013.
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More systematic interactions between Commissioners and national Parliaments on Country-Specific Recommendations and on national budgets.
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Busch, Klaus (April 2012): Is the Euro Failing? Structural Problems and Policy Failures Bringing Europe to the Brink, FES, online at:
5958:(2000), "Italy towards European Monetary Union (and domestic socio-economic disunion)", in Moss, Bernard H.; Michie, Jonathan (eds.), 3575: 1729: 1403: 1343: 1081: 906: 768: 746: 712: 5476:
published for states with excessive imbalance but without EIP only work as a non-legal peer-pressure instrument. In the future, the
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The Delors report of 1989 set out a plan to introduce the EMU in three stages and it included the creation of institutions like the
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Each eurozone state shall (like Belgium and Netherlands already did) create an independent national body in charge of tracking its
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Plenary debate at the European Parliament first on the Annual Growth Survey and then on the Country-Specific Recommendations.
5372:. A subject to "enhanced coordination", could in example be the specific taxation and employment policies implemented by the 4703: 4096: 4071: 1687: 6451: 5603: 5280: 4708: 4653: 4628: 4608: 4603: 4573: 4476: 4059: 3813: 3540: 3533: 1291: 1120: 1113: 1071: 864: 664: 7100: 5921: 5875: 5538: 5521: 5300: 5223: 4899:
On the basis of various previous proposals, an expert group chaired by Luxembourg's Prime Minister and Finance Minister,
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Promoting Global Monetary and Financial Stability: The Bank for International Settlements after Bretton Woods, 1973-2020
5808:(i.e. commonly agreed "convergence benchmark standards" of a more binding legal nature, and a treasury for the eurozone) 7329: 6283: 5857:
Reaching the final stage of "a deep and genuine EMU", by also considering the prospects of potential EU treaty changes.
4767: 4698: 4618: 4593: 4228: 4223: 3512: 911: 801: 262: 6468: 5991: 5967: 5825:, which will be established for the eurozone as a last element of this second stage. The fundamental idea behind the 5462: 4745: 4598: 4103: 3635: 3630: 3625: 3620: 3615: 3610: 3605: 3600: 3595: 3590: 1709: 1694: 1398: 1338: 1325: 1194: 1049: 1034: 791: 108: 5758:
The EU and the eurozone are still not represented as one voice in the international financial institutions (i.e. in
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in 1969 to draw up a plan by stages with a view to creating an economic and monetary union by the end of the 1970s.
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Stage 3: Improving the resilience of EMU through the creation of a shock-absorption function at the central level
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by connecting investors and those who need funding more efficiently, both within Member States and cross-border.
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for all businesses across Europe and investment projects, in particular start-ups, SMEs and long-term projects.
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Completing Europe's Economic and Monetary Union: Five presidents' report (EC, EP, ECB, Eurogroup and Council)
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Being of the opinion that the pure austerity course was not able to solve the Euro-crisis, French President
4907:) and from rising oil prices in 1972. An attempt to limit the fluctuations of European currencies, using a 7359: 6727: 6676: 6666: 5799: 5691: 5592: 5265: 5219: 4512: 4404: 4392: 4368: 4344: 4332: 4320: 4284: 4260: 4248: 4135: 4054: 4049: 3885: 1557: 786: 6207: 4962:
On 1 July 1990, exchange controls are abolished, thus capital movements are completely liberalised in the
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All of the above three stages are envisaged to bring further progress on all four dimensions of the EMU:
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European integration process: 1969–1979 Crises and revival: Economic and Monetary Union cooperation
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On the way to a fiscal or a stability union? The plans for a "genuine" economic and monetary union
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Revamp the European Semester by reorganizing it to follow two consecutive stages. The first stage
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in 1992 establishes the completion of the EMU as a formal objective and sets a number of economic
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Stage 1: Ensuring fiscal sustainability and breaking the costly link between banks and sovereigns
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as its official currency. As such, the third stage is largely synonymous with the eurozone. The
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Lundgren, Magnus; Bailer, Stephanie; Dellmuth, Lisa; Tallberg, Jonas; Târlea, Silvana (2019).
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Strengthen parliamentary control as part of the European Semester. This shall be achieved by:
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Stage 2: Completing the integrated financial framework and promoting sound structural policies
127:, a group of EU countries at the most advanced stage of the EMU that have already adopted the 7566: 7125: 7105: 7014: 6994: 6852: 6615: 6592: 6572: 5931: 5916: 5904: 5879: 5698: 5632: 5621: 5423: 5098: 5078: 5019: 4977:, concerning the inflation rate, public finances, interest rates and exchange rate stability. 4927:
The debate on EMU was fully re-launched at the Hannover Summit in June 1988, when the ad hoc
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A first concrete attempt to create an economic and monetary union between the members of the
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strengthening of the available tools to manage systemic risks of financial players prudently
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Miles, Lee; Doherty, Gabriel (March 2005). "The United Kingdom: a cautious euro-outsider".
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Enhancing democratic accountability, legitimacy and institutional strengthening of the EMU.
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Increase the level of cooperation between the European Parliament and national Parliaments.
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Establish a framework for systematic Ex Ante Coordination of major economic policy reforms
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of the central bank governors of the twelve member states, chaired by the President of the
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Janssen, Ronald (2013): A Social Dimension for a Genuine Economic Union, SEJ, online at:
5431: 5419: 4950:(ESCB), which would become responsible for formulating and implementing monetary policy. 4932: 4909: 4888: 4877: 4692: 4399: 4169: 4164: 3969: 3897: 3837: 3808: 3789: 3765: 3705: 3502: 3286: 3281: 3088: 2616: 2611: 2459: 2314: 2309: 1952: 1278: 1214: 1059: 882: 870: 822: 448: 7480: 7090: 6107: 7578: 7400: 7062: 7029: 7004: 6989: 6984: 6959: 6949: 6939: 6857: 6366: 6325: 6223: 6051: 6020: 5768:
Integrate intergovernmental agreements into the framework of EU law. This includes the
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http://www.social-europe.eu/2013/03/a-social-dimension-for-a-genuine-economic-union/
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Howarth, David (March 2007). "The domestic politics of British policy on the Euro".
7490: 7470: 7465: 7334: 7238: 7166: 7009: 6979: 6974: 6802: 6797: 6792: 6757: 6404:"Ex ante coordination of major economic reform plans –report on the pilot exercise" 6356: 6315: 6271: 6259: 6043: 6012: 5978: 5694:, so that it becomes capable of detecting risks to the financial sector as a whole. 5415: 5005: 4928: 4922: 2527: 1027: 900: 1319: 7500: 7349: 6712: 6406:. Council of the European Union (Economic and Financial Committee). 17 June 2014. 6290: 5104: 4118: 3560: 2464: 1295: 695: 7243: 5813:
Significant progress towards these new common "convergence benchmark standards"
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require implementation of reforms in countries accumulating large and sustained
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Stronger coordination of economic policies within a revamped European Semester:
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Framework for fiscal governance shall be completed through implementation of:
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The single European currency in national perspective: a community in crisis?
5497:
Greater focus on employment and social performance in the European Semester:
5314:
SRM was established in January 2015, SRF started working from January 2016.
206:, have entered the third stage and have adopted the euro as their currency. 7554: 7510: 7475: 7460: 7455: 7435: 7248: 7233: 7217: 6890: 6885: 6880: 6444: 6304:"Explaining governmental preferences on economic and monetary union reform" 5754:
Take steps towards a consolidated external representation of the eurozone:
5525: 5077:
There have been debates as to whether the Eurozone countries constitute an
4940: 3998: 2551: 2515: 2503: 1650:
Authority for European Political Parties and European Political Foundations
840: 6238:"Project Syndicate-Martin Feldstein-The French Don't Get It-December 2011" 5839:(i.e. of the specific taxation and employment policies implemented by the 7450: 6875: 6827: 6822: 6645: 6138:
Money and the Rise of the Modern Papacy: Financing the Vatican, 1850–1950
5789: 5669:
The establishment of the CMU, is envisaged at the same time to require a
5628: 5579:
A new common deposit insurance would be less vulnerable than the current
5484:
better capture imbalances (external deficits) for the eurozone as a whole
4471: 3880: 3358: 3353: 3031: 2880: 2386: 2381: 2143: 2030: 526: 210:, whose EU membership predates the introduction of the euro, has a legal 6784: 6630: 5038: 5034: 4997:
On 16 December 1995, details such as the name of the new currency (the
4953:
The three stages for the implementation of the EMU were the following:
4447: 3856: 3334: 3329: 2854: 2362: 2357: 2004: 1511: 683: 500: 5478:
EIP should be triggered as soon as excessive imbalances are identified
5455:
competitiveness performance and policies for improving competitiveness
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On 1 January 2008, Cyprus and Malta join the third stage of the EMU.
24: 6926: 6587: 5559:
Implementing concrete steps towards the common backstop to the SRF:
5121: 5041:, but legally the national currencies have already ceased to exist. 4531: 4519: 4495: 4267: 3940: 3928: 3904: 3676: 3418: 3413: 3406: 3401: 3382: 3377: 3153: 3148: 2945: 2932: 2906: 2685: 2486: 2422: 2417: 2410: 2405: 2398: 2393: 2192: 2095: 2082: 2056: 1809: 796: 591: 578: 552: 305: 124: 6410: 5843:
of each Member State - which is published as part of their annual
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then subsequently feature a discussion of country specific issues.
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shall be devoted to the eurozone as a whole, and the second stage
5134:, common debt management and a completely integrated banking union 6717: 5111: 4507: 4387: 4363: 4339: 4327: 4315: 4279: 4255: 4243: 3916: 3796: 3772: 3748: 3736: 3724: 3688: 3664: 3652: 3463: 3394: 3389: 3274: 3269: 3250: 3245: 3226: 3221: 3214: 3209: 3202: 3197: 3165: 3160: 3141: 3136: 3129: 3124: 2992: 2919: 2802: 2776: 2750: 2737: 2724: 2698: 2672: 2659: 2546: 2522: 2510: 2290: 2285: 2266: 2261: 2254: 2249: 2230: 2225: 2218: 2213: 2206: 2201: 2069: 1939: 1913: 1887: 1874: 1861: 1822: 1796: 1783: 1592:
Agencies, decentralised independent bodies and joint undertakings
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strengthening of the supervisory framework for financial actors
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first to be conducted before the instrument becomes accessible.
