Economic Convergence and Divergence in Europe Growth and Regional Development in an Enlarged European Union
Growth and Regional Development in an Enlarged European Union
Edited by Gertrude Tumpel-Gugerell and Peter Mooslechner
2. Monetary uniﬁcation and the single market Vítor Gaspar and Francesco Paolo Mongelli 2.1. INTRODUCTION1 This chapter provides some tentative thoughts on European monetary uniﬁcation and the progress towards a single market. Given that the euro was not introduced until 1 January 1999, the available data allow only scattered and provisional observations; therefore the chapter has no complete and comprehensive picture to oﬀer. European integration in general, and economic and monetary uniﬁcation in particular, are political processes. Article 2 of the European Union Treaty states: The Community shall have as its task, by establishing a common market and an economic and monetary union and by implementing common policies . . . to promote throughout the Community a harmonious, balanced and sustainable development of economic activities, a high level of employment and of social protection, equality between men and women, sustainable non-inﬂationary growth, a high degree of competitiveness and convergence of economic performance, a high level of protection and improvement of the quality of the environment, the raising of the standard of living and quality of life, and economic and social cohesion and solidarity among Member States. Already in the Preamble to the Paris Treaty (1951) establishing the European Coal and Steel Community, the signatories declared their resolve to substitute for age old rivalries the merging of their essential interests; to create, by establishing an economic community, the basis for a broader and deeper community between peoples long divided by bloody conﬂicts; and to lay the foundations...
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