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Introduction: Business and EMU

In: Business and the Euro

Author

Listed:
  • Mark E. Duckenfield

Abstract

On 1 January 1999, eleven of the European Union’s fifteen members entered Stage Three of Economic and Monetary Union (EMU) when they permanently locked their exchange rates and began pricing goods in both their old, national currencies and the new currency of the European Union, the euro. Four members (Britain, Sweden, Denmark, and Greece) remained outside the Euro-Zone, preserving their national currencies. In each member-state, EMU was a controversial issue, evoking both strong support and opposition amongst politicians, business, labour, academics, and the public at large. The strict budgetary criteria for participation in the launching of the euro — which prohibited large deficits and mandated substantial reductions in public debt — only deepened the controversy as political leaders sought to take the fiscal and monetary measures to ensure their governments fulfilled the criteria in the years before 1999. Even in member states that negotiated an opt-out to EMU, governments struggled over whether or not to exercise their derogation.

Suggested Citation

  • Mark E. Duckenfield, 2006. "Introduction: Business and EMU," Palgrave Macmillan Books, in: Business and the Euro, pages 1-33, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62724-6_1
    DOI: 10.1057/9780230627246_1
    as

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