5264:
Establish a new operational framework under the auspice of the
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reopened the debate about a reform of the architecture of the
5065:
On 1 January 2015, Lithuania joins the third stage of the EMU.
6707: 6506:
The euro (European Commission Economic and Financial Affairs)
5450:
Creation of a eurozone system of Competitiveness Authorities:
5400:
Second EMU reform plan (2015–25): The Five Presidents' Report
5056:
On 1 January 2009, Slovakia joins the third stage of the EMU.
5050:
On 1 January 2007, Slovenia joins the third stage of the EMU.
5026: 4956: 4543: 4459: 4411: 3952: 3868: 3820: 3430: 3425: 3346: 3341: 3298: 3293: 2958: 2867: 2815: 2434: 2429: 2374: 2369: 2326: 2321: 2108: 2017: 1965: 604: 513: 461: 5068:
On 1 January 2023, Croatia joins the third stage of the EMU.
5059:
On 1 January 2011, Estonia joins the third stage of the EMU.
4669:
Post-Brexit United Kingdom relations with the European Union
174:
is a group of policies aimed at converging the economies of
6552: 6377: 5062:
On 1 January 2014, Latvia joins the third stage of the EMU.
5047:
On 1 January 2002, the euro notes and coins are introduced.
5044:
On 1 January 2001, Greece joins the third stage of the EMU.
4998: 1459:
Economic and Financial Affairs configuration of the Council
182: 128: 6301: 5679:
A harmonized taxation scheme for capital market activities
5307:(SRM) as a common resolution authority and setting up the 5868:
Focusing on convergence, prosperity, and social cohesion.
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in Europe was first raised well before establishing the
6123:
France persuaded Belgium, Italy, Switzerland and Greece
5482:(B) The Macroeconomic Imbalance Procedure should also 5103:
Since membership of the eurozone establishes a single
6513:
subject file by the CVCE (Centre of European Studies)
6501:
EMU: A Historical Documentation (European Commission)
6432: 6430: 6421:"ESM direct bank recapitalisation instrument adopted" 6141:. New York: Cambridge University Press. p. 39. 5683:
update of EU legislation in the following four areas
5241:
This point has now been fully achieved, through the
218:and is thus not required to enter the third stage. 58:"Economic and Monetary Union of the European Union" 49:. Unsourced material may be challenged and removed. 6427: 6345:"Bargaining success in the reform of the Eurozone" 5587:Improving the effectiveness of the instrument for 5139: 6568:Economic and Monetary Union of the European Union 6219:"As Euro Nears 10, Cracks Emerge in Fiscal Union" 5953: 5486:- not just for each individual country, and also 5406:"Completing Europe's Economic and Monetary Union" 7592: 6272:http://library.fes.de/pdf-files/id/ipa/09034.pdf 6260:http://library.fes.de/pdf-files/id/ipa/10400.pdf 6093:"What is the Economic and Monetary Union? (EMU)" 5770:Treaty on Stability, Coordination and Governance 5544:Setting up a bridge financing mechanism for the 5259:in case of a bank's inability to pay its debts. 5201:Treaty on Stability, Coordination and Governance 5088: 4980:The treaty enters into force on 1 November 1993. 1454:Committee on Budgetary Control of the Parliament 6469:"Green Paper: Building a Capital Markets Union" 6390:"Towards a genuine Economic and Monetary Union" 5150:"Towards a genuine Economic and Monetary Union" 1631:European Institute of Innovation and Technology 733:Countries with suspended accession negotiations 5655:Make the capital markets work more effectively 5112:Plans for reformed Economic and Monetary Union 6537: 5888:Ensuring sound and integrated fiscal policies 5776:; and the Intergovernmental Agreement on the 5662:Make the capital markets more shock resilient 5647:Increase and diversify the sources of funding 5252:(DGSD; Directive 2014/49/EU of 16 April 2014) 5228:Capital Requirements Directive and Regulation 4985:Stage Two: 1 January 1994 to 31 December 1998 4812: 6172: 6000: 5631:describing how they envisage to build a new 5370:"enhanced coordination of economic policies" 5366:"common decision-making on national budgets" 5311:(SRF) as an appropriate financial backstop. 5245:(BRRD; Directive 2014/59/EU of 15 May 2014) 3556:Political groups of the European Parliament 1627:Decentralised independent bodies of the EU 7532:European Financial Stabilisation Mechanism 6544: 6530: 5612:regulated SRF payment for resolution costs 5474:reform implementation surveillance reports 5404:In June 2015, a follow-up report entitled 5027:Stage Three: 1 January 1999 and continuing 4957:Stage One: 1 July 1990 to 31 December 1993 4819: 4805: 155: ERM II member with opt-out (Denmark) 6360: 6319: 6240:. Project-syndicate.org. 28 December 2011 6177:. Cambridge University Press. p. 13. 5130:introduction of a fiscal capacity of the 1730:Publications Office of the European Union 109:Learn how and when to remove this message 6482:Bank, European Central (20 March 2020). 6471:. European Commission. 18 February 2015. 6457:. European Commission. 28 November 2014. 5627:The European Commission has published a 4153:European System of Financial Supervision 1449:Internal Audit Service of the Commission 133: 6392:. European Commission. 5 December 2012. 6134: 6077:Bank, European Central (10 July 2020). 6031: 5831:European Fund for Strategic Investments 5608:resolution bail-in by private creditors 5243:Bank Recovery and Resolution Directive 5144:In December 2012, at the height of the 4659:United Kingdom–European Union relations 2584:Non Euro countries relationship to Euro 7593: 6128: 6105: 5976: 5714:(stretching from November to February) 5553:Bank Recovery and Resolution Directive 5414:) was issued by the presidents of the 4681:United States–European Union relations 1700:European Economic and Social Committee 138:The Economic and Monetary Union (EMU) 7606:Monetary policy of the European Union 7527:European Financial Stability Facility 6718:Euro interbank offered rate (Euribor) 6525: 6099: 5827:"economic shock absorption mechanism" 5823:"economic shock absorption mechanism" 4831: 4704:European Union and the United Nations 4236:Foreign relations of EU member states 6919:Coins by country with minting rights 6481: 6440:. European Commission. 21 June 2015. 6076: 5520:Completing and fully exploiting the 5347:"economic shock-absorption function" 4709:European Union Association Agreement 4644:Switzerland–European Union relations 3541:Elections to the European Parliament 47:adding citations to reliable sources 18: 7101:French Southern and Antarctic Lands 5922:Banking union of the European Union 5876:Banking union of the European Union 5539:Banking union of the European Union 5461:Strengthened implementation of the 5378:(published as part of their annual 5301:Banking union of the European Union 5250:Deposit Guarantee Scheme Directive 5230:(CRD‑IV/CRR) will enter into force. 5224:Banking union of the European Union 4614:Kazakhstan–European Union relations 2165:Nuclear power in the European Union 1740:European Personnel Selection Office 1675:European Data Protection Supervisor 1636:European Public Prosecutor's Office 176:member states of the European Union 149: ERM II member without opt-out 13: 7330:European Monetary Cooperation Fund 6728:European payments initiative (EPI) 6106:Bolton, Sally (10 December 2001). 