Monetary Union and Peripheral Regions
There is much concern in Europe that monetary union will aggravate the problem of disadvantaged areas. That it has the potential to do so was recognised in the Delors Report, which provided the preparatory work for the Maastricht Treaty.1 The Treaty itself set up the Cohesion Fund, which was specifically designed to help the four poorest states in the European Union to meet the convergence criteria set out as a precondition for membership. This paper attempts to consider, from the standpoint of Scotland, whether EMU does indeed raise problems about which the peripheral regions of Europe should be concerned.
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