EMU and the social environment

Abstract

On 1 January 1999, the European Economic and Monetary Union (EMU) was created. The currencies of 12 member countries of the European Union (EU) were first irrevocably fixed and then replaced by one European currency, the euro, earlier than the deadline of 1 July 2002. According to Article 2 of the Maastricht Treaty the aim of EMU is to promote ‘sustainable and non-inflationary growth respecting the environment, a high degree of convergence of economic performance, a high level of employment and of social protection, the raising of the standard of living and quality of life, and economic and social cohesion and solidarity among Member States.’ From this one may expect a positive relationship between EMU and the social environment.