5947: 5898: 5673:(macro-prudential toolkit), and a 5581:national deposit guarantee schemes 5364:Establish an increasing degree of 5128:currency architecture comprising: 5008:decides at Amsterdam to adopt the 4887:goes back to an initiative by the 4848:existed from 1865 to 1927. In the 4768:Convention on the Future of Europe 4699:Microstates and the European Union 4579:Australia–European Union relations 4569:Argentina–European Union relations 3517: 3513:Microstates and the European Union 3094: 3062:Non-Schengen area EU member states 2628: 2169: 802:Withdrawal from the European Union 14: 7617: 6494: 5574:European Deposit Insurance Scheme 5463:Macroeconomic Imbalance Procedure 4746:European Coal and Steel Community 1710:European Union Military Committee 1695:European Committee of the Regions 1598:Decentralised agencies of the EU 1326:Member of the European Parliament 997:Abandoned treaties and agreements 7573: 7561: 7549: 6723:Single euro payments area (SEPA) 6626:European System of Central Banks 5937:European Supervisory Authorities 5439:Stage 1 (July 2015 – June 2017): 4948:European System of Central Banks 4916: 4779: 4654:Ukraine–European Union relations 4629:Moldova–European Union relations 4609:Iceland–European Union relations 4604:Georgia–European Union relations 4574:Armenia–European Union relations 4554: 4542: 4530: 4518: 4506: 4494: 4482: 4470: 4458: 4446: 4434: 4422: 4410: 4398: 4386: 4374: 4362: 4350: 4338: 4326: 4314: 4302: 4290: 4278: 4266: 4254: 4242: 3963: 3951: 3939: 3927: 3915: 3903: 3891: 3879: 3867: 3855: 3843: 3831: 3819: 3807: 3795: 3783: 3771: 3759: 3747: 3735: 3723: 3711: 3699: 3687: 3675: 3663: 3651: 3482: 3469: 3456: 3436: 3424: 3412: 3400: 3388: 3376: 3364: 3352: 3340: 3328: 3316: 3304: 3292: 3280: 3268: 3256: 3244: 3232: 3220: 3208: 3196: 3184: 3172: 3159: 3147: 3135: 3123: 3081: 3068: 3055:Visa policy of the Schengen Area 3024: 3011: 2998: 2985: 2964: 2951: 2938: 2925: 2912: 2899: 2886: 2873: 2860: 2847: 2834: 2821: 2808: 2795: 2782: 2769: 2756: 2743: 2730: 2717: 2704: 2691: 2678: 2665: 2652: 2557: 2545: 2533: 2521: 2509: 2497: 2485: 2458: 2428: 2416: 2404: 2392: 2380: 2368: 2356: 2344: 2332: 2320: 2308: 2296: 2284: 2272: 2260: 2248: 2236: 2224: 2212: 2200: 2149: 2136: 2114: 2101: 2088: 2075: 2062: 2049: 2036: 2023: 2010: 1997: 1984: 1971: 1958: 1945: 1932: 1919: 1906: 1893: 1880: 1867: 1854: 1841: 1828: 1815: 1802: 1789: 1776: 1735:European External Action Service 1705:Political and Security Committee 1612:European Supervisory Authorities 1142: 989:European Economic Area Agreement 762: 740: 718: 706: 694: 682: 670: 658: 646: 634: 610: 597: 584: 571: 558: 545: 532: 519: 506: 493: 480: 467: 454: 441: 428: 415: 402: 389: 376: 363: 350: 337: 324: 311: 298: 285: 272: 247: 192:European Exchange Rate Mechanism 23: 6551: 6475: 6461: 6336: 6295: 6276: 6264: 6252: 6230: 6212: 6035:Journal of European Integration 6004:Journal of European Integration 5903:The Historical Archives of the 5718:(stretching from March to July) 5140:First EMU reform plan (2012–15) 4649:Turkey–European Union relations 4639:Russia–European Union relations 4634:Norway–European Union relations 4624:Mexico–European Union relations 4589:Canada–European Union relations 4584:Brazil–European Union relations 4109:Passports of the European Union 3099:Schengen Area from January 2023 34:needs additional citations for 6201: 6192: 6181: 6166: 6155: 6108:"A history of currency unions" 6085: 6070: 5270:(utilized by Spain in 2012–13) 5146:European sovereign debt crisis 4619:Japan–European Union relations 4594:China–European Union relations 1750:European Administrative School 1646:European Data Protection Board 1531:European Investment Bank Group 240:Politics of the European Union 1: 7601:Economy of the European Union 6703:Economy of the European Union 6079:"Economic and Monetary Union" 6063: 5927:Economy of the European Union 5541:. This shall be achieved by: 5537:Complete construction of the 5470:Excessive Imbalance Procedure 5089:Monetary policy inflexibility 4599:European Union–NATO relations 3645:Elections in EU member states 3576:Referendums related to the EU 1571:European University Institute 1565:European University Institute 792:Germany–Netherlands relations 143: Members of the Eurozone 6833:2 € commemorative coins 6667:European Stability Mechanism 5800:European Stability Mechanism 5772:, the relevant parts of the 5692:European Systemic Risk Board 5604:systemically important banks 5600:direct bank recapitalisation 5593:European Stability Mechanism 5589:direct bank recapitalisation 5266:European Stability Mechanism 5220:European Banking Supervision 5072: 4136:European Banking Supervision 2174:Euratom since 1 January 2021 1621:Executive agencies of the EU 1558:European Stability Mechanism 1552:European Stability Mechanism 123:Not to be confused with the 7: 7340:European Monetary Institute 5910: 5806:More far-reaching measures 5740:Reinforce the steer of the 5640:Improve access to financing 5305:Single Resolution Mechanism 4992:European Monetary Institute 4964:European Economic Community 4838:economic and monetary union 4751:European Economic Community 4141:Single Resolution Mechanism 3508:EEA National Identity cards 3045:Schengen Information System 2577:Enlargement of the eurozone 2186:Economic and Monetary Union 1642:Corporate bodies of the EU 1260:Council preparatory bodies 1009:UK membership renegotiation 197:The EMU policies cover all 168:economic and monetary union 131:as their official currency. 16:Economic union and policies 10: 7622: 7194:Other extant EU currencies 7040:Monetary agreement with EU 5962:, Basingstoke: Macmillan, 5408:(often referred to as the 5226:, and ensure the proposed 5222:as a first element of the 5199:(as per Article 11 of the 5092: 4920: 1724:Inter-institutional bodies 1469:Public Prosecutor's Office 1436:European Court of Auditors 1429:European Court of Auditors 1382:Court of Justice of the EU 221: 122: 7544: 7519: 7388: 7368: 7275: 7266: 7226: 7202: 7191: 7167:Countries and territories 7164: 7114: 7096:Saint Pierre and Miquelon 7075: 7038: 6925: 6918: 6866: 6838:Other commemorative coins 6783: 6776: 6743: 6690: 6662:Stability and Growth Pact 6654: 6608: 6560: 6135:Pollard, John F. (2005). 6048:10.1080/07036330601144409 6017:10.1080/07036330400030064 5845:National Reform Programme 5565:ESM financial credit line 5490:current account surpluses 5380:National Reform Programme 5337: 5291: 5169: 5164: 5161: 5010:Stability and Growth Pact 4786:European Union portal 1389:European Court of Justice 816:Treaties and Declarations 782:Belgium–Germany relations 187:euro convergence criteria 7520:Former fiscal provisions 7290:European Monetary System 7080:using euro per agreement 6486:. European Central Bank. 6362:10.1177/1465116518811073 6321:10.1177/1465116518814336 6289:19 December 2013 at the 5468:(A) Its corrective arm ( 5411:"Five Presidents Report" 5322:contractual arrangements 5158: 5004:On 16–17 June 1997, the 4870:National Bank of Belgium 1669:Other independent bodies 1114:Legislative institutions 1087:College of Commissioners 1067:Von der Leyen Commission 787:France–Germany relations 229:This article is part of 7169:using euro unilaterally 6682:European Fiscal Compact 6423:. ESM. 8 December 2014. 