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Convergence, the Maastricht Criteria, and Their Benefits

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Abstract

Developments forced a shift from the early heavy weight of political designs to economic considerations for a unified Europe. At the core of the European Economic Union are the Maastricht convergence criteria, which through monetary and fiscal stability aim at building the foundations of the euro. The costs and benefits of the monetary union appear to be small and rather difficult to estimate precisely, but the contribution of Maastricht stability rates to real per capita growth and the desire of countries to join the union suggest that inclusion is desirable and definitely preferable to exclusion.

Suggested Citation

  • Afxentiou, Panos, 2000. "Convergence, the Maastricht Criteria, and Their Benefits," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 53(4), pages 437-448.
  • Handle: RePEc:ris:ecoint:0229
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    Cited by:

    1. Bagella, Michele & Becchetti, Leonardo & Hasan, Iftekhar, 2004. "The anticipated and concurring effects of the EMU: exchange rate volatility, institutions and growth," Journal of International Money and Finance, Elsevier, vol. 23(7-8), pages 1053-1080.
    2. António Afonso & Raquel Balhote, 2014. "Interactions between Monetary Policy and Fiscal Policy," Working Papers Department of Economics 2014/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    3. Staehr, Karsten, 2008. "Fiscal policies and business cycles in an enlarged euro area," Economic Systems, Elsevier, vol. 32(1), pages 46-69, March.
    4. Wan, Zheng & Wang, Xuefeng & Sperling, Daniel, 2013. "Policy and politics behind the public transportation systems of China's medium-sized cities: Evidence from the Huizhou reform," Utilities Policy, Elsevier, vol. 27(C), pages 1-8.
    5. Gertrude Tumpel-Gugerell, 2009. "Challenges of Monetary Integration in CEE," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 5, pages 32-37.
    6. Sehgal, Sanjay & Gupta, Priyanshi & Deisting, Florent, 2014. "Assessing Time-Varying Stock Market Integration in EMU for Normal and Crisis Periods," MPRA Paper 64078, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General

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