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Is Maastricht a Good Contract?

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  • Bernhard Winkler

Abstract

The Maastricht Treaty calls for the creation of European Monetary Union (EMU) by 1999 but makes accession of individual countries conditional on the fulfilment of specific convergence criteria. The Maastricht transaction trades the replacement of the Bundesbank by a European Central Bank at the centre of European monetary affairs as a reward for prior convergence. This article interprets the Maastricht Treaty provisions as a contract device that organizes a difficult transition to EMU by providing convergence incentives, co‐ordinating conflicting national interests and extracting information about candidate countries’‘stability culture’.

Suggested Citation

  • Bernhard Winkler, 1999. "Is Maastricht a Good Contract?," Journal of Common Market Studies, Wiley Blackwell, vol. 37(1), pages 39-58, March.
    • Handle: RePEc:bla:jcmkts:v:37:y:1999:i:1:p:39-58
    DOI: 10.1111/1468-5965.00149
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    1. repec:dgr:rugccs:200108 is not listed on IDEAS
    2. Maier, Philipp & Knaap, Thijs, 2002. "Who supported the Deutsche Bundesbank?: An empirical investigation," Journal of Policy Modeling, Elsevier, vol. 24(9), pages 831-851, December.
    3. Nikitas Konstantinidis & Yannis Karagiannis, 2020. "Intrinsic vs. extrinsic incentives for reform: An informational mechanism of E(M)U conditionality," The Review of International Organizations, Springer, vol. 15(3), pages 601-632, July.
    4. Sell, Friedrich L., 2003. "Die Stabilitätsprogramme der EU: Anspruch und Wirklichkeit in den ersten vier Jahren der Europäischen Währungsunion," Working Papers in Economics 2003,2, Bundeswehr University Munich, Economic Research Group.
    5. Fabio Franchino, 2005. "Forum Section The Study of EU Public Policy," European Union Politics, , vol. 6(2), pages 243-252, June.

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