6349:European Union Politics 6308:European Union Politics 5598:The ESM instrument for 5503:social protection floor 5165:Status as of June 2015 3050:Visa Information System 2478:Other currencies in use 1269:Council Working Parties 7396:European Currency Unit 7082:without minting rights 6578:European banking union 5977:Hacker, Björn (2013). 5954:Simonazzi, Annamaria; 5798:The intergovernmental 5778:Single Resolution Fund 5697:Launch a new advisory 5546:Single Resolution Fund 5309:Single Resolution Fund 5303:, by establishing the 5285:Single Resolution Fund 4861:European Forum Alpbach 4763:Western European Union 4131:European banking union 4067:European Single Market 3636:2024 (latest election) 3523: 3522:European Economic Area 3111:European Economic Area 3100: 2634: 2175: 1601:Single market agencies 1022:Executive institutions 962:Treaties of succession 653:Bosnia and Herzegovina 163: 161: Other EU members 7567:European Union portal 7116:Potential adoption by 7106:Akrotiri and Dhekelia 6853:Europa coin programme 6616:European Central Bank 6573:Capital Markets Union 5932:European Central Bank 5917:Capital Markets Union 5905:European Central Bank 5880:capital markets union 5699:European Fiscal Board 5633:Capital Markets Union 5622:Capital Markets Union 5572:Agreeing on a common 5376:of each Member State 5099:Optimum currency area 5093:Further information: 5079:optimum currency area 5020:European Central Bank 4865:De Nederlandsche Bank 4148:Capital Markets Union 4060:Free Trade Agreements 3521: 3098: 2632: 2173: 1482:European Central Bank 1443:Other auditory bodies 1423:Auditory institutions 1376:Judicial institutions 1121:Legislative procedure 1003:European Constitution 927:Treaties of accession 137: 7389:Preceding currencies 7355:European debt crisis 6745:International status 5530:Digital Market Union 5095:European debt crisis 5018:On 1 June 1998, the 4975:convergence criteria 4971:Treaty of Maastricht 4905:Bretton Woods System 4885:European Communities 4846:Latin Monetary Union 4844:. For example, the 4842:European Communities 4740:European Communities 4180:Enhanced cooperation 3551:European foundations 3168:(provisional member) 1717:EU/ESA Space Council 1584:Unified Patent Court 1578:Unified Patent Court 1364:National parliaments 1254:Directorates-general 43:improve this article 7370:Previous EU members 7284:Snake in the tunnel 6735:Euro Currency Index 5878:and constructing a 5432:European Parliament 5420:European Commission 4933:European Commission 4910:snake in the tunnel 4889:European Commission 4878:Deutsche Bundesbank 4219:Ext. Action Service 4204:High Representative 4170:European Federation 4044:Policies and issues 3503:EEA Joint Committee 2633:Eurozone since 2015 1655:Joint undertakings 1279:European Parliament 1060:European Commission 883:Treaty of Amsterdam 871:Single European Act 823:Schuman Declaration 777:Special territories 755:Applicant countries 627:Candidate countries 7579:Numismatics portal 7401:Austrian schilling 7078:Non-EU territories 6753:Proposed eurobonds 6484:"Delors Committee" 6224:The New York Times 5956:Vianello, Fernando 5855:Stage 3 (by 2025): 5817:corporate tax base 4832:Early developments 4758:European Community 4689:Common Travel Area 4175:Multi-speed Europe 4032:Fundamental Rights 3583:European elections 3524: 3101: 2635: 2176: 1680:European Ombudsman 1157:July–December 2024 983:Schengen Agreement 895:Berlin Declaration 865:Solemn Declaration 835:Europe Declaration 178:at three stages. 164: 7588: 7587: 7540: 7539: 7486:Portuguese escudo 7262: 7261: 7071: 7070: 6914: 6913: 6843:Identifying marks 6698:Economy of Europe 6655:Fiscal provisions 6148:978-0-521-81204-7 5841:National Job Plan 5397: 5396: 5374:National Job Plan 5274:debt-to-GDP ratio 5257:deposit insurance 5211:European Semester 5118:François Hollande 4854:Gustav Stresemann 4850:League of Nations 4829: 4828: 4197:Foreign relations 2130:Associated states 1745:Anti-Fraud Office 1464:Anti-Fraud Office 1399:Advocates General 1245:Secretary-General 1129:Council of the EU 1097:Secretary-General 877:Maastricht Treaty 119: 118: 111: 93: 7613: 7577: 7565: 7553: 7491:Sammarinese lira 7481:Monégasque franc 7471:Luxembourg franc 7466:Lithuanian litas 7335:Delors Committee 7324: 7318: 7313: 7307: 7302: 7296: 7273: 7272: 7239:Hungarian forint 7206: 7200: 7199: 7091:Saint Barthélemy 6923: 6922: 6781: 6780: 6758:Reserve currency 6546: 6539: 6532: 6523: 6522: 6488: 6487: 6479: 6473: 6472: 6465: 6459: 6458: 6456: 6448: 6442: 6441: 6434: 6425: 6424: 6417: 6408: 6407: 6400: 6394: 6393: 6386: 6375: 6374: 6364: 6340: 6334: 6333: 6323: 6299: 6293: 6280: 6274: 6268: 6262: 6256: 6250: 6249: 6247: 6245: 6234: 6228: 6216: 6210: 6205: 6199: 6196: 6190: 6185: 6179: 6178: 6170: 6164: 6159: 6153: 6152: 6132: 6126: 6125: 6120: 6118: 6103: 6097: 6096: 6089: 6083: 6082: 6074: 6059: 6028: 5997: 5985: 5973: 5892:Political Union: 5872:Financial union: 5848: 5820: 5763: 5749: 5719: 5715: 5707: 5615: 5584: 5569: 5556: 5517: 5506: 5494: 5458: 5392: 5383: 5358: 5342: 5341:(2015 and later) 5332: 5296: 5271: 5255:which regulates 5253: 5246: 5204: 5174: 5156: 5155: 5006:European Council 4929:Delors Committee 4923:Delors Committee 4821: 4814: 4807: 4784: 4783: 4782: 4559: 4558: 4547: 4546: 4535: 4534: 4523: 4522: 4511: 4510: 4499: 4498: 4487: 4486: 4475: 4474: 4463: 4462: 4451: 4450: 4439: 4438: 4427: 4426: 4415: 4414: 4403: 4402: 4391: 4390: 4379: 4378: 4367: 4366: 4355: 4354: 4343: 4342: 4331: 4330: 4319: 4318: 4307: 4306: 4295: 4294: 4283: 4282: 4271: 4270: 4259: 4258: 4247: 4246: 4165:Supranationalism 4072:Area of FS&J 3968: 3967: 3956: 3955: 3944: 3943: 3932: 3931: 3920: 3919: 3908: 3907: 3896: 3895: 3884: 3883: 3872: 3871: 3860: 3859: 3848: 3847: 3836: 3835: 3824: 3823: 3812: 3811: 3800: 3799: 3788: 3787: 3776: 3775: 3764: 3763: 3752: 3751: 3740: 3739: 3728: 3727: 3716: 3715: 3704: 3703: 3692: 3691: 3680: 3679: 3668: 3667: 3656: 3655: 3546:European parties 3487: 3486: 3485: 3474: 3473: 3472: 3461: 3460: 3459: 3441: 3440: 3429: 3428: 3417: 3416: 3405: 3404: 3393: 3392: 3381: 3380: 3369: 3368: 3357: 3356: 3345: 3344: 3333: 3332: 3321: 3320: 3309: 3308: 3297: 3296: 3285: 3284: 3273: 3272: 3261: 3260: 3249: 3248: 3237: 3236: 3225: 3224: 3213: 3212: 3201: 3200: 3189: 3188: 3177: 3176: 3164: 3163: 3152: 3151: 3140: 3139: 3128: 3127: 3086: 3085: 3084: 3073: 3072: 3071: 3029: 3028: 3027: 3016: 3015: 3014: 3003: 3002: 3001: 2990: 2989: 2988: 2969: 2968: 2967: 2956: 2955: 2954: 2943: 2942: 2941: 2930: 2929: 2928: 2917: 2916: 2915: 2904: 2903: 2902: 2891: 2890: 2889: 2878: 2877: 2876: 2865: 2864: 2863: 2852: 2851: 2850: 2839: 2838: 2837: 2826: 2825: 2824: 2813: 2812: 2811: 2800: 2799: 2798: 2787: 2786: 2785: 2774: 2773: 2772: 2761: 2760: 2759: 2748: 2747: 2746: 2735: 2734: 2733: 2722: 2721: 2720: 2709: 2708: 2707: 2696: 2695: 2694: 2683: 2682: 2681: 2670: 2669: 2668: 2657: 2656: 2655: 2562: 2561: 2550: 2549: 2538: 2537: 2528:Hungarian forint 2526: 2525: 2514: 2513: 2502: 2501: 2490: 2489: 2463: 2462: 2433: 2432: 2421: 2420: 2409: 2408: 2397: 2396: 2385: 2384: 2373: 2372: 2361: 2360: 2349: 2348: 2337: 2336: 2325: 2324: 2313: 2312: 2301: 2300: 2289: 2288: 2277: 2276: 2265: 2264: 2253: 2252: 2241: 2240: 2229: 2228: 2217: 2216: 2205: 2204: 2193:Eurozone members 2154: 2153: 2152: 2141: 2140: 2139: 2119: 2118: 2117: 2106: 2105: 2104: 2093: 2092: 2091: 2080: 