The Euro: its operational succes

With the introduction of the Euro national governments have, for the first time in the history of mankind, transferred their monetary sovereignty to a supranational institution, keeping their budgetary policy within their own competence. However, from an economic and a political point of view the Stability and Growth pact may be not sustainable in the long run, which entails the risk of weakening the convergence criteria. The best way to guarantee ongoing fiscal discipline is to have an overall budget for the Euro-area as a whole. That implies the acceptance of a political union, already foreseen in the Werner Report of 1970, as its logical consequence.historical; institutional; economic integration; arrangements and institutions; international policy co-ordination,

Calendarium of the economic, monetary and political co-operation in Europe, especially within the European Union in the period 1999-2000

This research memorandum presents a chronology of (press) information about important measures, events, adresses, quotations an comments by politicians, banking economists and other financial experts closely involved in the European integration process. Central points in the report are the weak exchange rate of the euro vis à vis the dollar and views on the future development of the European Union. Special attention deserves in this connection a speech by the German foreign minister Fischer held at Humbold University in May 2000. His definition of European federation comes closer to the French national approach by transforming the United States of Europe, as advocated by Winston Churchill already in 1946, into the United Europe of the States.euro; EMU; EU