The Euro (the Kyorin University)

Question:
What is the monetary integration of the EU?

Answer:
After the project of the internal market, which would accomplished in 1993, the EU
launched out into the monetary integration in the late 80s. According to "the Delors Repot" which had proposed the schedule of the EMU (Economic and Monetary Union ) with three stages procedure drawn out by a committee chaired by Mr. Jacques Delors, the President of the European Commission, the EU established the European Central Bank (ECB) and twelve member-states including the Greece introduced the single currency, the Euro, in 2002. The U.K., Denmark and Sweden, however, decided to be outside the Euro-Area.
In process of these proceedings, some economic criteria concerning percentage change in prices, governmental financial deficits, exchange rates and long-term interest rates was set up in the Maastricht Treaty in order to cohere their economic level and to maintain the currency stability of the Euro in future. These criteria were decisive prerequisite for introduction of the Euro.
Now, the ECB executes the common monetary policy for the Euro-Area and the common exchange policy for the Euro exclusively, and provides the pan-European payment system (TARGET) for financial institutions.

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