2079: 2078: 2067: 2066: 2065: 2054: 2053: 2052: 2041: 2040: 2039: 2028: 2027: 2026: 2015: 2014: 2013: 2002: 2001: 2000: 1989: 1988: 1987: 1976: 1975: 1974: 1963: 1962: 1961: 1950: 1949: 1948: 1937: 1936: 1935: 1924: 1923: 1922: 1911: 1910: 1909: 1898: 1897: 1896: 1885: 1884: 1883: 1872: 1871: 1870: 1859: 1858: 1857: 1846: 1845: 1844: 1833: 1832: 1831: 1820: 1819: 1818: 1807: 1806: 1805: 1794: 1793: 1792: 1781: 1780: 1779: 1624:Euratom agencies 1249:Thérèse Blanchet 1147: 1146: 1050:List of meetings 1028:European Council 901:Treaty of Lisbon 767: 766: 745: 744: 723: 722: 711: 710: 699: 698: 687: 686: 675: 674: 663: 662: 651: 650: 639: 638: 615: 614: 613: 602: 601: 600: 589: 588: 587: 576: 575: 574: 563: 562: 561: 550: 549: 548: 537: 536: 535: 524: 523: 522: 511: 510: 509: 498: 497: 496: 485: 484: 483: 472: 471: 470: 459: 458: 457: 446: 445: 444: 433: 432: 431: 420: 419: 418: 407: 406: 405: 394: 393: 392: 381: 380: 379: 368: 367: 366: 355: 354: 353: 342: 341: 340: 329: 328: 327: 316: 315: 314: 303: 302: 301: 290: 289: 288: 277: 276: 275: 251: 226: 225: 160: 154: 148: 142: 114: 107: 103: 100: 94: 92: 51: 27: 19: 7621: 7620: 7616: 7615: 7614: 7612: 7611: 7610: 7591: 7590: 7589: 7584: 7536: 7515: 7501:Slovenian tolar 7384: 7373: 7371: 7364: 7350:Black Wednesday 7320: 7316: 7309: 7305: 7298: 7294: 7258: 7222: 7204: 7196: 7187: 7171: 7168: 7160: 7119: 7118:other countries 7117: 7110: 7084: 7081: 7079: 7067: 7034: 6910: 6862: 6772: 6739: 6713:Euro calculator 6686: 6650: 6604: 6556: 6550: 6497: 6492: 6491: 6480: 6476: 6467: 6466: 6462: 6454: 6450: 6449: 6445: 6436: 6435: 6428: 6419: 6418: 6411: 6402: 6401: 6397: 6388: 6387: 6378: 6341: 6337: 6300: 6296: 6291:Wayback Machine 6281: 6277: 6269: 6265: 6257: 6253: 6243: 6241: 6236: 6235: 6231: 6217: 6213: 6206: 6202: 6197: 6193: 6186: 6182: 6171: 6167: 6160: 6156: 6149: 6133: 6129: 6116: 6114: 6104: 6100: 6091: 6090: 6086: 6075: 6071: 6066: 5994: 5983: 5970: 5950: 5948:Further reading 5942:Internal Market 5913: 5901: 5899:Primary sources 5874:Completing the 5866:Economic union: 5838: 5814: 5757: 5747: 5717: 5713: 5704: 5597: 5596: 5578: 5577: 5561: 5560: 5550: 5549: 5524:by creating an 5515: 5513: 5511: 5510: 5499: 5498: 5481: 5467: 5466: 5452: 5451: 5402: 5390: 5389: 5388:Status unknown. 5377: 5356: 5355: 5354:Status unknown. 5340: 5339: 5330: 5329: 5328:Status unknown. 5294: 5293: 5269: 5251: 5244: 5198: 5172: 5171: 5142: 5114: 5105:monetary policy 5101: 5091: 5075: 5029: 4987: 4959: 4925: 4919: 4859:In 1957 at the 4836:The idea of an 4834: 4825: 4796: 4792:Other countries 4780: 4778: 4773: 4772: 4735: 4727: 4726: 4713: 4685: 4565: 4553: 4541: 4529: 4517: 4505: 4493: 4481: 4469: 4457: 4445: 4433: 4421: 4409: 4397: 4385: 4373: 4361: 4349: 4337: 4325: 4313: 4301: 4289: 4277: 4265: 4253: 4241: 4238: 4233: 4215: 4207: 4199: 4189: 4188: 4119:Pro-Europeanism 4045: 4037: 4036: 3985: 3975: 3974: 3962: 3950: 3938: 3926: 3914: 3902: 3890: 3878: 3866: 3854: 3842: 3830: 3818: 3806: 3794: 3782: 3770: 3758: 3746: 3734: 3722: 3710: 3698: 3686: 3674: 3662: 3650: 3647: 3642: 3641: 3640: 3585: 3580: 3561:Spitzenkandidat 3536: 3526: 3525: 3499: 3494: 3483: 3481: 3470: 3468: 3457: 3455: 3452: 3447: 3435: 3423: 3411: 3399: 3387: 3375: 3363: 3351: 3339: 3327: 3315: 3303: 3291: 3279: 3267: 3255: 3243: 3231: 3219: 3207: 3195: 3183: 3171: 3158: 3146: 3134: 3122: 3119: 3113: 3103: 3102: 3082: 3080: 3069: 3067: 3064: 3059: 3040:Prüm Convention 3036: 3025: 3023: 3012: 3010: 2999: 2997: 2986: 2984: 2981: 2976: 2965: 2963: 2952: 2950: 2939: 2937: 2926: 2924: 2913: 2911: 2900: 2898: 2887: 2885: 2874: 2872: 2861: 2859: 2848: 2846: 2835: 2833: 2822: 2820: 2809: 2807: 2796: 2794: 2783: 2781: 2770: 2768: 2757: 2755: 2744: 2742: 2731: 2729: 2718: 2716: 2705: 2703: 2692: 2690: 2679: 2677: 2666: 2664: 2653: 2651: 2647: 2637: 2636: 2627: 2626: 2586: 2581: 2568: 2556: 2544: 2532: 2520: 2508: 2496: 2484: 2481: 2474: 2472: 2465:Paschal Donohoe 2457: 2449: 2442: 2440: 2427: 2415: 2403: 2391: 2379: 2367: 2355: 2343: 2331: 2319: 2307: 2295: 2283: 2271: 2259: 2247: 2235: 2223: 2211: 2199: 2196: 2188: 2178: 2177: 2161: 2150: 2148: 2137: 2135: 2132: 2127: 2126: 2115: 2113: 2102: 2100: 2089: 2087: 2076: 2074: 2063: 2061: 2050: 2048: 2037: 2035: 2024: 2022: 2011: 2009: 1998: 1996: 1985: 1983: 1972: 1970: 1959: 1957: 1946: 1944: 1933: 1931: 1920: 1918: 1907: 1905: 1894: 1892: 1881: 1879: 1868: 1866: 1855: 1853: 1842: 1840: 1829: 1827: 1816: 1814: 1803: 1801: 1790: 1788: 1777: 1775: 1771: 1769:Euratom members 1765: 1755: 1754: 1726: 1721: 1691: 1688:Advisory bodies 1684: 1671: 1666: 1595: 1588: 1580: 1575: 1567: 1562: 1554: 1549: 1542:Investment Fund 1537:Investment Bank 1533: 1527: 1519: 1518: 1484: 1474: 1473: 1445: 1440: 1432: 1424: 1416: 1415: 1385: 1377: 1369: 1368: 1367: 1360: 1344:Vice Presidents 1288: 1282: 1275: 1231: 1230: 1229: 1167: 1162: 1161: 1160: 1153: 1141: 1139: 1132: 1125: 1116: 1106: 1105: 1082:Vice Presidents 1063: 1056: 1031: 1023: 1015: 1014: 999: 994: 979: 974: 973: 964: 959: 958: 929: 924: 923: 918: 829:Treaty of Paris 818: 808: 807: 806: 773: 761: 758: 751: 739: 736: 729: 717: 705: 701:North Macedonia 693: 681: 669: 657: 645: 633: 630: 623: 622: 611: 609: 598: 596: 585: 583: 572: 570: 559: 557: 546: 544: 533: 531: 520: 518: 507: 505: 494: 492: 481: 479: 468: 466: 455: 453: 442: 440: 429: 427: 416: 414: 403: 401: 390: 388: 377: 375: 364: 362: 351: 349: 338: 336: 325: 323: 312: 310: 299: 297: 286: 284: 273: 271: 266: 242: 224: 162: 158: 156: 152: 150: 146: 144: 140: 132: 115: 104: 98: 95: 52: 50: 40: 28: 17: 12: 11: 5: 7619: 7609: 7608: 7603: 7586: 7585: 7583: 7582: 7570: 7558: 7545: 7542: 7541: 7538: 7537: 7535: 7534: 7529: 7523: 7521: 7517: 7516: 7514: 7513: 7508: 7506:Spanish peseta 7503: 7498: 7493: 7488: 7483: 7478: 7473: 7468: 7463: 7458: 7453: 7448: 7443: 7438: 7433: 7431:Finnish markka 7428: 7426:Estonian kroon 7423: 7418: 7413: 7408: 7403: 7398: 7392: 7390: 7386: 7385: 7383: 7382: 7380:United Kingdom 7376: 7374: 7369: 7366: 7365: 7363: 7362: 7357: 7352: 7347: 7342: 7337: 7332: 7327: 7326: 7325: 7314: 7303: 7287: 7279: 7277: 7270: 7264: 7263: 7260: 7259: 7257: 7256: 7251: 7246: 7241: 7236: 7230: 7228: 7224: 7223: 7221: 7220: 7215: 7209: 7207: 7197: 7192: 7189: 7188: 7186: 7185: 7180: 7174: 7172: 7165: 7162: 7161: 7159: 7158: 7153: 7148: 7143: 7138: 7133: 7131:Czech Republic 7128: 7122: 7120: 7115: 7112: 7111: 7109: 7108: 7103: 7098: 7093: 7087: 7085: 7076: 7073: 7072: 7069: 7068: 7066: 7065: 7060: 7055: 7050: 7044: 7042: 7036: 7035: 7033: 7032: 7027: 7022: 7017: 7012: 7007: 7002: 6997: 6992: 6987: 6982: 6977: 6972: 6967: 6962: 6957: 6952: 6947: 6942: 6937: 6931: 6929: 6920: 6916: 6915: 6912: 6911: 6909: 6908: 6903: 6898: 6893: 6888: 6883: 6878: 6872: 6870: 6864: 6863: 6861: 6860: 6855: 6850: 6845: 6840: 6835: 6830: 6825: 6820: 6815: 6810: 6805: 6800: 6795: 6789: 6787: 6778: 6774: 6773: 6771: 6770: 6768:World currency 6765: 6760: 6755: 6749: 6747: 6741: 6740: 6738: 6737: 6732: 6731: 6730: 6720: 6715: 6710: 6705: 6700: 6694: 6692: 6688: 6687: 6685: 6684: 6679: 6674: 6672:Euro Plus Pact 6669: 6664: 6658: 6656: 6652: 6651: 6649: 6648: 6643: 6638: 6633: 6628: 6623: 6618: 6612: 6610: 6609:Administration 6606: 6605: 6603: 6602: 6595: 6590: 6585: 6580: 6575: 6570: 6564: 6562: 6558: 6557: 6549: 6548: 6541: 6534: 6526: 6520: 6519: 6514: 