Abstract
What is now called the first phase of EMU started already in 1959, when the first measures came into force to create what was then called the “common market” of the European Economic Community. The next major move, the establishment of a single European market, began in 1985 and was accompanied by the Single European Act, which introduced some forms of political cooperation. It was not enough to perform as a means of efficient economic integration as long as the European Monetary System, created in 1979, was not transformed into a genuine monetary union. Nowadays, attention is therefore essentially directed at the realization of the third phase of EMU, introducing a European currency, the euro, which should enable European citizens to reap the full benefits of continuous efforts to unite Europe economically and financially.
1 Paul Van den Bempt benefitted from his experience during his long service with the European Commission to write his contribution, which of course reflects his personal point of view.
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Van Den Bempt, P. (1997). The Political Aspects of Economic and Monetary Union: A View from Brussels. In: Minkkinen, P., Patomäki, H. (eds) The Politics of Economic and Monetary Union. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-6085-2_2
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