6508: 6503: 6496: 6495:External links 6493: 6490: 6489: 6474: 6460: 6443: 6426: 6409: 6395: 6376: 6335: 6294: 6275: 6263: 6251: 6229: 6211: 6200: 6191: 6180: 6165: 6154: 6147: 6127: 6098: 6084: 6068: 6067: 6065: 6062: 6061: 6060: 6029: 5998: 5992: 5974: 5968: 5949: 5946: 5945: 5944: 5939: 5934: 5929: 5924: 5919: 5912: 5909: 5900: 5897: 5896: 5895: 5889: 5883: 5869: 5859: 5858: 5851: 5850: 5834: 5811: 5804: 5795: 5794: 5782: 5781: 5774:Euro Plus Pact 5766: 5765: 5764: 5752: 5751: 5750: 5738: 5735: 5734: 5733: 5730: 5727: 5721: 5710: 5709: 5708: 5695: 5690:Reinforce the 5688: 5687: 5686: 5667: 5666: 5665: 5658: 5651: 5643: 5618: 5617: 5616: 5585: 5570: 5557: 5535: 5534: 5533: 5518: 5507: 5495: 5459: 5444: 5443: 5401: 5398: 5395: 5394: 5385: 5361: 5360: 5351: 5343: 5335: 5334: 5325: 5316: 5315: 5312: 5297: 5289: 5288: 5281:systemic banks 5277: 5261: 5260: 5239: 5235: 5234: 5231: 5215: 5214: 5206: 5194: 5193: 5190: 5183:Fiscal Compact 5175: 5167: 5166: 5163: 5160: 5141: 5138: 5113: 5110: 5090: 5087: 5074: 5071: 5070: 5069: 5066: 5063: 5060: 5057: 5054: 5051: 5048: 5045: 5042: 5028: 5025: 5024: 5023: 5016: 5013: 5002: 4995: 4986: 4983: 4982: 4981: 4978: 4967: 4958: 4955: 4937:Jacques Delors 4921:Main article: 4918: 4915: 4874:Bank of France 4833: 4830: 4827: 4826: 4824: 4823: 4816: 4809: 4801: 4798: 4797: 4795: 4794: 4788: 4775: 4774: 4771: 4770: 4765: 4760: 4755: 4754: 4753: 4748: 4736: 4734:Defunct bodies 4733: 4732: 4729: 4728: 4725: 4724: 4719: 4712: 4711: 4706: 4701: 4696: 4684: 4683: 4678: 4677: 4676: 4671: 4656: 4651: 4646: 4641: 4636: 4631: 4626: 4621: 4616: 4611: 4606: 4601: 4596: 4591: 4586: 4581: 4576: 4571: 4564: 4563: 4551: 4539: 4527: 4515: 4503: 4491: 4479: 4467: 4455: 4443: 4431: 4419: 4407: 4395: 4383: 4371: 4359: 4347: 4335: 4323: 4311: 4309:Czech Republic 4299: 4287: 4275: 4263: 4251: 4234: 4232: 4231: 4229:Defence Policy 4226: 4224:Foreign Policy 4221: 4214: 4213: 4201: 4200: 4195: 4194: 4191: 4190: 4187: 4186: 4185: 4184: 4183: 4182: 4172: 4167: 4157: 4156: 4155: 4145: 4144: 4143: 4138: 4128: 4127: 4126: 4124:Euroscepticism 4121: 4116: 4111: 4101: 4100: 4099: 4094: 4089: 4084: 4076: 4075: 4074: 4064: 4063: 4062: 4052: 4046: 4043: 4042: 4039: 4038: 4035: 4034: 4029: 4027:Recommendation 4024: 4019: 4014: 4009: 4008: 4007: 4002: 3986: 3981: 3980: 3977: 3976: 3973: 3972: 3960: 3948: 3936: 3924: 3912: 3900: 3888: 3876: 3864: 3852: 3840: 3828: 3816: 3804: 3792: 3780: 3768: 3756: 3744: 3732: 3720: 3718:Czech Republic 3708: 3696: 3684: 3672: 3660: 3643: 3639: 3638: 3633: 3628: 3623: 3618: 3613: 3608: 3603: 3598: 3593: 3587: 3586: 3581: 3579: 3578: 3573: 3568: 3566:Constituencies 3563: 3558: 3553: 3548: 3543: 3537: 3532: 3531: 3528: 3527: 3516: 3515: 3510: 3505: 3495: 3493: 3492: 3479: 3466: 3450:Non-EU members 3448: 3446: 3445: 3433: 3421: 3409: 3397: 3385: 3373: 3361: 3349: 3337: 3325: 3313: 3301: 3289: 3277: 3265: 3253: 3241: 3229: 3217: 3205: 3193: 3191:Czech Republic 3181: 3169: 3156: 3144: 3132: 3115: 3114: 3109: 3108: 3105: 3104: 3093: 3092: 3078: 3060: 3058: 3057: 3052: 3047: 3042: 3035: 3034: 3021: 3008: 2995: 2979:Non-EU members 2977: 2975: 2974: 2961: 2948: 2935: 2922: 2909: 2896: 2883: 2870: 2857: 2844: 2831: 2818: 2805: 2792: 2779: 2766: 2753: 2740: 2727: 2714: 2712:Czech Republic 2701: 2688: 2675: 2662: 2648: 2643: 2642: 2639: 2638: 2625: 2624: 2619: 2614: 2609: 2604: 2599: 2594: 2588: 2587: 2582: 2580: 2579: 2574: 2567: 2566: 2554: 2542: 2530: 2518: 2506: 2494: 2475: 2470: 2469: 2468: 2467: 2443: 2438: 2437: 2425: 2413: 2401: 2389: 2377: 2365: 2353: 2341: 2329: 2317: 2305: 2293: 2281: 2269: 2257: 2245: 2233: 2221: 2209: 2190: 2189: 2184: 2183: 2180: 2179: 2168: 2167: 2160: 2159: 2157:United Kingdom 2146: 2128: 2125: 2124: 2111: 2098: 2085: 2072: 2059: 2046: 2033: 2020: 2007: 1994: 1981: 1968: 1955: 1942: 1929: 1916: 1903: 1890: 1877: 1864: 1851: 1849:Czech Republic 1838: 1825: 1812: 1799: 1786: 1772: 1767: 1766: 1761: 1760: 1757: 1756: 1753: 1752: 1747: 1742: 1737: 1732: 1722: 1720: 1719: 1714: 1713: 1712: 1702: 1697: 1685: 1683: 1682: 1677: 1667: 1665: 1664: 1663: 1662: 1661:of the Euratom 1659: 1653: 1652: 1651: 1648: 1640: 1639: 1638: 1633: 1625: 1622: 1619: 1618: 1617: 1614: 1608: 1605: 1602: 1589: 1587: 1586: 1576: 1574: 1573: 1563: 1561: 1560: 1550: 1548: 1547: 1544: 1539: 1529: 1528: 1525: 1524: 1521: 1520: 1517: 1516: 1515: 1514: 1509: 1507:Euro banknotes 1504: 1499: 1485: 1480: 1479: 1476: 1475: 1472: 1471: 1466: 1461: 1456: 1451: 1441: 1439: 1438: 1426: 1425: 1422: 1421: 1418: 1417: 1414: 1413: 1408: 1407: 1406: 1401: 1396: 1379: 1378: 1375: 1374: 1371: 1370: 1361: 1359: 1358: 1353: 1352: 1351: 1346: 1336: 1330: 1329: 1328: 1323: 1313: 1301:Largest groups 1298: 1276: 1274: 1273: 1272: 1271: 1266: 1258: 1257: 1256: 1251: 1237: 1228: 1227: 1222: 1217: 1212: 1207: 1202: 1197: 1192: 1191: 1190: 1180: 1175: 1169: 1168: 1165:Configurations 1163: 1154: 1140: 1133: 1126: 1124: 1123: 1117: 1112: 1111: 1108: 1107: 1104: 1103: 1094: 1089: 1084: 1079: 1069: 1057: 1055: 1054: 1053: 1052: 1047: 1025: 1024: 1021: 1020: 1017: 1016: 1013: 1012: 1006: 995: 993: 992: 986: 977:Other treaties 975: 965: 960: 930: 925: 919: 917: 916: 915: 914: 909: 898: 892: 889:Treaty of Nice 886: 880: 874: 868: 862: 856: 853:Euratom Treaty 850: 847:Treaty of Rome 844: 838: 832: 826: 819: 814: 813: 810: 809: 805: 804: 799: 794: 789: 784: 779: 772: 771: 752: 750: 749: 730: 728: 727: 715: 703: 691: 679: 667: 655: 643: 624: 621: 620: 607: 594: 581: 568: 555: 542: 529: 516: 503: 490: 477: 464: 451: 438: 425: 412: 399: 386: 373: 360: 347: 345:Czech Republic 334: 321: 308: 295: 282: 268: 267: 261: 260: 257: 256: 253: 252: 244: 243: 238: 235: 234: 223: 220: 199:European Union 172:European Union 157: 151: 145: 139: 117: 116: 31: 29: 22: 15: 9: 6: 4: 3: 2: 7618: 7607: 7604: 7602: 7599: 7598: 7596: 7581: 7580: 7576: 7571: 7569: 7568: 7564: 7559: 7557: 7556: 7552: 7547: 7546: 7543: 7533: 7530: 7528: 7525: 7524: 7522: 7518: 7512: 7509: 7507: 7504: 7502: 7499: 7497: 7496:Slovak koruna 7494: 7492: 7489: 7487: 7484: 7482: 7479: 7477: 7474: 7472: 7469: 7467: 7464: 7462: 7459: 7457: 7454: 7452: 7449: 7447: 7446:Greek drachma 7444: 7442: 7439: 7437: 7434: 7432: 7429: 7427: 7424: 7422: 7421:Dutch guilder 7419: 7417: 7416:Cypriot pound 7414: 7412: 7411:Croatian kuna 7409: 7407: 7406:Belgian franc 7404: 7402: 7399: 7397: 7394: 7393: 7391: 7387: 7381: 7378: 7377: 7375: 7367: 7361: 7358: 7356: 7353: 7351: 7348: 7346: 7343: 7341: 7338: 7336: 7333: 7331: 7328: 7323: 7315: 7312: 7304: 7301: 7293: 7292: 7291: 7288: 7285: 7281: 7280: 7278: 7274: 7271: 7269: 7265: 7255: 7254:Swedish krona 7252: 7250: 7247: 7245: 7242: 7240: 7237: 7235: 7232: 7231: 7229: 7225: 7219: 7216: 7214: 7213:Bulgarian lev 7211: 7210: 7208: 7201: 7198: 7195: 7190: 7184: 7181: 7179: 7176: 7175: 7173: 7170: 7163: 7157: 7154: 7152: 7149: 7147: 7144: 7142: 7139: 7137: 7134: 7132: 7129: 7127: 7124: 7123: 7121: 7113: 7107: 7104: 7102: 7099: 7097: 7094: 7092: 7089: 7088: 7086: 7083: 7074: 7064: 7061: 7059: 7056: 7054: 7051: 7049: 7046: 7045: 7043: 7041: 7037: 7031: 7028: 7026: 7023: 7021: 7018: 7016: 7013: 7011: 7008: 7006: 7003: 7001: 6998: 6996: 6993: 6991: 6988: 6986: 6983: 6981: 6978: 6976: 6973: 6971: 6968: 6966: 6963: 6961: 6958: 6956: 6953: 6951: 6948: 6946: 6943: 6941: 6938: 6936: 6933: 6932: 6930: 6928: 6924: 6921: 6917: 6907: 6904: 6902: 6899: 6897: 6894: 6892: 6889: 6887: 6884: 6882: 6879: 6877: 6874: 6873: 6871: 6869: 6865: 6859: 6856: 6854: 6851: 6849: 6846: 6844: 6841: 6839: 6836: 6834: 6831: 6829: 6826: 6824: 6821: 6819: 6816: 6814: 6811: 6809: 6806: 6804: 6801: 6799: 6796: 6794: 6791: 6790: 6788: 6786: 6782: 6779: 6777:Denominations 6775: 6769: 6766: 6764: 6761: 6759: 6756: 6754: 6751: 6750: 6748: 6746: 6742: 6736: 6733: 6729: 6726: 6725: 6724: 6721: 6719: 6716: 6714: 6711: 6709: 6706: 6704: 6701: 6699: 6696: 6695: 6693: 6689: 6683: 6680: 6678: 6675: 6673: 6670: 6668: 6665: 6663: 6660: 6659: 6657: 6653: 6647: 6644: 6642: 6639: 6637: 6634: 6632: 6629: 6627: 6624: 6622: 6621:ECB president 6619: 6617: 6614: 6613: 6611: 6607: 6601: 6600: 6599:Euro-Skulptur 6596: 6594: 6591: 6589: 6586: 6584: 6581: 6579: 6576: 6574: 6571: 6569: 6566: 6565: 6563: 6559: 6554: 6547: 6542: 6540: 6535: 6533: 6528: 6527: 6524: 6518: 6515: 6512: 6509: 6507: 6504: 6502: 6499: 6498: 6485: 6478: 6470: 6464: 6453: 6447: 6439: 6433: 6431: 6422: 6416: 6414: 6405: 6399: 6391: 6385: 6383: 6381: 6372: 6368: 6363: 6358: 6354: 6350: 6346: 6339: 6331: 6327: 6322: 6317: 6313: 6309: 6305: 6298: 6292: 6288: 6285: 6279: 6273: 6267: 6261: 6255: 6239: 6233: 6227:, 1 May 2008) 6226: 6225: 6220: 6215: 6209: 6208:Delors Report 6204: 6195: 6189: 6184: 6176: 6169: 6163: 6158: 6150: 6144: 6140: 6139: 6131: 6124: 6113: 6109: 6102: 6094: 6088: 6080: 6073: 6069: 6057: 6053: 6049: 6045: 6041: 6037: 6036: 6030: 6026: 6022: 6018: 6014: 6011:(1): 89–109. 6010: 6006: 6005: 5999: 5995: 5993:9783864987465 5989: 5982: 5981: 5975: 5971: 5969:9780333792933 5965: 5961: 5957: 5952: 5951: 5943: 5940: 5938: 5935: 5933: 5930: 5928: 5925: 5923: 5920: 5918: 5915: 5914: 5908: 5906: 5893: 5890: 5887: 5886:Fiscal union: 5884: 5881: 5877: 5873: 5870: 5867: 5864: 5863: 5862: 5856: 5853: 5852: 5846: 5842: 5835: 5832: 5828: 5824: 5818: 5812: 5809: 5805: 5801: 5797: 5796: 5791: 5787: 5784: 5783: 5779: 5775: 5771: 5767: 5761: 5756: 5755: 5753: 5746: 5745: 5743: 5739: 5736: 5731: 5728: 5725: 5724: 5722: 5711: 5703: 5702: 5700: 5696: 5693: 5689: 5684: 5680: 5676: 5672: 5668: 5663: 5659: 5656: 5652: 5648: 5644: 5641: 5637: 5636: 5634: 5630: 5626: 5625: 5623: 5620:Launch a new 5619: 5613: 5609: 5605: 5601: 5594: 5590: 5586: 5582: 5575: 5571: 5566: 5558: 5554: 5547: 5543: 5542: 5540: 5536: 5531: 5527: 5523: 5522:Single Market 5519: 5508: 5504: 5496: 5492: 5491: 5485: 5479: 5475: 5471: 5464: 5460: 5456: 5449: 5448: 5446: 5445: 5440: 5437: 5436: 5435: 5433: 5429: 5425: 5421: 5417: 5413: 5412: 5407: 5393: 5386: 5381: 5375: 5371: 5367: 5363: 5362: 5359: 5352: 5348: 5344: 5336: 5333: 5326: 5323: 5318: 5317: 5313: 5310: 5306: 5302: 5299:Complete the 5298: 5290: 5286: 5282: 5278: 5275: 5267: 5263: 5262: 5258: 5254: 5247: 5240: 5237: 5236: 5232: 5229: 5225: 5221: 5217: 5216: 5212: 5207: 5202: 5196: 5195: 5191: 5188: 5184: 5180: 5176: 5168: 5157: 5154: 5151: 5147: 5137: 5135: 5133: 5127: 5123: 5119: 5109: 5106: 5100: 5096: 5086: 5082: 5080: 5067: 5064: 5061: 5058: 5055: 5052: 5049: 5046: 5043: 5040: 5036: 5031: 5030: 5021: 5017: 5014: 5011: 5007: 5003: 5000: 4996: 4993: 4989: 4988: 4979: 4976: 4972: 4968: 4965: 4961: 4960: 4954: 4951: 4949: 4944: 4942: 4938: 4934: 4930: 4924: 4917:Delors Report 4914: 4912: 4911: 4906: 4902: 4901:Pierre Werner 4897: 4895: 4890: 4886: 4881: 4879: 4875: 4871: 4866: 4862: 4857: 4855: 4851: 4847: 4843: 4839: 4822: 4817: 4815: 4810: 4808: 4803: 4802: 4800: 4799: 4793: 4790: 4789: 4787: 4777: 4776: 4769: 4766: 4764: 4761: 4759: 4756: 4752: 4749: 4747: 4744: 4743: 4741: 4738: 4737: 4731: 4730: 4723: 4720: 4718: 4715: 4714: 4710: 4707: 4705: 4702: 4700: 4697: 4694: 4690: 4687: 4686: 4682: 4679: 4675: 4672: 4670: 4667: 4666: 4664: 4660: 4657: 4655: 4652: 4650: 4647: 4645: 4642: 4640: 4637: 4635: 4632: 4630: 4627: 4625: 4622: 4620: 4617: 4615: 4612: 4610: 4607: 4605: 4602: 4600: 4597: 4595: 4592: 4590: 4587: 4585: 4582: 4580: 4577: 4575: 4572: 4570: 4567: 4566: 4562: 4557: 4552: 4550: 4545: 4540: 4538: 4533: 4528: 4526: 4521: 4516: 4514: 4509: 4504: 4502: 4497: 4492: 4490: 4485: 4480: 4478: 4473: 4468: 4466: 4461: 4456: 4454: 4449: 4444: 4442: 4437: 4432: 4430: 4425: 4420: 4418: 4413: 4408: 4406: 4401: 4396: 4394: 4389: 4384: 4382: 4377: 4372: 4370: 4365: 4360: 4358: 4353: 4348: 4346: 4341: 4336: 4334: 4329: 4324: 4322: 4317: 4312: 4310: 4305: 4300: 4298: 4293: 4288: 4286: 4281: 4276: 4274: 4269: 4264: 4262: 4257: 4252: 4250: 4245: 4240: 4239: 4237: 4230: 4227: 4225: 4222: 4220: 4217: 4216: 4212: 4211:Josep Borrell 4209: 4208: 4206: 4205: 4198: 4193: 4192: 4181: 4178: 4177: 4176: 4173: 4171: 4168: 4166: 4163: 4162: 4161: 4158: 4154: 4151: 4150: 4149: 4146: 4142: 4139: 4137: 4134: 4133: 4132: 4129: 4125: 4122: 4120: 4117: 4115: 4112: 4110: 4107: 4106: 4105: 4102: 4098: 4095: 4093: 4090: 4088: 4085: 4083: 4080: 4079: 4077: 4073: 4070: 4069: 4068: 4065: 4061: 4058: 4057: 4056: 4055:Customs Union 4053: 4051: 4048: 4047: 4041: 4040: 4033: 4030: 4028: 4025: 4023: 4020: 4018: 4015: 4013: 4010: 4006: 4003: 4000: 3999:ECJ Case 6/64 3996: 3993: 3992: 3991: 3988: 3987: 3984: 3979: 3978: 3971: 3966: 3961: 3959: 3954: 3949: 3947: 3942: 3937: 3935: 3930: 3925: 3923: 3918: 3913: 3911: 3906: 3901: 3899: 3894: 3889: 3887: 3882: 3877: 3875: 3870: 3865: 3863: 3858: 3853: 3851: 3846: 3841: 3839: 3834: 3829: 3827: 3822: 3817: 3815: 3810: 3805: 3803: 3798: 3793: 3791: 3786: 3781: 3779: 3774: 3769: 3767: 3762: 3757: 3755: 3750: 3745: 3743: 3738: 3733: 3731: 3726: 3721: 3719: 3714: 3709: 3707: 3702: 3697: 3695: 3690: 3685: 3683: 3678: 3673: 3671: 3666: 3661: 3659: 3654: 3649: 3648: 3646: 3637: 3634: 3632: 3629: 3627: 3624: 3622: 3619: 3617: 3614: 3612: 3609: 3607: 3604: 3602: 3599: 3597: 3594: 3592: 3589: 3588: 3584: 3577: 3574: 3572: 3571:Apportionment 3569: 3567: 3564: 3562: 3559: 3557: 3554: 3552: 3549: 3547: 3544: 3542: 3539: 3538: 3535: 3530: 3529: 3520: 3514: 3511: 3509: 3506: 3504: 3501: 3500: 3498: 3491: 3480: 3478: 3477:Liechtenstein 3467: 3465: 3454: 3453: 3451: 3444: 3439: 3434: 3432: 3427: 3422: 3420: 3415: 3410: 3408: 3403: 3398: 3396: 3391: 3386: 3384: 3379: 3374: 3372: 3367: 3362: 3360: 3355: 3350: 3348: 3343: 3338: 3336: 3331: 3326: 3324: 3319: 3314: 3312: 3307: 3302: 3300: 3295: 3290: 3288: 3283: 3278: 3276: 3271: 3266: 3264: 3259: 3254: 3252: 3247: 3242: 3240: 3235: 3230: 3228: 3223: 3218: 3216: 3211: 3206: 3204: 3199: 3194: 3192: 3187: 3182: 3180: 3175: 3170: 3167: 3162: 3157: 3155: 3150: 3145: 3143: 3138: 3133: 3131: 3126: 3121: 3120: 3118: 3112: 3107: 3106: 3097: 3090: 3079: 3077: 3066: 3065: 3063: 3056: 3053: 3051: 3048: 3046: 3043: 3041: 3038: 3037: 3033: 3022: 3020: 3009: 3007: 3006:Liechtenstein 2996: 2994: 2983: 2982: 2980: 2973: 2962: 2960: 2949: 2947: 2936: 2934: 2923: 2921: 2910: 2908: 2897: 2895: 2884: 2882: 2871: 2869: 2858: 2856: 2845: 2843: 2832: 2830: 2819: 2817: 2806: 2804: 2793: 2791: 2780: 2778: 2767: 2765: 2754: 2752: 2741: 2739: 2728: 2726: 2715: 2713: 2702: 2700: 2689: 2687: 2676: 2674: 2663: 2661: 2650: 2649: 2646: 2645:Schengen Area 2641: 2640: 2631: 2623: 2620: 2618: 2615: 2613: 2610: 2608: 2605: 2603: 2600: 2598: 2595: 2593: 2590: 2589: 2585: 2578: 2575: 2573: 2570: 2569: 2565: 2564:Swedish krona 2560: 2555: 2553: 2548: 2543: 2541: 2536: 2531: 2529: 2524: 2519: 2517: 2512: 2507: 2505: 2500: 2495: 2493: 2492:Bulgarian lev 2488: 2483: 2482: 2480: 2479: 2473: 2466: 2461: 2456: 2455: 2454: 2451: 2450: 2448: 2447: 2441: 2436: 2431: 2426: 2424: 2419: 2414: 2412: 2407: 2402: 2400: 2395: 2390: 2388: 2383: 2378: 2376: 2371: 2366: 2364: 2359: 2354: 2352: 2347: 2342: 2340: 2335: 2330: 2328: 2323: 2318: 2316: 2311: 2306: 2304: 2299: 2294: 2292: 2287: 2282: 2280: 2275: 2270: 2268: 2263: 2258: 2256: 2251: 2246: 2244: 2239: 2234: 2232: 2227: 2222: 2220: 2215: 2210: 2208: 2203: 2198: 2197: 2195: 2194: 2187: 2182: 2181: 2172: 2166: 2163: 2162: 2158: 2147: 2145: 2134: 2133: 2131: 2123: 2112: 2110: 2099: 2097: 2086: 2084: 2073: 2071: 2060: 2058: 2047: 2045: 2034: 2032: 2021: 2019: 2008: 2006: 1995: 1993: 1982: 1980: 1969: 1967: 1956: 1954: 1943: 1941: 1930: 1928: 1917: 1915: 1904: 1902: 1891: 1889: 1878: 1876: 1865: 1863: 1852: 1850: 1839: 1837: 1826: 1824: 1813: 1811: 1800: 1798: 1787: 1785: 1774: 1773: 1770: 1764: 1759: 1758: 1751: 1748: 1746: 1743: 1741: 1738: 1736: 1733: 1731: 1728: 1727: 1725: 1718: 1715: 1711: 1708: 1707: 1706: 1703: 1701: 1698: 1696: 1693: 1692: 1690: 1689: 1681: 1678: 1676: 1673: 1672: 1670: 1660: 1657: 1656: 1654: 1649: 1647: 1644: 1643: 1641: 1637: 1634: 1632: 1629: 1628: 1626: 1623: 1620: 1615: 1613: 1609: 1607:AFSC agencies 1606: 1604:CFSP agencies 1603: 1600: 1599: 1597: 1596: 1594: 1593: 1585: 1582: 1581: 1579: 1572: 1569: 1568: 1566: 1559: 1556: 1555: 1553: 1546:EIB Institute 1545: 1543: 1540: 1538: 1535: 1534: 1532: 1523: 1522: 1513: 1510: 1508: 1505: 1503: 1500: 1498: 1495: 1494: 1493: 1490: 1487: 1486: 1483: 1478: 1477: 1470: 1467: 1465: 1462: 1460: 1457: 1455: 1452: 1450: 1447: 1446: 1444: 1437: 1434: 1433: 1431: 1430: 1420: 1419: 1412: 1411:General Court 1409: 1405: 1402: 1400: 1397: 1395: 1392: 1391: 1390: 1387: 1386: 1384: 1383: 1373: 1372: 1366: 1365: 1357: 1354: 1350: 1347: 1345: 1342: 1341: 1340: 1337: 1334: 1331: 1327: 1324: 1321: 1320:Iratxe García 1317: 1314: 1311: 1310:Manfred Weber 1307: 1304: 1303: 1302: 1299: 1297: 1293: 1290: 1289: 1286: 1281: 1280: 1270: 1267: 1265: 1262: 1261: 1259: 1255: 1252: 1250: 1246: 1243: 1242: 1241: 1238: 1236: 1233: 1232: 1226: 1223: 1221: 1218: 1216: 1213: 1211: 1208: 1206: 1203: 1201: 1198: 1196: 1193: 1189: 1186: 1185: 1184: 1181: 1179: 1176: 1174: 1171: 1170: 1166: 1158: 1152: 1151: 1145: 1138: 1137: 1131: 1130: 1122: 1119: 1118: 1115: 1110: 1109: 1102: 1098: 1095: 1093: 1092:Civil Service 1090: 1088: 1085: 1083: 1080: 1077: 1076:Von der Leyen 1073: 1070: 1068: 1065: 1064: 1062: 1061: 1051: 1048: 1046: 1043: 1042: 1040: 1036: 1033: 1032: 1030: 1029: 1019: 1018: 1010: 1007: 1004: 1001: 1000: 998: 990: 987: 984: 981: 980: 978: 972: 968: 963: 957: 953: 949: 945: 941: 937: 933: 928: 922: 913: 910: 908: 905: 904: 902: 899: 896: 893: 890: 887: 884: 881: 878: 875: 872: 869: 866: 863: 860: 859:Merger Treaty 857: 854: 851: 848: 845: 842: 839: 836: 833: 830: 827: 824: 821: 820: 817: 812: 811: 803: 800: 798: 795: 793: 790: 788: 785: 783: 780: 778: 775: 774: 770: 765: 760: 759: 757: 756: 748: 743: 738: 737: 735: 734: 726: 721: 716: 714: 709: 704: 702: 697: 692: 690: 685: 680: 678: 673: 668: 666: 661: 656: 654: 649: 644: 642: 637: 632: 631: 629: 628: 619: 608: 606: 595: 593: 582: 580: 569: 567: 556: 554: 543: 541: 530: 528: 517: 515: 504: 502: 491: 489: 478: 476: 465: 463: 452: 450: 439: 437: 426: 424: 413: 411: 400: 398: 387: 385: 374: 372: 361: 359: 348: 346: 335: 333: 322: 320: 309: 307: 296: 294: 283: 281: 270: 269: 264: 263:Member states 259: 258: 255: 254: 250: 246: 245: 241: 237: 236: 232: 228: 227: 219: 217: 213: 209: 205: 200: 195: 193: 188: 184: 179: 177: 173: 170:(EMU) of the 169: 136: 130: 126: 121: 113: 110: 102: 91: 88: 84: 81: 77: 74: 70: 67: 63: 60: –  59: 55: 54:Find sources: 48: 44: 38: 37: 32:This article 30: 26: 21: 20: 7572: 7560: 7555:Money portal 7548: 7511:Vatican lira 7476:Maltese lira 7461:Latvian lats 7456:Italian lira 7436:French franc 7321: 7249:Romanian leu 7244:Polish złoty 7234:Czech koruna 7218:Danish krone 7063:Vatican City 6848:Starter kits 6597: 6567: 6477: 6463: 6446: 6398: 6355:(1): 65–88. 6352: 6348: 6338: 6314:(1): 24–44. 6311: 6307: 6297: 6278: 6266: 6254: 6242:. Retrieved 6232: 6222: 6214: 6203: 6194: 6188:Barre Report 6183: 6174: 6168: 6157: 6137: 6130: 6122: 6115:. Retrieved 6111: 6101: 6087: 6072: 6042:(1): 47–68. 6039: 6033: 6008: 6002: 5979: 5959: 5902: 5891: 5885: 5871: 5865: 5860: 5854: 5844: 5840: 5826: 5822: 5807: 5785: 5682: 5678: 5674: 5670: 5661: 5654: 5646: 5639: 5611: 5607: 5599: 5588: 5580: 5564: 5552: 5526:Energy Union 5487: 5483: 5477: 5473: 5454: 5438: 5409: 5405: 5403: 5387: 5379: 5373: 5369: 5365: 5353: 5350:reinforcing. 5346: 5327: 5321: 5249: 5242: 5149: 5143: 5129: 5115: 5102: 5083: 5076: 4952: 4945: 4941:Spaak method 4926: 4908: 4898: 4882: 4858: 4835: 4742:(1958–1993) 4235: 4202: 4082:Agricultural 4005:Subsidiarity 3644: 3582: 3496: 3449: 3116: 3061: 2978: 2583: 2552:Romanian leu 2540:Polish złoty 2516:Danish krone 2504:Czech koruna 2476: 2471: 2452: 2444: 2439: 2191: 2185: 2129: 1768: 1723: 1686: 1668: 1590: 1577: 1564: 1551: 1530: 1526:Other bodies 1501: 1442: 1427: 1380: 1362: 1277: 1164: 1149: 1134: 1127: 1058: 1026: 996: 976: 961: 926: 841:Spaak Report 753: 731: 625: 196: 180: 165: 120: 105: 96: 86: 79: 72: 65: 53: 41:Please help 36:verification 33: 7451:Irish pound 7441:German Mark 7345:Enlargement 7010:Netherlands 6646:Euro summit 6117:26 February 5803:governance. 5790:white paper 5629:green paper 5162:Action plan 4477:Netherlands 4160:Integration 4104:Citizenship 3886:Netherlands 3359:Netherlands 3117:EEA members 3032:Switzerland 2881:Netherlands 2387:Netherlands 2144:Switzerland 2031:Netherlands 1335:(2019–2024) 1333:9th session 1240:Secretariat 1011:(2015–2016) 527:Netherlands 216:EU Treaties 7595:Categories 7360:Withdrawal 7183:Montenegro 7058:San Marino 7000:Luxembourg 6906:500 € 6901:200 € 6896:100 € 6631:Eurosystem 6064:References 5218:Establish 5126:Maastricht 5035:euro notes 4913:, failed. 4453:Luxembourg 4012:Regulation 3862:Luxembourg 3335:Luxembourg 2855:Luxembourg 2363:Luxembourg 2005:Luxembourg 1616:SRM bodies 1512:Euro coins 1356:Conference 1136:Presidency 912:Article 50 689:Montenegro 501:Luxembourg 99:March 2007 69:newspapers 6995:Lithuania 6891:50 € 6886:20 € 6881:10 € 6868:Banknotes 6858:Euro mint 6763:Petroeuro 6641:Eurogroup 6583:Euro sign 6330:158507389 6056:153678875 6025:154539276 5793:comprise: 5742:Eurogroup 5428:Eurogroup 5295:(2013–14) 5173:(2012–13) 5073:Criticism 4894:The Hague 4441:Lithuania 4092:Fisheries 4078:Policies 4017:Directive 3850:Lithuania 3534:Elections 3323:Lithuania 3091:(Opt-out) 2842:Lithuania 2453:President 2446:Eurogroup 2351:Lithuania 1992:Lithuania 1658:of the EU 1489:President 1292:President 1188:Eurogroup 1101:Juhansone 1072:President 1035:President 907:Article 7 488:Lithuania 214:from the 7372:and euro 7126:Bulgaria 7025:Slovenia 7020:Slovakia 7015:Portugal 6927:Eurozone 6876:5 € 6828:2 € 6823:1 € 6677:Six pack 6593:Language 6588:Eurozone 6371:85459046 6287:Archived 6112:guardian 5911:See also 5786:Stage 2: 5568:horizon. 5187:Two-Pack 5179:Six-Pack 5122:Eurozone 4537:Slovenia 4525:Slovakia 4501:Portugal 4273:Bulgaria 4114:Identity 4097:Regional 4022:Decision 3946:Slovenia 3934:Slovakia 3910:Portugal 3682:Bulgaria 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